Offshore Companies - BVI
British Virgin Islands - Offshore Companies
The economy, one of the most stable and prosperous in the Caribbean, is highly
dependent on tourism, generating an estimated 45% of the national income. An
estimated 350,000 tourists, mainly from the USA, visited the British Virgin
Islands in 1998. Tourism suffered in 2002 because of the lacklustre US economy.
In the mid-1980s, the government began offering offshore registration to
companies wishing to incorporate in the British Virgin Islands and incorporation
fees now generate substantial revenues. Roughly 400,000 companies were on the
offshore registry by year-end 2000.
The adoption of a comprehensive insurance law in late 1994, which provides a
blanket of confidentiality with regulated statutory gateways for investigation
of criminal offenses, is expected to make the British Virgin Islands even more
attractive to international business.
Because of traditionally close links with the
US Virgin Islands, the British
Virgin Islands has used the dollar as its currency since 1959.
Offshore Companies - BVI
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