British Virgin Islands is a British overseas territory in the Caribbean. The islands make up part of the Virgin Islands archipelago. The official language is English. British Virgin Islands are not a part of the EU, but local citizens are regarded as citizens of the European Union.

Company requirements
The type of company incorporated in British Virgin Islands is a Business Company. These types of companies are very popular as offshore companies because of their taxation exempt status, easy administration and their flexibility. Main reasons for choosing British Virgin Island Business Company as your offshore are:

No corporate tax
Company formation in British Virgin Islands takes around 2-5 days
There are shelf companies available
The director does not have to be a resident or reside in the BVI
A local office must be maintained
Board meetings can take anywhere in the world
Secretary is optional
Minimum share capital is 0.73 EUR and the usual number of issued shares is 50,000
Maintaining a company
Annual license fee must be paid according to the following rules:

Companies with less than 50,001 issued shares pay 260 EUR per year.
Companies with more than 50,001 issued shares pay the sum of 805 EUR per
No yearly documentation must be provided for the authorities, but it is mandatory for a company to keep reliable accounting records for a minimum of five years. The documentation must be sufficient enough to determine accurate financial position of the company.

Tax system
No corporate tax is paid in the British Virgin Islands on worldwide profits to the BVI authorities. The British Virgin Islands has double taxation agreements with Japan and Switzerland, although they have almost no benefit and are not applicable to offshore business.