The British Virgin Islands ( "BVI" ) are a group of islands in the Caribbean Sea located approximately 80 kilometres east of Puerto Rico.

In recent years, BVI has become extremely popular in Hong Kong as well as in the Far East Region.

International Business Companies pay no taxes in British Virgin Islands .

A minimum of one shareholder is required and either registered or bearer shares may be issued. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in British Virgin Islands.

A minimum of one director is required and corporate directors are permitted. Details of the directors do not appear on the public file.

Names must end with one of the following words, or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima.

The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal and Royal.

It is a requirement that International Business Companies have a registered office and registered agent in the British Virgin Islands where a copy of the share register and imprint of the corporate seal is kept.

BVI Business Companies Act provided an environment of administrative ease and flexibility.

• This is no requirement to file annual returns or financial statements.
  
  
• There is no requirement to hold annual meetings of directors or shareholders.
  
  
• Directors and shareholders resolutions may be passed by telephone meetings or by circulating written resolutions (including facsimile copies) for signing. Meetings need not be held in the British Virgin Islands.
  
  
• A company need not have British Virgin Islands resident directors.
  
  
• The books and records of the company may be kept at such place as the directors determine.
  
  
• Bank accounts may be opened anywhere in the world.
  
  
• A company may finance or repurchase its own shares out of surplus. Repurchased shares may be cancelled.
  
  
• Reductions of capital can be affected by resolution of the directors or shareholders. There is no necessity for a court order.
  
  
• There are minimal disclosure requirements and the ownership of shares and the names of directors and officers are not available on the public record.
  
  
• There are modern asset protection provisions including the ability to transfer a company to another jurisdiction.