British Virgin Islands
Business Companies formed in the British Virgin Islands are renowned worldwide as the staple offshore incorporation destination. In 2000, the British government commissioned KPMG (one of the world's largest professional services and auditing firms) to produce a report on the offshore financial services industry. It was determined that nearly 41% of the world's offshore tax-exempt international business companies had been formed in the British Virgin Islands. Since 1984 over 600,000 incorporations have been amassed by business owners, entrepreneurs and investors choosing the BVI as their base of operations. The new BVI Business Companies Act 2004 was passed and came into effect on January 1, 2005. This legislation now regulates the registration, status and operation of newly formed business companies and all former international business companies (also known as BVI's). The new Act addresses the discriminatory pressures inherent between domestic BVI companies and offshore BVI international business companies. Previously BVI's were restricted to international transactions whereas now any distinction between local and offshore companies has been removed. According to the new legislation there is one unified company, a BVI Business Company. This Act has replaced and superseded the BVI International Business Companies Act of 1984 and enhanced the appeal of incorporating in the British Virgin Islands as evidenced by over 5,000 new private entities created monthly.
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