The British Virgin Islands (BVI), situated about 60 miles east of Puerto Rico, is a Dependant Territory of the United Kingdom, which enjoys responsibility for its own internal self government. The BVI is the region’s most stable, prosperous and secure territory. The Country enjoys the important added benefit of having the US Dollar as its currency, thereby offering a special combination of financial, economic and political stability. There are no exchange controls.
By location and time zone (GMT -4 hours), the BVI is strategically placed to serve the global financial markets of the Americas, Europe and Asia. Ever since pioneering the International Business Company (IBC) legislation in 1984, the BVI has become one of the world’s leading corporate domiciles and has grown into a widely recognised and reputable international financial centre.
The BVI has an independent judicial system based on English common law. Due to the size of the offshore industry in the BVI there is a constant dialogue between the private and public sectors which shape the jurisdiction’s regulatory landscape, as a result, laws and regulations are routinely developed in consultation with the private sector.
The BVI enjoys a reputation as a true international business centre with thousands of clients utilising the jurisdiction for the provision of Corporate, Fund, Trust and Shipping matters. SHRM holds a Class 1 Trust licence since February 2005, granted by the Financial Services Commission.
The financial services sector serves as the first pillar of the BVI’s economy with the second being, Tourism due to the Islands’ natural allure. The BVI provides one of the most beautiful and ideal yachting destinations in the world, as well as offering exclusive and prestigious resorts, marinas and anchorages. Shipping Registration services are offered by SHRM, and as a jurisdiction this is a growing area of interest. There are three Registers available through the Virgin Islands Shipping Registry, which holds a licence to register ships up to 3000 GRT. With the growing reputation of Gorda Sound as a high end and prestigious Registry the BVI is set to become a very popular and world renowned option for Shipping Registration.