British Virgin Islands Law Is Very Business Friendly

By Kimberly West

British Virgin Islands (BVI) is a territory of Great Britain. It is one of the best places for business. BVI legal stipulations are important. They serve vital roles. They define rights, responsibilities and freedoms of individuals. British Virgin Islands Law deals with a number of matters. Commercial matters are well catered for. That is due to the fact that the BVI is a center of commerce. There are also the civil matters. These form part of BVI legal system. Finally, there are the criminal issues. Anyone who commits a crime in BVI will have to face the full wrath of BVI criminal law.

The British Empire spread from UK to the Far East. There was a time in history when Hong Kong and Australia were part of the English sphere. With the expansive British Empire came the spread of the English language and also the English common law legal system that is presently applied in British Virgin Islands and many other nations on planet earth.

Everything about BVI is business friendly. It all starts with the legal stipulations. They have been made to facilitate easier company incorporation in BVI. This is one of those places that have the least red tape as relates to company registration. Running a company will also be a seamless affair because of the clarity and easy application of the various commercial laws.

Commercial legal stipulations also relate to things such as insolvency, bankruptcy, insurance and banking. Because of good BVI banking stipulations there is a wonderful business climate. At the end of the day, an individual or a business will need to bank funds. There is the need for a bank account that has a good interest rate on the deposits.

BVI commercial law covers insurance and other vital corporate services. Insurance legal matters have been set up in such a way that insurers cannot defraud the public. So long as the risk insured for has occurred, one can rest assured that he will obtain an adequate sum of compensation. Insurance is necessary in the world of business and commerce.

At the core of the legal system there are rights, freedoms, and responsibilities. Without these, the legal system is not complete and it can be considered as inadequate. It is the responsibility of every resident to pay taxes. However, BVI taxation rate is very low. As relates to freedoms, each individual has a good deal of freedoms including freedom of speech.

The core Western value is that the rights of an individual have to be respected at all times. In return, one must respect the rights and freedoms of other people. That is the only way that people can co-exist peacefully in society. There are legal avenues that can be followed in case there is the infringement of personal rights.

There are two things that are important for the stability of a nation. There are morality and legality. Without these two, a nation is as good as dead and it can as well be called a banana republic. No one should be above the law. Everyone should be subject to the constitution and the legal system so that society can function in a seamless manner.

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