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The British Virgin Islands are a safe, confidential and stable offshore jurisdiction, with excellent corporate legislation and flexible company law. Offshore and banking transactions are not taxed in BVI, there are no capital gains, income or any other kind of tax. The mēbeles was introduced in 1984 with the International Business Companies Act, which granted all BVI IBC’s complete exemption from tax, including capital gains tax and withholding tax. Then, the BVI government has strengthened and enhanced corporate legislation in the jurisdiction. The flexible and modern legislation that enables for fast and low cost incorporation has made the BVI extremely popular in the offshore market. Besides tax, there are other benefits of offshore company formation, including anonymity, asset protection, possibilities of foreign property holding, limited liability in business transactions, unrestricted flow of capital and transfer of assets. Some Mēbeles however are limited in their activities due to restrictions that are placed on them by the jurisdictions. Trade benefits available to some companies may be closed to those incorporated in the finance centres due to their offshore location. British Virgin Islands Business Companies are usually incorporated using the English language. Provision exists for a translation of the name to be included in the Memorandum and Articles of Association. The function of the BVI Registered Agent is to Mēbeles for the client and to sign the formation documents on behalf of the client. This makes unnecessary for the actual owner of the company to travel to the British Virgin Islands in order to sign the offshore incorporation paperwork. According to the new Mēbeles Business Companies Act, Registered Agent is required for all Mēbeles, regardless of company type and sphere of business operations. The requirement equally refers to onshore and offshore companies. For furniture companies, there is no minimum capital requirement. Minimum one shareholder and one director is needed. Shareholders, directors and officers need not be residents in Belize. Low record requirements provide for the highest level of confidentiality.
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