In 2018, British Virgin Islands were included on the EU’s ‘grey list’ of cooperative tax jurisdictions, despite its attempts to engage with the EU, because the EU required further progress in order to address its concerns.
Since that date, the BVI has proven its commitment to an effective cooperation with the EU and its dedication to promote good tax governance by passing the Economic Substance (Companies and Limited Partnerships) Act 2018.
There were also other pieces of legislation (either primary or secondary) which passed in order for BVI to achieve the aforementioned goals and at the same time to continue to be one of the most preferred jurisdictions for companies’ registration.
Each of these measures adopted by the BVI further establishes its position as an internationally respected and stable financial centre, which attracts businessmen from all over the world to establish their companies there.
Furthermore BVI seems to be present and committed in a positive dialogue with the EU, in order to meet and comply with the existing international standards.
Up to this end, during the last week of February 2020, EU announced that BVI managed to be included in the EU “white-list” of cooperative tax jurisdictions, among other countries and at the same time it managed not to impose/place irrational restrictions regarding the incorporation of companies.
Thus BVI is now, more than ever, one of the most appealing and stable jurisdictions for company incorporation, with a number of benefits, including among others the low taxation, the fast procedure of incorporation, the availability for residents of any country, etc.
For more information concerning company incorporation in BVI, do not hesitate to contact us directly in firstname.lastname@example.org.