The Legislature in the BVI is based upon the English Westminster parliamentary system. In some instances English legislation was received or has been adopted in the BVI.  Otherwise, the BVI has promulgated its own statutes, particularly in relation to the regulation of offshore business activity and the tax-free status of International Business Companies Company and British Virgin Islands Business Companies.

 

The BVI has developed its own jurisprudence. However, where no BVI cases are available, English cases are binding, insofar as they do not conflict with BVI law.

 

Policies and legislation are developed in close consultation with the private sector.

 

Corporate and income taxes have been eliminated in the BVI as at January 1, 2005. This coupled with no capital gains or inheritance taxes makes the BVI attractive jurisdiction to do business.