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The Cabinet of the British Virgin Islands (formerly referred to as the Executive Council, or sometimes ExCo) is the collective decision-making body of the British Virgin Islands government. It is composed of the Premier , four other Ministers of Government, and the Attorney General as an ex officio , non-voting, member. [ 1 ]
The BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited partnerships and intellectual property.
The British Virgin Islands legislature is the House of Assembly. Prior to the adoption of the new constitution in 2007 the legislature was called the Legislative Council. General elections are conducted every four years (unless the House is dissolved earlier, either as a result of a vote of no confidence or otherwise).
The British Virgin Islands company law is the law that governs businesses registered in the British Virgin Islands. It is primarily codified through the BVI Business Companies Act, 2004, and to a lesser extent by the Insolvency Act, 2003 and by the Securities and Investment Business Act, 2010. The British Virgin Islands has approximately 30 ...
The British Virgin Islands also operates as a domicile for captive insurance services, but a prolonged period of overzealous Government regulation combined with the Government's increasing pressure to hire only locals ("belongers") in the insurance industry decimated the industry. Official reports from the Financial Services Commission reflect ...
The official currency of the British Virgin Islands has been the United States dollar (US$) since 1959, the currency also used by the United States Virgin Islands. [3] The British Virgin Islands enjoys one of the more prosperous economies of the Caribbean region, with a per capita average income of around $47,000 (2022 est.) [47]
Partners at Harneys made up 3 of the original 5 draftsmen of the Act.. The International Business Companies Act, 1984 [1] was a statute of the British Virgin Islands which permitted the incorporation of International Business Companies (IBCs) within the Territory.
The British Virgin Islands has a number of other minor taxes and levies. These include: Car tax, under the Self-Drive vehicles (Rentals) (Taxation) Act (Cap 210) Hotel tax, under the Hotel Accommodation Taxation Act (Cap 205) Petroleum income tax, under the Petroleum Income Tax Act (Cap 209) Passenger tax, under the Passengers Tax Act (Cap 208)