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International Business Companies (IBC's)
Since the International
Business Companies Act was introduced in 1984, in excess of 500,000 IBC's
have been incorporated and the recent incorporation of new companies is
at a level in excess of 50,000 per annum. The popularity of IBC's is a result
of the specific advantages of the IBC legislation combined with the advantageous
features of the BVI as an offshore jurisdiction.
An IBC has a number of distinguishing features, including:
- It is entirely free of all BVI taxes and only pays an initial registration fee and thereafter a fixed annual licence fee;
- Directors, shareholders, administration and the assets of the company may be within or outside the BVI;
- Registration, administration and public filing of information are kept to a minimum;
- Optional registration for the public record of directors, shareholders, mortgages and charges may be made if the company desires (see Recent Devlopments);
- Flexibility is maximised by provisions in respect of company name, bearer shares (see Recent Devlopments), issuance of shares (including redeemable shares), holding of meetings, and many other detailed features;
- Financial records may be maintained in any jurisdiction and an audit is not required
The International Business Companies Act (CAP 291)
1. IBC's are exempt from all BVI taxation and stamp duties. The only annual amounts payable to the Government are:
| (a) |
if authorized capital does not exceed US$50,000 |
US$ | 300 p.a. (licence fee) | |
| (b) |
if authorized capital exceeds US$50,000 |
US$ | 1,000 p.a. (licence fee) | |
| (c) |
if authorized capital does not exceed US$50,000 and the company is authorized to issue shares without par value |
US$ | 350 p.a. (licence fee) |
2. An IBC may:
| (a) |
issue bearer shares |
| (b) |
acquire its own shares |
| (c) |
end its name with "Limited", "Incorporated", "Corporation", "Societe Anonyme" or "Sociedad Anonima" or the usual abbreviations thereof |
| (d) | issue shares with or without par value |
| (e) | issue redeemable shares |
| (f) | have only one shareholder |
| (g) | have only one director, which can be a company |
3. An IBC may
not:
| (a) |
carry on business with persons resident in the BVI |
| (b) |
own an interest in real property situated in the BVI, other than an office lease |
| (c) |
carry on banking or trust business any where in the world unless it is licensed under The Banks and Trust Companies Act, 1990 |
| (d) | carry on business as an insurance or reinsurance company, insurance agent or insurance broker anywhere in the world, unless licensed under The Insurance Act, 1994 |
| (e) | carry on business of company management unless licensed under The Company Management Act, 1990 |
| (f) | carry on business of providing the registered office or the registered agent for companies incorporated in the BVI |
| (g) | carry on business as a mutual fund, mutual fund managers or mutual fund administrators anywhere in the world unless licensed or recognized under The Mutual Funds Act, 1996 (as amended) |
4. The only records of an IBC available for public inspection are the Certificate of Incorporation, the Memorandum & Articles of Association, the name and address of the registered agent, the record of payment of annual fees per paragraph 1 above and whether the company is in good standing
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