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The British Virgin Islands Companies Registry (part of the Registry of Corporate Affairs). The BVI Business Companies Act (No 16 of 2004) is the principal statute of the British Virgin Islands relating to British Virgin Islands company law, regulating both offshore companies and local companies.
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.
In 2000, KPMG were commissioned by the British Government to produce a report on the offshore financial industry generally, and the report indicated that approximately 45% of the offshore companies in the world were formed in the British Virgin Islands, [7] making the British Virgin Islands one of the world's leading offshore financial centres ...
The British Virgin Islands Companies Registry. The term "offshore company" or "offshore corporation" is used in at least two distinct and different ways. An offshore company may be a reference to: a company, group or sometimes a division thereof, which engages in offshoring business processes. [1]
Chart of an offshore company structure. exemption from local corporate taxation and stamp duty, provided that the company engages in no local business (annual agent's fees and company registration taxes are still payable, which are normally a few hundred U.S. dollars per year) preservation of confidentiality of the beneficial owner of the company
In 2017, the total value of assets held in offshore companies in the British Virgin Islands was estimated at $1.5 trillion and two-fifths of company owners were based in Hong Kong and China, according to a report by Capital Economics and commissioned by BVI Finance. [26] [27]
The BVI Business Companies Act is based largely on New Zealand company law, but has been modified to include many of the characteristic features of offshore financial centres (such as removing restrictions on financial assistance and thin capitalisation, and permitting distribution in specie).
Something to note is that Canada's largest companies by value, and largest employers, tend to be foreign-owned in a way that is more typical of a developing nation than a G8 member. The best example is the automotive sector , one of Canada's most important industries.
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