The British Virgin Islands provide many opportunities for companies to expand their business overseas. There is no corporate tax in the British Virgin Islands. They require companies to obtain a trade license from the Department of Trade and Consumer Affairs, and to establish a company, your company must use a Registered Agent in the British Virgin Islands.
Here are some labor and payroll considerations in the British Virgin Islands:
- The minimum wage is $6 per hour
- Employers must withhold payroll taxes from employee pay, with tax rates varying based on the “class” the company qualifies for
- Employers must obtain payroll forms from the Inland Revenue Office
- Employers must advertise a job locally for 2 weeks before advertising to foreign prospective employees
Blue Marble created cloud-based payroll technology to manage your employees in any country. With customized aggregated reporting, you have real-time access to your payroll costs across all countries and currencies. Our hybrid service model includes a US-based team and direct access to in-country providers when questions come up. We can help you get started or optimize your current operations in the British Virgin Island. Click here to learn more