Offshore Services in BVI
There is a wide suite of offshore services provided by the BVI based on the existing BVI offshore business sectors alone, those including:
- British Virgin Islands Financial Holding & Investment
- British Virgin Islands Investment Fund Management
- British Virgin Islands Banking
- British Virgin Islands Trust Management
- British Virgin Islands Ship Management & Maritime Operations
- British Virgin Islands Insurance
- Offshore Company, Entity and Trust Formation. Under which there is legislation for 8 types of offshore entities including offshore trusts.
The core offshore services under BVI offshore legislation that are provided in the British Virgin Islands are:
- British Virgin Islands Company formation and incorporation
- British Virgin Islands trust formation
- British Virgin Islands Captive insurance companies
- British Virgin Islands Offshore Banking Licenses
- Aircraft, boat, ship or vessel registration
The other essential ancillary or auxiliary offshore services fall under the management and administrative services for offshore entities. Services required before, during and after the offshore business is established.
Services under BVI company/entity administration would include: registered office, nominee services, company secretary, document processing, mail forwarding services, telephone and fax services, bank and merchant account introductions. Also included in offshore services: preparation of amendments, articles of Association or Memoranda; trustee services; bookkeeping, accounting; annual filing for BVI companies and other offshore entities.
The BVI offshore services available will vary with the agent, but in most cases the above list of services is standard. There are some BVI offshore service providers who specialize in tax planning, management and more detailed administrative services that relate to offshore entities, corporate structuring, international tax planning.
BVI is the biggest company incorporator in the Caribbean, and the financial services sector continues to grow. As a result, BVI offshore service sector attracts pools of law, accounting, administration and consulting professionals and firms.
As a successful and growing offshore financial center there is a mandated need for the professional services of offshore service providers, sometimes called agents or otherwise. These offshore service providers are the customer facing/front end to the offshore industry in the BVI, and ultimately, the proper and correct execution of their jobs determines the ongoing success and growth of the BVI as an offshore financial center. The licensed companies or persons acting as offshore service providers are governed, managed and regulated by the Financial Services Commissions (FSC) a body which is also responsible for the implementation and application of related legislation.
There are some BVI offshore service providers who specialize in tax planning, management and administrative services that relate to offshore entities, corporate structuring, international tax planning
There are over 70 registered BVI offshore services providers, all offering their own unique suite off offshore services. On an average the BVI incorporates over 6000 BVI companies per month and have incorporated and estimated 850K to date