Virgin Islands Corporate Governance Guidelines
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FAQ
When registering a company in the BVI, the company should consist of the following persons: 1 shareholder and 1 director. A Legal entity can act as the latter, and the appointment of nominee directors and shareholders is permitted; Zero taxation does not require audit and submission of annual reports.
The five issues diversity, remuneration, stakeholder accountability, conflicts of interest and transparency involve discretion by the board and are key aspects of ethical behaviour within the boardroom, as well as being issues which boards need to address for their organisations.
The 8 P's of corporate governance are:Property;Principles;Purpose;Roles;Power;Practice;People;Permanence.
Company law in the BVI is designed to provide maximum flexibility; companies are permitted to undertake any lawful act or activity, and there are no corporate benefit restrictions. Further, the BVI does not impose capitalisation rules or impose any general maintenance of capital requirements.
A BVI company can be incorporated quickly, with a flexible organisational structure and minimal financial reporting requirements. BVI companies are ideal for startup companies as they can be operated from anywhere in the world and there are no restrictions on where a BVI company can carry out its business.
The four P's of corporate governance are people, process, performance, and purpose.
It has also been designed to cross-reference the FRC's Corporate Governance Code, and is centred on five fundamental principles of corporate governance: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.
Corporate Governance GuidelinesSize of the Board.Board Membership Criteria.Director Independence.Director Tenure.Directors Who Change Their Present Job Responsibility.Election of Directors.
BVI companies are used for a variety of purposes, such as group holding companies, asset-holding SPVs (often real-estate or luxury goods) and investment funds and other regulated businesses.
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
