Constitutional status: Overseas Territory of the United Kingdom; internal self-governing
Legal system: English Law
Judiciary: Magistrate – Local;
High Court and first Court of Appeal:- Eastern Caribbean Supreme Court;
Highest Court of Appeal: – UK Privy Council
Number of Islands, Inlets and Coves: Approx. 60
Largest Island: Tortola
Capital: Road Town on Tortola
Major Language: English
Major Religion: Christianity
Monetary Unit: US Dollar
Departure Taxes: Maximum of $20 to minimum of $5
Sales Tax: No sales tax applied
Custom Duties: All imports are subject to varying rate of duty
Climate: Temperature can range from 34 degrees C in the summer and 21 degrees C in the winter
Population: 22,000 plus
Age structure: 0-14 (21.5%), 15-64 (73.5%), 65 years plus (5%)
Income per household: $24,000 GDP composition: Services (92%); industry (6.2%); agriculture (1.8%)
Banks: Bank of Nova Scotia, Development Bank of the Virgin Islands, Banco Popular de Puerto Rico, VP Bank (BVI) , First Caribbean International, First Bank Virgin islands
Hospitals: Peebles Hospital (Public)
Private x-ray and laboratory facilities: Readily available (Public and Private)
Unemployment rate: 3% Literacy rate: 97.8% (15 years plus)
Internet domain: .vg

The BVI Government Legislative Programme: The BVIG legislative programme, to run from 2003 to 2007, once delivered will further build on the already substantial social and economic fabric of the Territory as well as the preservation of its distinctive clear blue waters, tropical climates and white sandy beaches.

The Legislative programme aims to deliver:
A Stronger Economy
Building on the strengths of BVI tourism and financial services sector, we aim to complete and implement our strategic development plan for the financial services sector, be a leading tourism sector for a host of interests from water sports, yachting and golf as well as developing an effective framework for small businesses to prosper.

Better Healthcare and Improved Social Services:
The BVI Government aims to develop a comprehensive health programme that promotes health and social welfare amongst all its people by developing an overarching health care system and legislation in line with international standards, adopting a strategy to combat Aids and other measures including reviewing its Mental Health Legislation as well as reviewing retirement and social welfare provision.

Good Governance and Greater Transparency:
The Government is committed to greater transparency, openness and accountability both with its people and to meet and set international standards for excellence. The Government is therefore committed to improving accountability by establishing its Legislative Council as its law making body and introducing the concept of ‘value for money’. In addition the Government will bring greater transparency to the public contracts tendering process and openly declare and register the economic interests of Honourable Members.

World Class Education System and Youth Development
To reinforce our already significant pool of talent and resource, the Government plans to lay the foundations for future success by modernising our system of education, establishing a department of Youth Affairs, with a comprehensive youth strategy, and an accelerated emphasis on training and professional capacity.

Sustaining the Natural Resources
Maintaining and improving on our Islands natural beauty is crucial to meeting our economic goals.
The Government will introduce wide-ranging legislation and plans to incorporate key elements of international cooperation relevant to the protection of biodiversity and cultural heritage, farming and land ownership as well as Fisheries and immigration matters.

Improving Communications Links and Infrastructure
Liberalisation of the Telecommunications services, improving regulation for aviation and working closely with the UK Government on areas such as constitutional reform are all priority areas that the BVI Government places at the heart of it legislative programme.

Financial Services
The BVI is one of the region’s foremost international financial centres. Approximately 500,000 international business companies are on the Register. Principal activities include: corporate domicile, trust and estate planning, mutual fund administration and management and captive insurance companies.

Because tax laws vary from country to country, before starting an IBC, it is advisable for a prospective investor to consult with a tax lawyer in his country of origin to determine the suitability of forming a company in the BVI.

For further information contact the BVI International Financial Centre on 284 494 1509 or visit www.bvifc.gov.vg.

Key Economic Sectors: Two key industries underpin the BVIs social and economic development and the well being of its 22,000 people. Tourism and offshore financial services combined account for 70% of the GDP. Should either be adversely affected the legislative programme of the BVI Government is seriously undermined.

The British Virgin Islands (BVI) is amongst the premiere tourism resorts in the world. An island situated in the eastern Caribbean the BVI has beautiful beaches, crystal seas, and tropical reefs that attract hundreds of thousands of tourists from all parts of the globe each year. Tourism is central to the BVI survival and accounts for 45% of its national income.

The BVI is also widely recognised as one of the best international finance centres. Since the Introduction of the International Business Companies Act 1984, successive BVI Governments have made significant progress in developing the BVI as an international financial services centre. To this day the Territory prides itself on providing a safe, secure and stable environment from which companies and individuals can manage their world-wide financial concerns. Over the past decade, the jurisdiction has built a reputation for being responsive to the business community, innovative in its approach to legislation and scrupulous in its regulation.

Business and Investment Opportunities:
Past and present BVI Governments have an established reputation for being pro business by welcoming investments and promoting incentive packages aimed at reducing the costs of doing business.

The BVI offers:

• Apply for a Hotel Aid Licence under the Hotel Aid Ordinance (Cap 290) for relief from Customs duty.
• Subsequent income gained may be exempt from income tax for a period of up to ten years for a new hotel. You may transfer the licence with any sale of hotels.

• Relief from Customs duty on materials and articles imported for constructing or equipping the pioneer works. There is also an exemption from income tax for a period of up to ten years
• The Act of the Legislative Council governing this is the Pioneer Services and Enterprises Ordinance (Cap. 297)