BVI Company Formation

About the British Virgin Islands The British Virgin Islands (BVI) is a British overseas territory, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the U.S. Virgin Islands. Technically the name of the Territory is simply the "Virgin Islands", but in practice since 1917 they have been almost universally referred to as the "British Virgin Islands" to distinguish the islands from the American Territory.[1] To add to the regional confusion, the Puerto Rican islands of Culebra, Vieques and surrounding islands began referring to themselves as the "Spanish Virgin Islands" as part of a tourism drive in the early 2000s.
The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over fifty other smaller islands and cays. Approximately fifteen of the islands are inhabited. The largest island, Tortola, is approximately 20 km (approx. 12 mi) long and 5 km (approx. 3 mi) wide. The islands have a total population of about 22,000, of whom approximately 18,000 live on Tortola. Road Town, the capital, is situated on Tortola.

The British Virgin Islands enjoys one of the more prosperous economies of the Caribbean region, with a per capita GDP of around $38,500 (2004 est.)[5]

Economy:
In the British Virgin Islands it has long been fashionable to talk about the "twin pillars" of the Territory's economy – tourism and financial services. Politically, tourism is the more important of the two, as it employs a greater number of people within the Territory, and a larger proportion of the businesses in the tourist industry are locally owned, as are a number of the highly tourism-dependent sole traders (e.g. taxi drivers and street vendors). Economically, however, financial services are by far the more important. Nearly 50% of the Government's revenue comes directly from licence fees for offshore companies, and considerable further sums are raised directly or indirectly from payroll taxes relating to salaries paid within the trust industry sector (which tend to be higher on average than those paid in the tourism sector).