British Virgin Islands vs Cayman Islands
The British Virgin Islands is £2,190 cheaper in year 1 and £1,075 a year cheaper after that.
| British Virgin IslandsBVI Business Company | Cayman IslandsExempted company | |
|---|---|---|
| Costs | ||
| Minimum, year 1 | £925 | £3,115 |
| Minimum, per year after | £810 | £1,885 |
| Typical year 1 | £1,533 | £3,415 |
| Government fee | £540$550 to $700 incorporation | £655CI$700 (US$854) registration |
| Indirect setup | £385–1,210 | £1,500–1,925 |
| Running per year | £810–1,395 | £1,885–2,750 |
| Share capital | None | None |
| Rules | ||
| Directors | No local director | No local director |
| Remote setup | Through a providerFully remote through a licensed registered agent. | Through a providerFully remote through a registered office provider. |
| Audit | No audit | No audit unless regulated |
| Time to form | 2 to 5 days | 1 to 5 days |
| Ease for foreign owners | 4/5 | 3/5 |
| Tax and banking | ||
| Corporation tax | 0% | 0% |
| Dividend withholding | None | None |
| VAT / GST | None | None |
| Banking | 1/5Very hard to bank. Most use e-money firms or banks elsewhere. | 1/5Very hard to bank outside fund structures. |
| All company setup fees in the British Virgin Islands | All company setup fees in the Cayman Islands | |
Questions
Is the British Virgin Islands cheaper than the Cayman Islands for company setup?
Yes. The British Virgin Islands costs at least £925 in year 1, against £3,115 for the Cayman Islands.
Which is cheaper to run each year?
The British Virgin Islands, at least £810 a year against £1,885 for the Cayman Islands.
Which needs a local director?
Neither. You can run a company in either without a local director.
Which is faster to set up?
The Cayman Islands, in 1 to 5 days. The British Virgin Islands takes 2 to 5 days.
How does corporation tax compare?
The British Virgin Islands: No corporation tax, dividend withholding or VAT. The Cayman Islands: No corporation tax, dividend withholding or VAT.
Sources: Mourant · Trident Trust · Cayman General Registry · General Registry · PwC · Expanship · BBCIncorp