BVI Offshore company (BC)
In January 1, 2005 a brand-new version of the BVI Business Companies Act came into force. The new Act represents a further development in the already outstanding BVI offshore corporate legislation. The new law successfully addresses the challenges faced by the offshore financial industry in the 21st century, in particular the pressures against 'illegal discrimination' between domestic and offshore companies. Thus the new BVI Business Companies Act removes any former distinction between a local company (operating in the domestic market) and an offshore company (restricted only to international business). According to the new Act, there is now only one, unified type of company - a BVI Business Company, which continues to be exempt from tax and continues to enjoy all the substantial benefits afforded by the previous legislation.
The Chief Minister of the BVI, Dr. the Hon. D. Orlando Smith, said at the announcement of the new legislation: "The new BVI Business Companies Act was designed to safeguard the attributes that have made the BVI the world's premier offshore company domicile. The collaborative effort to draft this new Act has resulted in legislation that not only retains all the virtues of the current IBC Act, but makes the BVI even more attractive to clients by including new features that have become desirable since the enactment of the current Act."
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