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司法管辖区比较

英属维京群岛

司法管辖区 – 英属维京群岛

BASIC JURISDICTION INFORMATION

Official Name: British Virgin Islands
Capital: Road Town Population: 20,812 (2001 estimate)
Location: East of Puerto Rico
Sovereign Status: UK Overseas Territory
Legal System: English common law
Language(s): English
Time Zones: GMT minus 4 hour EST plus 1 hour

HISTORY

The island group now known as the British Virgin Islands (BVI) were originally settled by the Arawak and Carib Indians. Spanish sailors arrived at the islands in 1493, but the first European settlers were Dutch planters. The British gained sovereignty over the islands in 1666. They were part of the Leeward Islands from 1872 until 1956, since which time they have formed a separate territory.

GEOGRAPHY

The BVI comprise 36 islands in the Caribbean Sea, only 16 of which are inhabited. The largest among them is Tortola, which is connected by bridge to Bif Island, the site of the airport. Another of the islands, Norman Island, is reputed to be Robert Louis Stevenson’s “Treasure Island”. The BVI are located about 80 kilometers east of Puerto Rico, north of the Leeward Islands and adjacent to the US Virgin Islands. The BVI have a landmass of 153 square kilometers, and support an estimated population of 20,812 (2001 estimate).

GOVERNMENT

The BVI are a British Overseas Territory (BOT) and a member of the Commonwealth. Since the 1967 Constitution, they have been largely self-governing, relying to a limited extent on British statutes for international matters. A British-appointed governor presides over an Executive Council made up of the Chief Minister, the Attorney-General and three other ministers.

The BVI were the darling of the offshore market for much of the 1990s. More than 300,000 companies have been incorporated in the BVI, including 40,000 in 1997 alone, in preparation for the return of Hong Kong to Chinese sovereignty.

MONETARY SYSTEM

Since 1962, the main currency in circulation in the BVI has been the American Dollar (US$). The BVI have no foreign exchange controls.

COMMON LAW SYSTEM BASED ON ENGLISH LAW

As a BOT, the BVI boast English as their official language. Their legal system is based on British common law, supplemented by local statutes enacted by the Legislative Council.

BUSINESS ENVIRONMENT

The BVI possess a very good communication system and a well-developed professional infrastructure to support international financial activities.

STATUS WITH INTERNATIONAL AUTHORITIES

The BVI have filed a letter with the Organisation for Economic Cooperation and Development indicating their commitment to comply with OECD initiatives. They were deemed compliant with international anti-money laundering standards in the Financial Action Task Force’s June 2000 report. The BVI have a Tax Information Exchange Agreement with the United States.

TAX SYSTEM

The BVI are a tax-neutral jurisdiction for trusts, international business companies (IBC) and international limited partnerships (ILP). However, resident foreign employees of tax-exempt companies are subject to personal income tax on their income in the BVI. The BVI have double taxation treaties with the UK, Japan and Switzerland, but these apply only to resident companies. Details are as follows:

A. Personal Tax
Employees are subject to personal income tax at rates between 5% and 20% of their net income. For nonresidents, tax is assessed only on that income earned in the BVI.

B. Corporate Tax
Resident and non-resident companies are subject to a flat 15% corporate tax on income earned in the BVI.
Resident “offshore trading companies” are subject to a 1% tax on income earned outside of the BVI if that income
is exempt from taxes at source. IBCs and ILPs are exempt from corporate tax.

C. Withholding Tax
The terms of the BVI’s double taxation treaties call for a maximum 15% withholding tax in certain situations, but IBCs and ILPs are exempt from withholding tax.

D. Capital Gains Tax
The BVI do not impose capital gains tax.

E. Estate Tax
The BVI do not impose estate tax.

F. Transfer Tax at Death and on Gifts
The BVI do not impose transfer tax.

COMPANY REGISTRATION

Registered local agents can incorporate companies in the BVI within 24 hours. However, as explained above, there are many BVI companies on the books already, and it may therefore be difficult to find an available and suitable company name.

