Wednesday, February 15, 2006

The birth of British Virgin Islands IBC

The British Virgin Islands IBC legislation was implemented in 1984 by adoption of the International Business Companies Act, 1984. Then, this act has been developed and amended taking into account the changes required by the clients of BVI offshore services.

This could be called the birthday of BVI IBC. That year 253 International Business Companies were incorporated and it is pretty good for the first year.

But could many people foresee that this industry will rise in business where IBC are counted in hundreds of thousands and maybe will turn into millions? Today there are ~720,000 International Business Companies incorporated in the BVI (707,000 BVI companies at the beginning of 2006).

Currently, the top year has been 2000 when 64,000 IBCs were registered in one just year. There were a lot of serious reasons why the record belongs to this year, but this does not mean that the growth of BVI IBC registration number will not go on. The latest numbers are not so far from the record – in 2005 there was 61,000 incorporations in the British Virgin Islands.

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