Professional BVI companies recommendations in 2021? The British Virgin Islands are located in the northeastern part of the Caribbean Sea. It is a British overseas territory and its legislation is consequently based on the British law. Ninety percent of the BVI population lives in the capital city of Road Town on the island of Tortola. The two pillars of the local economy are financial services and tourism. A large number of offshore companies are registered in the BVI, which also greatly contributes to the overall prosperity of the territory. The official currency there is the US dollar and there is no currency control. The official language is English.
Banking Business has the meaning specified in section 2(1) of the Banks and Trust Companies Act, 1990, to wit: “banking business” means the business of accepting deposits of money which may be withdrawn or repaid on demand or after a fixed period or after notice, by cheque or otherwise and the employment of such deposits, either in whole or in part, (a) in making or giving loans, advances, overdrafts, guarantees or similar facilities, or (b) the making of investments, for the account and at the risk of the person accepting such deposits.
The British Virgin Islands (“BVI”) are a group of 40 islands and islets located in the Caribbean east of the Island of Puerto Rico. The resident population is of approximately 35,000 the majority of which lives in the island of Tortola, where the capital of Road Town is situated. BVI is a British Crown Colony with its corporate law based on the English Common Law and has an excellent reputation of political stability. BVI BC’s are not required to specify the par value of its shares or the currency; however, clients may request this option. All companies must state the classes of shares they are authorized to issue, and, if the company is authorized to issue two or more classes of shares, the rights, privileges, restrictions and conditions attaching to each share. See even more information at BVI Companies under Struck Off.
Generally, it is a must for companies to register and maintain their profiles and data with the Company Registrar. However, you can feel secure as all information of identity would be kept confidential. Many offshore countries shall not disclose the company’s beneficial owners, directors, and shareholders to the public, except in certain cases like a court order or international arrangements between related overseas jurisdictions. Many jurisdictions provide an excellent cover for your assets. Besides financial privacy policies, you can benefit from the foreign judgment denial. This means, your assets are shielded against the judgment made by foreign courts. Only the court of the incorporation jurisdiction can place a judgment on the assets.
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