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Index of Articles
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BRITISH VIRGIN ISLANDS
About British Virgin Islands
The economy of The British Virgin Islands, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, generating an estimated 45% of the national income. An estimated 350,000 tourists, mainly from the US, visited the islands in 1998. Tourism suffered in 2002 because of the lackluster US economy. In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues.
Roughly 400,000 companies were on the offshore registry by yearend 2000. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offences, made the British Virgin Islands even more attractive to international business. Livestock raising is the most important agricultural activity; poor soils limit the islands' ability to meet domestic food requirements. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959
The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over 50 other smaller islands and cays. Around 15 of the islands are inhabited. The largest island, Tortola, is approximately 12 miles (19 km) long and 3 miles (5 km) wide. The islands have a total population of about 22,000. Road Town, the capital, is situated on Tortola
The International Business Companies Act of 1984 is very flexible and permits the operation of companies with a minimum of fuss and cost. There is an annual tax of $300, provided the capital does not exceed $50,000, no-par-value and bearer shares are permitted and the company can be managed by one director without a secretary from any location. A registered office and agent are required. The only information on public file is the memorandum and articles, registered office and agent. There are no exchange controls or double tax treaties. Registration can be completed in one day and shelf companies are available
| British Virgin Islands |
|
| Capital |
Road Town
32°18′N 64°47′W |
| Official languages |
English |
| Area |
153 km² (216th)
20.6 sq mi |
| Population
|
22,016 (215th) |
| GDP (PPP)
|
$853.4 million |
| per capita
|
$38,500 |
| Currency |
U.S Dollar (USD) |
| Time zone |
Various (UTC-4) |
| Dialling code |
+1-284 |
HISTORY OF THE BRITISH VIRGIN ISLANDS
The Virgin Islands were first settled by Arawak Indians from South America around 100 BC (though there is some evidence of Amerindian presence on the islands as far back as 1500 BC [1]). The Arawaks inhabited the islands until the 15th century when they were displaced by the more aggressive Caribs, a tribe from the Lesser Antilles islands, after whom the Caribbean Sea is named. (Some historians, however, believe that this popular account of warlike Caribs chasing peaceful Arawaks out of the Caribbean islands is rooted in simplistic European stereotypes, and that the true story is more complex.)
The first European sighting of the Virgin Islands was by Christopher Columbus in 1493 on his second voyage to the Americas. Columbus gave them the fanciful name Santa Ursula y las Once Mil Vírgenes (Saint Ursula and her 11,000 Virgins), shortened to Las Vírgenes (The Virgins), after the legend of Saint Ursula.
The Spanish Empire acquired the islands in the early 16th century, mining copper on Virgin Gorda, and subsequent years saw the English, Dutch, French, Spanish and Danish all jostling for control of the region, which became a notorious haunt for pirates. During the process of colonisation the native Amerindian population was decimated.
The Dutch established a permanent settlement on the island of Tortola in 1648. In 1672, the English captured Tortola from the Dutch, and the British annexation of Anegada and Virgin Gorda followed in 1680. Meanwhile, over the period 1672–1733, the Danish gained control of the nearby islands of St. Thomas, St. John and St. Croix.
The British islands were considered principally a strategic possession, but were planted when economic conditions were particularly favourable. The British introduced sugar cane which was to become the main crop and source of foreign trade, and slaves were brought from Africa to work on the sugar cane plantations. The islands prospered economically until the growth in the sugar beet crop in Europe and the United States significantly reduced sugar cane production.
In 1917, the United States purchased St. John, St. Thomas and St. Croix from Denmark for US$17 million, renaming them the United States Virgin Islands. Subsequently, the British renamed the islands they controlled as the
British Virgin Islands.
The British Virgin Islands were administered variously as part of the Leeward Islands Colony or with St. Kitts and Nevis, with an Administrator representing the British Government on the Islands. Separate colony status was gained for the Islands in 1960 and the Islands became autonomous in 1967. Since the 1960s, the Islands have diversified away from their traditionally agriculture-based economy towards tourism and financial services, becoming one of the richest areas in the Caribbean.
~ Books About British Virgin Islands~
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