	Ordinary Resident and Non-Resident Companies	International Business Companies (IBCs)
Minimum Capital Requirements	ORCs and ONCs have no minimum capital requirements. However, government fees increase if the registered capital is above US$50,000.	IBCs have no minimum capital requirements. However, government fees increase if the registered capital is above US$50,000.
Shares	Bearer shares are permitted, but they must be deposited with a licensed financial institution.	Shares may be issued for any value or consideration, and may be denominated in any currency. They may be issued with or without par value, but must be fully paid up. Shares can be common, preferred and redeemable. Bearer shares may be issued, and registered shares may be exchanged for bearer shares.
Transfer Of Domicile	Domicile may be relocated into or out of the BVI.	Domicile may be relocated into or out of the BVI.
Members (Shareholders)/ Directors	ORCs and ONCs must have at least two and no more than 50 members. The only real difference between the two types of companies is in the residency of the directors. More than half of an ORC’s directors must be residents of the BVI, whereas an ONC must have fewer than half of its directors as BVI residents.	The IBC Act imposes very few restrictions on shareholders and directors. An IBC must have at least one of each, and they may be either individuals or corporate entities. There are no residency requirements or nationality restrictions on either directors or members, and their identity need not appear on any public record.
Restrictions	Transfer of shares is restricted for both kinds of companies, and they may not invite the public to subscribe to shares or debentures.	An IBC is restricted from conducting business with persons resident in the BVI. It is also prohibited from conducting banking or trust business, insurance or reinsurance business or the business of providing company management services.
Reporting Requirements	Every Ordinary Company must file a basic, two-page form each year on the anniversary date of its incorporation. This filing requires disclosure of the names of the company’s current members, directors and officers.	IBCs are not required to file any kind of annual report, nor are they required to submit the names of members, directors or officers.

International Limited Partnership (ILP)

BVI Limited Partnerships are governed by the Limited Partnerships Act 1996. It is obligatory to nominate a registered agent on formation of a limited partnership, and that agent usually handles the formation process. The rights and limitations of limited partnerships under the Act mirror those of the IBC (see above). However, the Act distinguishes between local and international partnerships: local partnerships may transact local business but are not tax-exempt, while international partnerships are tax-exempt but barred from local business.

The BVI limited partnership legislation was designed to facilitate the use of such vehicles in investment and mutual funds. As is usual in limited partnerships, there are one or more general partners with unlimited liability and management responsibility, while limited partners are liable only to the extent of their capital contributions, and their identity does not need to be disclosed. It is possible for the same person to be both a general and a limited partner in the same partnership. A limited partner’s interest in the partnership is assignable. There are no minimum capital requirements or prescribed debt-equity ratios.

TRUSTS

The Trustee Amendment Act 1993 (the “Amendment Act”) updated the original British Virgin Islands Trustee Act (itself largely based on the English Trustee Act 1925). The Amendment Act introduced a fixed perpetuity period not exceeding 100 years, and has modern ‘wait-and-see’ provisions to deal with interests that might vest outside the perpetuity period. The Amendment Act also introduced purpose trusts.

BVI trusts are exempt from registration under the Registration and Records Act, and trustees are exempt from any need to file annual returns and from any other reporting requirements. The majority of BVI trusts are exempt from all taxes, provided there are no beneficiaries resident in the BVI, and that the trust does not conduct any business in the BVI or own any land in the jurisdiction. A trust duty of US$50 is imposed on each trust instrument subject to BVI proper law.

The Amendment Act provided for the appointment of a ‘protector of trust’, effectively a supervisor of the trustee(s), and also managing and custodian trustees. A company offering trust services must obtain a license under the Banks and Trust Companies Act 1990 and conform to various conditions

BANKING FACILITIES

Worldwide banking facilities are available through the presence in the BVI of large international banks such as Chase Manhattan, Barclays and Bank of Nova Scotia. There are also local banks – BVI International Trust Co. Ltd. and Virgin Islands National Bank. The BVI is a member of the Caribbean Development Bank.

WHY ICS TRUST?

ICS TRUST can incorporate International Business Companies, Limited Duration Companies and Exempt Limited Partnerships speedily and seamlessly.

Based in Hong Kong, ICS Trust (Asia) Limited incorporates companies in Hong Kong and most offshore jurisdictions including Anguilla (Caribbean), where one of our affiliates is a registered agent. ICS TRUST is an independently owned, Hong Kong-registered trust company, also licensed as an Investment Advisor by The Hong Kong Securities and Futures Commission. With more than twenty years experience, we are a market leader in helping Entrepreneurs and Multinationals establish and grow their businesses in Asia as well as providing comprehensive TAX, TRUSTS and TRADE services.

英属维京群岛信息指南

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