The Stipulations Of British Virgin Islands Law

By Nancy Patterson

The legal system is not a luxury. It is a basic need if society is to function in the right manner. A nation without laws is simply a failed state. That is because anyone can do whatever he pleases. Thus, there will be the infringement of the rights and freedoms of other people. In the British Virgin Islands, that is not the case. In fact, every BVI resident has a freedom of movement. He is also free to say and publish whatever he pleases so long as it does not affect rights of other people. There are various stipulations of British Virgin Islands law.

There are stipulations that relate to the issue of citizenship. These lay out how one can become a citizen. Of course, there is citizenship by birth. Being born in BVI automatically makes one to be a citizen. There are other ways through which citizenship can be acquired. One of such ways is through marriage. One can also become a citizen through the process of naturalization.

There are different types of citizenships. There is citizenship by birth. Being born in this part of the world automatically makes one to become a citizen even if the parents of an individual are not citizens. One can also attain the citizenship status through marrying someone who is already a BVI citizen. Citizenship can also be acquired through naturalization.

There are also taxation laws. This stipulate how the taxation system works and how taxes will be collected. It is the responsibility of every citizen to pay taxes on an annual basis. In most cases, taxes are usually directly deducted from the salary. A business has to pay taxation at the end of the financial year of the business.

A person residing in BVI has plenty of freedoms. He has the freedom to worship is a way that he sees fit. There is also the freedom of movement. For there to be freedoms, there have to be responsibilities. The taxation responsibility is something that falls on the shoulders of each and every citizen and resident in BVI.

There are business incorporation laws in British Virgin Islands. The law has to be followed to the letter when it comes to incorporating a company. Failure to do that will make the registrar of companies in BVI to turn down an application. Before anything is done, there is the need to choose the desired type of business formation.

A company is a popular type of business formation. That is because a company is considered as a separate legal entity from the shareholders. Thus, there is no way that the shareholders can be individually liable for the obligations of the company. Incorporating a company in British Virgin Islands is an easy and straightforward process. It merely requires a number of hours.

The legal system is not a new thing. It has existed for thousands of years. In addition, it will not end any time soon. It will continue existing till the end of time. There is a reason why laws are formed. They are formed for the peaceful coexistence of society members. If there are not there, disorder and chaos will definitely reign.

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