BVI, British Virgin Islands - consist of 60 separate islands, situated to the North West of the American Virgin Islands, 60 miles from Puerto Rico. Population is approximately 17 000, official language - English. Political system-colony of Great Britain, with autonomous local government and its own constitution. Legislation based on the Laws of England.

BVI

Corporative legislation The Act on International Business Companies 1984, amended on 1988, 1990, 1994 Form of tax-exempted company International Business Company (IBC), hereinafter - company Authorized business activities All and any activities not prohibited by the law Providing of banking, insurance and re-insurance, trust services is subject to special license Prohibited activities Transactions with the residents of BVI, ownership of real estate on the territory of BVI Taxation Company is exempted from all and any taxes and duties Name of company The name must not be identical or confusingly similar to the existing ones The name has to include the words Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Company, Limitada, Societe par actions, Aktiengesellschaft or abbreviations Ltd, Corp., Inc., A/S, AG, N.V., B.V., GmbH, S.A. Words Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust Company, Trustee Company or other words with similar meaning may not be used in the name of IBC company Who executes the foundation documents? Signatories, whose functions are limited to signing of the foundation documents and nomination of the first director Equity capital of the company Equity capital of the company is established by declaration, no mandatory contribution is required and no minimum/maximum limits are set Recommended equity capital 50000 USD, divided into 50000 shares par value 1 USD Shares Authorized emission of both registered and bearer shares with or without par value Shareholders - Minimum number - Nominal shareholders One natural or legal entity Permitted Does the law provide for non-disclosure of the information -about actual owner of the company -about bank operations Yes (the actual owner of company is not registered in BVI) Yes Directors - minimum number - nationality and citizenship - status One natural or legal entity No requirements All the powers apart from those falling into exclusive competence of shareholders (as determined by memorandum, articles of association and/or the law) On the territory of BVI there has to be: - registered office - registered agent Required Required Holding of the meeting of shareholders/directors Meetings may be hold in any part of the world, also by means of telephone communication Minutes may be kept at any place Mandatory - keeping of accounting records - annual account - presentation of auditor's conclusion No No No Information at disposal to the third party Memorandum and articles of association, the name of the registration office and registration agent Documents kept at the registered office The book of shareholders, impress of seal Agreements on exemption from double taxation None Currency control No Term of incorporation 3 weeks Costs of registration of company Look for: Costs of registration and service Financial year ending on Look for: Annual support of companies Possibility to purchase a ready-made company Yes, look for: Ready made companies