  The British Virgin Islands consist of 60 islands and cays having a total land area of 150 sq km. They lie to the north west of the United States Virgin Islands and are separated from them by a channel only five kilometres wide. The neighbour with the largest land area is Puerto Rico, 96 km to the west. Except for Anegada, which is a flat, coral island with little soil, the Islands are hilly. Their greatest tourist attraction is their superb beaches. POPULATION The largest and most heavily populated Island is Tortola, which has about 16,000 inhabitants. The capital, Road Town, is on the southern shore near Sir Francis Drake Channel. Tortola is connected by a bridge to Beef Island. There are a further 4,000 inhabitants who reside on the other islands, 3,500 of which are in Virgin Gorda which is noted primarily for its unusual and interesting scenery and rock formations. POLITICAL STRUCTURE The British Virgin Islands were discovered by Columbus who is said to have been so impressed by their large number that he named them “Las Virgenes” in honour of St. Ursula and her 11,000 attendant virgins. During the 16th and part of the 17th centuries the Islands harboured Dutch and English Buccaneers. In 1672, Britain claimed Tortola. Simultaneously, Denmark asserted her sovereignty over St. Thomas and St. John; then in 1773 Denmark purchased St. Croix from France. The Danish Islands were sold to the United States in 1917 for US$ 25 million. Relations between the United States and British Virgin Islands are good. The British Virgin Islands is an internally self-governing colony with a ministerial system of Government operating under a Constitution adopted in 1967. The Governor, appointed by the Crown, remains responsible for defence and internal security, external affairs, the civil service, the administration of the courts and finance. He continues to reserve the legislative powers necessary for the exercise of his special responsibility. However, on other matters he is normally bound to act in accordance with the advice of the Executive Council. This consists of the Governor as Chairman; two ex-officio members (the Attorney General and Financial Secretary); the Chief Minister, appointed by the Governor as the elected member who appears best able to command a majority in the Legislative Council; the Deputy Minister; and two other ministers appointed by the Governor on the advice of the Chief Minister. Elections are held at intervals of not more than five years. BANKING AND COMMUNICATIONS There are several major commercial banks in the BVI, which offer a full range of domestic and offshore services. The US Dollar is the official legal tender and the BVI does not exercise any exchange control. Telecommunications are modern and efficient with a full range of services. All major courier companies service the BVI. LAW AND TAXATION The BVI has an independent legal and judicial system based on English Common Law, with a right of final appeal to the Privy Council in London. Policies and legislation are developed in close consultation with the private sector. Offshore business can be carried out in a tax-free environment. THE FINANCIAL CENTRE The cornerstone of the corporate legislation in the BVI, the International Business Companies Act was enacted in 1984. This legislation has proved so popular that the BVI now boasts one of the largest corporate registries in the world. Conscious of the need to meet the requirements of the international financial community, the financial services industry has encouraged a regular review and enhancement of its legislation. The present legislation reflects the effort constantly made by the Government to move on a timely basis to expand the range of financial services available while enhancing the integrity of the jurisdiction. Why the BVI?
• Strict confidentiality • Commitment to integrity • Proactive development of offshore financial legislation in close consultation with the private sector resulting in prudent and user friendly legislation • Politically stable, common law jurisdiction • Competitive pricing • Exemption from local taxation • Ease of incorporation and administration of companies • US Dollar is the official currency • Freedom from exchange controls • Established professional infrastructure to support offshore financial sector • Ease of transfer of companies to and from the BVI • Modern, flexible mutual fund, insurance and trust legislation |
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