The British Virgin Islands is considered to be the most popular jurisdiction for International Business Companies (IBCs) registration. In the BVI, more than 650,000 offshore IBCs have been incorporated till now, with current growth rate at 50,000 incorporations per year.
Overwhelming popularity of BVI offshore companies may be explained by various factors, the main of which are:
- there is no currency control in British Virgin Islands as US dollar is used as the BVI currency;
- political stability is determined by the fact that the BVI is a British Overseas Territory; the BVI does not have the high profile, and it is perfect for customers going to incoporate offshore company in confidential environment;
- legislation regulation of offshore IBC formation in the BVI is both very flexible and modern, serving a model for many other Caribbean jurisdictions. Only one shareholder and one director required, no corporate officers are required, no requirement for an annual general meeting and the BVI offshore company needs only to keep such accounts and records as the Director thinks appropriate.
- there is no obligation to inform the local government on the identity of the IBC's shareholders or directors.
- Belize Offshore is a specialized offshore incorporation firm located in Belize and licensed by the Belizean Financial Services Commission to provide ofshore company formation and management services.
- A regular Belize company can acquire tax-exempt status.
- The Belize offshore company is the simplest and cheapest type of all offshore corporate entities available in Belize.