The British Virgin Islands or more affectionately called the BVI are tiny islands that make up part of the group of about sixty islands called the Virgin Islands. Road Town, Tortola is the Capital city and the location of most of the islands offshore financial services. One of the two pillars of the economy is offshore financial services. The islands offer long standing political stability and all the security of the British Flag to International Business Companies. The BVI offshore financial center is well developed and provides quality offshore services. The BVI Offshore Financial Center which is pioneering in offshore financial services provides services such as the incorporation of offshore business companies.
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Opening International Corporate Bank Account
Ready-made, or "shelf" companies are companies, which are already registered, or approved for immediate registration. Such companies are available for immediate purchase. These companies have not traded or entered into any dealings or obligations whatsoever. Since incorporation, their documents have been kept motionless "on the shelf" in our office, hence the name. For companies indicated as "Approved", only their names have been reserved for registration, but they have not commenced their legal existence yet. The main reasons for considering shelf companies are A to save some time if an especially quick turnaround is required; B to provide for a somewhat earlier registration date, as might be necessary in some business circumstances; C to assist with the sometimes onerous task of designing a new company name. Please make sure to read the important notes at the end of this chapter.
The British Virgin Islands has a strong offshore regulatory environment. They have a distinct combination of oversight and a laissez-faire approach which makes it both easy to do business — yet reputable with banks and other jurisdictions around the world. The British Virgin Islands has reputable compliance and regulatory body, which makes it very simple and easy to bank with a BVI company.
British Virgin Islands is a well-regulated and very popular jurisdiction where companies are being formed and managed in large numbers for all manner of international business purposes. However, same can not be said about its banking sector. BVI is not a financial centre and does not, in fact, have many banks locally that actually cater to the international business sector.