British Virgin Islands (BVI) have an excellent reputation of the political stability. Legislation is based on English common law. The decree on the companies of international business, 1984 with amendments of 2003, 2004 and the Companies Act are the main laws of British Virgin Islands, governing the activities of International Business Companies (IBC), which have the authorities to carry on any lawful activity without additional permits. International Business Company (IBC) has no right to carry on business with residents of BVI, to carry on banking or trust business, to be as an insurance company. In 1997, the British Virgin Islands have become a world leader in the formation of offshore companies incorporated to that moment nearly 50,000 companies. Until recently, the BVI had a leading position among offshore jurisdictions. Now the situation is changing in relation to the announcement of stricter regulation of international business companies. For example, it is planning to open registers of directors and shareholders, to enter the obligatory reporting to the activities of companies. In this moment IBC are exempt from all taxes on income, on corporate income, personal income, trade, inheritance, dividends. However, there is an annual fixed fee of $ 350. Payment:

Date of incorporation of IBC Date of fee payment 10% penalty 50% penalty Delete from the Register
January, 1 through June, 30 Until May 31, starting from the second year June, 1 – July, 1 August, 1 -October, 31 November, 1
July, 1 through December, 31 Until November 30, starting from the second year December, 1 – January, 31 February, 1 – April, 30 May, 1