Incorporating in US...
 
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Incorporating in USVI

 
wanderer
(@wanderer)
Trusted Member

I am spending some time on Tortolla, BVI, and I've just found out that there are 600,000 companies incorporated in BVI. For a small nominal annual fee (about $1000 a year), a company registered in BVI is exempt from all taxes (including income, dividends, capital gains), is exempt from any regulation (such as filing statements, audits, public records, etc.), and does not have to hire in BVI.

Now, I know that USVI government provides some incentives to companies operating in USVI, including reduction in taxes. But there are some serious restrictions, too, which as I understand, make businesses reluctant to operate under the existing conditions/restrictions which accompany the incentives.

My question is, can the USVI government, in theory, with the legislative/executive power of the territorial government, do the same thing as BVI government, with respect to "offshore incorporation/registration"?

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Topic starter Posted : February 9, 2016 9:30 pm
OldTart
(@the-oldtart)
Expert

My question is, can the USVI government, in theory, with the legislative/executive power of the territorial government, do the same thing as BVI government, with respect to "offshore incorporation/registration"?

No. You may find these articles of interest:
http://www.ibtimes.com/us-virgin-islands-lures-businesses-tax-breaks-1561887
http://www.theguardian.com/uk/2012/nov/25/offshore-secrets-british-virgin-islands

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Posted : February 9, 2016 10:08 pm
caribstx
(@caribstx)
Trusted Member

The short answer...NO.

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Posted : February 10, 2016 11:15 am
Alana33
(@alana33)
Expert

The majority of those companies registered in BVI are probably dealing with offshore banking.

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Posted : February 10, 2016 11:26 am
Ca. Dreamers
(@ca-dreamers)
Advanced Member

The short answer...NO.

Ditto!

CD

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Posted : February 10, 2016 11:27 am
ms411
(@ms411)
Expert

60 Minutes did a story on shell corporations the other Sunday. BVI ranked second in registered corporations. Google CBS Anonymous, Inc to see if it's still online.

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Posted : February 10, 2016 11:34 am
Alana33
(@alana33)
Expert

Who ranked first?
Cayman Islands?

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Posted : February 10, 2016 1:07 pm
OldTart
(@the-oldtart)
Expert

Who ranked first?
Cayman Islands?

Caymans first, Bemuda second.

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Posted : February 10, 2016 1:13 pm
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