Coverdale Trust Services Limited is a licensed trust company operating in the British Virgin Islands.

The British Virgin Islands (the BVI) consists of a group of approximately 40 islands located 60 miles east of Puerto Rico. The BVI is a British Dependent Territory with a Governor appointed by Her Majesty’s Government and an elected legislature headed by a Chief Minister. The Governor is responsible for external relations, defence, internal security, including the police, public service and the administration of justice. All other matters, including finance and taxation, are the responsibility of local Government.

The Territory enjoys the reputation of being a stable, secure, sophisticated democracy and the location of choice for corporate domicile. Since the introduction of the International Business Companies Act in 1984, successive governments have made significant progress in developing the BVI as an international financial services centre. For those who wish to take advantage of the attractive legal framework and competitive advantage, the BVI offers the following:

  • Political and economic stability;
  • Strong and stable currency (US dollar);
  • No exchange controls;
  • Low direct taxation with tax exemptions for certain classes of companies and types of business activity;
  • No capital gains, gift or wealth taxes and no death duties;
  • A legal system based on English law;
  • Freedom from restrictions and over regulation;
  • An excellent pool of professional service providers;
  • Good communication worldwide.

Coverdale Trust Services Limited and its associated companies can offer a wide range of services, including, but not limited to:

1. Incorporation and Administration of Local and Offshore Companies

The trust company provides incorporation and administration services for offshore International Business Companies (IBCs) as well as local companies. IBCs are exempt from all forms of taxation in the BVI and also have a number of other advantages, including:

  • Only limited information is held on public record, and this does not include the particulars of directors and shareholders;
  • IBCs may issue bearer shares. The minimum issued capital requirement is only one share;
  • An IBC may have one director and one shareholder and the same individual or corporate body may be both and may be resident anywhere in the world;
  • Annual government fees are only US$300 per annum (for up to US$50,000 in share capital);
  • The only statutory residence requirement is for a local trust company to be appointed as Registered Office and Registered Agent.

Services provided by the trust company in relation to the incorporation of IBCs include:

  • Approval of desired names from the Companies Registry via direct modem access;
  • Processing of documents received for incorporation and immediate dispatch to the Companies Registry;
  • Dispatch of documents immediately upon receipt from the Registry;
  • Provision of "Shelf Companies" for immediate use, if preferred.

Services provided by the trust company in relation to the administration of IBCs include:

  • Provision of Registered Office and Registered Agent services;
  • Maintaining confidential Registers of Charges, Directors and Shareholders;
  • Filing of all statutory documents and fees at the Companies Registry;
  • Provision of directors and shareholders through nominee companies;
  • Company searches, litigation checks and legal opinions on companies;
  • Winding up and dissolution of companies, including statutory duties;
  • Provision of banking services and moving capital into and out of the jurisdiction.

2. Trust Formation and Administration

We offer a complete range of services to enable trusts to take advantage of the Territory’s innovative and flexible Trustee Act. These include:

  • Formation and management of trusts;
  • Provision of trustee and administrative services through to final termination of the trust;
  • Acting as the executors of estates, should the need arise;
  • Law firm legal advice on the structuring of trust and tax schemes.

3. Mutual Funds

We provide a comprehensive and efficient range of administrative, accounting and legal services to set up and maintain mutual funds offshore in the BVI under the simple and flexible regulatory framework of the Mutual Funds Act, 1996. Services offered include:

  • Formation of a company (or other legal entity) to act as the vehicle for the fund;
  • Provision of Registered Office and Registered Agent facilities;
  • Submission of applications for licences and liaison with the Registrar of Mutual Funds;
  • Legal assistance with the creation of the Offering Document for the new mutual fund;
  • Issuing Offering Documents and otherwise communicating with potential investors;
  • Receipt and processing of investors’ subscription, transfer and redemption requests;
  • Issue of periodic financial reports and other investor information;
  • Provision of accounting services, including co-ordination of year end audit services.

4. Captive Insurance Services

We provide the following services to insurance companies governed by the BVI Insurance Act:

  • Formation of a company to act as the vehicle for the insurance company;
  • Provision of Registered Office and Registered Agent facilities;
  • Submission of applications for licences and liaison with the Supervisor of Insurance;
  • Preparation and filing of statutory insurance returns;
  • Provision of full insurance management services, including accounting services and co-ordination of the year end audit;

5. Other Services

  • Acting as nominee or agent in relation to the holding of investment and administration of funds;
  • Providing reinvoicing services for companies involved in transfer pricing arrangements;
  • Registration of ships and procurement of associated licences;
  • Acting as corporate headquarters, including all administrative and accounting services.

The content of this article is intended only to provide general guidelines related to this particular matter. For your specific circumstances, full specialist advice is recommended.