IBC's are prohibited from carrying on any business with persons residing in the BVI and from owning an interest in real property in the BVI.
The following are not construed as carrying on any business in the BVI :
- Maintaining a bank account.
- Using the services of a professional firm.
- Maintaining accounting records.
- Holding meetings of shareholders and directors.
- Holding a lease of property for use as an office.
- Holding shares or other securities in another BVI company.
- The memorandum of association must contain the name and address of the BVI registered agent.