Virgin Islands Business Trust
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FAQ
Who may be trustees? Any individual, being an adult who has legal capacity may be a trustee. For a BVI company to be a corporate trustee, it must obtain a licence to carry on trust business under the BVI Banks and Trust Companies Act, 1990 unless it qualifies as a private trust company (see Part 2 below).
Trusts in the British Virgin Islands are exempt from registration under the Registration and Records Act and trustees are exempt from any reporting and filing requirements, ensuring a high degree of confidentiality.
Anyone capable of taking physical possession of or legal title of the property can be a trustee. And there is no limit to the number of trustees to hold the position in one trust.
BVI trusts are established to achieve a variety of estate, personal, financial, tax or other business planning objectives. These objectives often include one or more of the following: 2022 provision for spouses and dependants; 2022
Legislation. The British Virgin Islands ("BVI") is a British Overseas Territory. As a British Overseas Territory, legislation is based on the British Legal System and English Common Law; the United Kingdom Privy Council is the final Court of Appeal.
Who may be trustees? Any individual, being an adult who has legal capacity may be a trustee. For a BVI company to be a corporate trustee, it must obtain a licence to carry on trust business under the BVI Banks and Trust Companies Act, 1990 unless it qualifies as a private trust company (see Part 2 below).
Here are the steps to incorporating in the British Virgin Islands:Step 1: Reserve your Company Name. The first step is to reserve a company name with the BVI Registry.Step 2: Appoint a Registered Agent.Step 3: Open a bank account.Step 4: Submit all relevant documents.
