The British Virgin Islands are a British dependence sited in the Eastern Caribbean, roughly 80 kilometres East of Puerto Rico. English is the official language and the United States Dollar is the local currency.
The Government is steady and seems to remain that way. There is good commercial and professional connections and the Government encourages the development of the offshore finance business.
BVI IBCs
The International Business Companies Act was passed in 1984 and formed the International Business Company which is the preferred offshore company vehicle. Recently the BVI has become extremely popular, particularly in the Far East region, due to the extensive marketing of the jurisdiction, mainly by lawyers who moved from Panama during the Noriega regime and set up offices in the BVI.
Incorporation can be achieved within 24 hours.
Local requirements
As a matter of local company law the company must maintain a registered office address within BVI and must also appoint a BVI resident as registered agent.
Name and Activities restrictions
Names must end with one of the following words, or abbreviations – Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima.
The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.
Companies’ Directors
A minimum of one director is required and corporate directors are acceptable. Details of the directors do not come out on the public file.
Shareholding
A minimum of one shareholder is required and either registered or bearer shares may be issued. No details of the shareholders become visible on the public file but a register of shareholders must be kept at the registered office address of the company in BVI.
Taxation and Annual Reporting
IBCs pay no taxes in BVI.
No annual return or accounts need be filed, only a license fee must be paid yearly. It should be noted that penalty fees of up to 50% of the annual Government fee will be incurred if the licence fee is not paid when due.
Secrecy
There are no specific legal provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.
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Remark:
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, this information does not constitute legal or other professional advice.
Belize (previously British Honduras) is an independent democratic Commonwealth country placed on the Caribbean coast of Central America. Since independence from Britain in 1981, it has enjoyed a stable and democratic Government.
Although there are fairly high rates of tax for resident persons and companies in Belize, it now offers tax-free IBCs by virtue of the IBC Act 1990. Belize has become an important offshore corporate domicile.
Belize IBCs
A new company can be incorporated in Belize within 72 hours.
Local requirements
The company must maintain a registered office address in Belize and must also assign a Belize resident as registered agent.
Name and Activities restrictions
Names must end with one of the following terms – Corporation, Incorporated, Limited, Societe Anonyme or Sociedad Anonima.
Conversely, the following words and their associated activities, cannot be used – Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal or Royal.
Companies’ Directors
A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.
Shareholding
A minimum number of one shareholder is required and either registered or bearer shares may be issued. No particulars of the shareholders become visible on the public file but upon the issue or transfer of bearer shares a professional intermediary is required to retain their physical custody; a register of shareholders must be kept at the company’s registered office address.
Taxation and Annual Reporting
IBCs pay no taxes in Belize. Additionally, no annual return or accounts need be filed, only a license fee. Penalty fees of up to 50% of the annual Government fee will be incurred if the licence fee is not paid in due time.
Secrecy
There are no specific legal provisions governing secrecy in relation to companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients classified.
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Remark:
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, this information does not constitute legal or other professional advice.
The Bahamas, formally the Commonwealth of The Bahamas, are an independent member of the British Commonwealth since 1973 and have one of the oldest parliamentary democracies in the Western. The population is approximately 255,000 centered principally on the capital city of Nassau, on the island of New Providence.
Bahamas
Geographically, the Bahamas are a chain of around 700 islands which form an archipelago placed in the Atlantic Ocean, from the Southeast of the United Stated to the coast of Cuba. The Islands have excellent communications with a modern telephone system and convenient flight links to most major international air routes.
Other than being one of the most attractive tourist destinations, the Bahamas has been a protected offshore banking center for several decades, boasting one of the most popular and successful offshore banking system worldwide. Generally, the Bahamas’ offshore banks offer significant lower service charges and much higher interest rates on deposits than banks in other offshore jurisdictions. They also permit their customers to make transactions in world’s major currencies and be charged under considerably lower rates than onshore banks would have charged.
Bahamas Islands
Actually, the Bahamas has an excellent range of international banks in the islands, with currently 396 banks holdings licenses under the Banks and Trust Companies Regulations Act 1965. The Bahamas legislation allows establishment of international business companies and provision of offshore banking services for them. International investment in Bahamas has been very intensive and providing financial services to international business creates over 15% of Bahamian GDP (Gross Domestic Product).
Banking secrecy in the jurisdiction remains one of the most attractive features on offer to anyone considering opening an offshore bank account in the Bahamas. The laws governing the maintenance of secrecy can only be overridden with a court order from the Supreme Court. It has been promote as the best tax haven for offshore bank accounts indeed, where deposits are not taxed and the exchange of foreign information is free, except for treaties covering mutual assistance in cases of drug trafficking.
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Remark:
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, this information does not constitute legal or other professional advice.
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