- January 1st, 2021
- in Lifestyle
The British Virgin Islands have long been heralded as one of the most attractive destinations for business in the world. An open economy, favourable tax laws and strong infrastructure provide businesses with the flexibility and confidentiality needed to run a successful business from anywhere in the world.
One of the most obvious and most appealing benefits to doing business in the BVI is that it is a tax-free jurisdiction. Companies enjoy no corporate, capital gains or income taxes while allowing the operations of the business to be carried out anywhere in the world.
The global “melting pot” of people and businesses in the BVI gives the territory a cosmopolitan feel, complete with world-class legal, accounting and professional service infrastructure. Politically and economically stable, the currency of the BVI is the US Dollar. This allows seamless cash flow between the BVI and other countries without capital or currency restrictions. When compared to other Caribbean jurisdictions in the region, the prices of corporate services are also comparable if not better in the BVI.
The legislative framework in the BVI also provides favourable business conditions to companies wanting to make the territory their home. A Business Company registered in the BVI is a separate legal entity in the territory, allowing the same powers as a natural person. The BVI also has minimal corporate requirements. BVI Business Companies do not need to have local directors nor are they required to hold meetings in the BVI. Applying British common law, the government of the BVI is very responsive and cooperative with the financial and professional services industry.
The BVI also enjoys a trusted stance within the larger business community. Global law firms, accounting firms and financial and professional services firms know and utilize the BVI for its legal structures and ease of doing business.
Coverdale Trust Services
Apart from the extremely favourable business conditions in the territory, top-notch service is another benefit of doing business in the BVI. With a highly educated and industrious workforce, the “work” of doing business has never been easier or more efficient.
BVI businesses have approached and trusted their business to Coverdale Trust Services for nearly three decades. As a BVI specialist firm, Coverdale Trust Services is majority BVI-owned and offers only BVI structures. The small, nimble firm allows for a high level of personalized service and special attention for clients wanting to get the most out of their BVI-based business.
“We have been around since 1993 giving consistent quality service through the ups and downs of many business cycles,” said Coverdale Trust Services General Manager Ronald Schmalcel.
Trust services are part of Coverdale’s name and business legacy. Every aspect of the Territory’s innovative and flexible trust laws can be covered through Coverdale Trustees Limited, including the creation and administration of trusts, incorporation of private trust companies, acting as executors of estates, and all aspects of trustee and administrative services.
Buying property in the BVI isn’t as simple as incorporating a business presence here, but Coverdale makes it simple. By working with local government and knowing how to easily navigate the laws of buying and selling real estate – both residential and commercial – Coverdale makes becoming a BVI property owner a seamless operation.
Coverdale Trust Services also provides special services for yacht owners. Coverdale will help your BVI Business Company register a yacht in the BVI and maintain the registration.
Recently relocated to a brand new building in Road Town, Coverdale Trust Services is more than a financial services company. Providing an array of services to companies seeking to establish economic substance in the BVI, Coverdale can provision office space, provide mail forwarding and telephone messaging services.
Focused on the Future
Business in the BVI continues to grow. The legislative system and business practices are innovative and at the forefront of corporate, trust and mutual fund services development. With more than 400,000 businesses now calling the BVI home, the territory’s growth is on a positive trajectory.
For more information, please contact Krishma Orr-Fraser or Ronald Schmalcel.
Coverdale Trust Services Limited
PO Box 4519
4th floor Water’s Edge Building, Meridian Plaza
Road Town, Tortola
British Virgin Islands VG1110
Tel: + 284 494 6727
Fax: + 284 494 6583