The British Virgin Islands are a British dependency located in the Eastern Caribbean, about 80 kilometres East of Puerto Rico. English is the official language and the official currency is the United States Dollar. The Government is stable and promises to remain that way. There is good commercial and professional infrastructure and the Government is actively encouraging the development of the offshore finance business and has now upgraded the Companies Registry by installing state of the art technology.
The International Business Companies Act was passed in 1984 and created the International Business Company (IBC) which became the preferred offshore company vehicle. In recent years the BVI has become extremely popular, particularly in the Far East region, due to the extensive marketing of the jurisdiction particularly by lawyers who moved from Panama during the Noriega regime and set up offices in the BVI. The BVI Business Companies Act 2004 has now superceded and updated the IBC Act.
Last reviewed: Wednesday, May 26, 2010
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