In August 1984, the International Business Companies Act introduced a new category of corporate entity in the British Virgin Islands, which is totally exempt from British Virgin Islands income tax and stamp duties. Following the introduction of the Act, the British Virgin Islands has become the premier choice for domiciling offshore companies. During each of 1996 and 1997 annual incorporation levels for International Business Companies ("IBC") have exceeded 50,000.
Incorporation
The basic procedure and requirements for the incorporation of a company in the British Virgin Islands under the International Business Companies Act, are set out below:
- The name of the company should be chosen and the application for approval of the name submitted to the Registrar of Companies;
