BVI
The British Virgin Islands are one of the most infamous and fastest growing Offshore Investment locations. BVI International Business Companies (IBC's) are corporate vehicles having limited liability and as long as they DO NOT CARRY OUT BUSINESS IN THE BVI are wholly exempt from BVI tax (BVI IBC Act 1984). In BVI there is no Capital Gains tax, Income tax, Corporations tax, Inheritance tax or sales tax.
BVI uses the same rules as the UK to decide if a company is resident in the BVI or not. Any company that is incorporated there or is managed and controlled from there is treated as BVI resident. Please note that BVI offshore companies CANNOT carry on business with residents of the BVI, but are permitted to maintain contact with professional firms and CANNOT own Property in the BVI apart from a business office where records are kept.
We can provide offshore company formation services, including ready made companies and post incorporation services. The average (normal) time to incorporate a BVI IBC is 3 working days. The only required documents are the Company's Certificate of Incorporation, Articles and Memorandum of association. Only one director and one shareholder is required and this can be the same person or a corporate body. None of the company officers e.g. director or shareholder are required to be BVI residents. Confidentiality is maintained as BVI incorporation documents do not carry the name or identity of any shareholder or director and names and identities are not listed on any public register. If you prefer however, we can still use nominee directors and/or shareholder services when forming a BVI IBC for you (this maintains the confidentiality of the company's beneficiaries).
When you register a BVI IBC there is no requirement to maintain or file records and accounts with the authorities, if you do decide to maintain such records these can be held anywhere in the world. Likewise there is no requirement to hold meetings of shareholders and directors.
There is no minimum or maximum share capital requirement, no issued share capital requirement. The Company can have registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights. However through government fees bearer shares are not encouraged.
The British Virgin Islands are very suitable for a range of trading, investment and asset protection activities.
| GENERAL INFORMATION |
| COMPANY LAW |
Business Companies Act 2004 |
| TYPE OF COMPANY |
Business Company (BC) |
| LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS |
English |
| TAXATION OF FOREIGN PROFIT |
Nil |
| EXCHANGE CONTROLS |
None |
| LENGTH OF TIME TO INCORPORATE |
2 to 3 working days |
| SHELF COMPANIES AVAILABLE |
Yes |
| CORPOPRATE NAMES |
| NAME RESTRICTIONS |
Names identical or similar, offensive words |
| ENDINGS AND ABBREVIATIONS REQUIRED |
Limited, Corporation, Incorporated, Sociedad Anonima, or its abbreviations |
| RESERVATION OF NAMES PERMITTED |
Yes |
| LANGUAGE OF NAME |
Any language using the Latin alphabet |
| NAME OF BANKS, INSURANCE, INVESTMENT FUND, TRUST COMPANY OR THEIR
EQUIVALENTS REQUIRING CONSENT OR LICENSE |
Yes |
| CAPITAL, SHAREHOLDERS AND DIRECTORS |
| MINIMUM NUMBER OF SHAREHOLDERS |
One |
| LOCAL SHAREHOLDERS REQUIRED |
No |
| CORPORATE SHAREHOLDERS PERMITTED |
Yes |
| DISCLOSURE OF SHAREHOLDERS |
No |
| MINIMUM AUTHORISED CAPITAL REQUIRED |
No minimum |
| BEARER SHARES PERMITTED |
Yes |
| REGISTERED SHARES PERMITTED |
Yes |
| NO PAR VALUE SHARES PERMITTED |
Yes |
| MINIMUM NUMBER OF DIRECTORS |
One |
| QUALIFICATIONS OF DIRECTORS |
Legal Age |
| OFFICERS REQUIRED |
No |
| CORPORATE DIRECTORS/OFFICERS PERMITTED |
Yes |
| LOCAL DIRECTORS/OFFICERS PERMITTED |
No |
| MEETINGS AND LOCAL REQUIREMENTS |
| ANNUAL GENERAL MEETING OF SHAREHOLDERS REQUIRED |
No |
| ANNUAL GENERAL MEETING OF DIRECTORS REQUIRED |
No |
| LOCATION OF DIRECTORS AND SHAREHOLDERS MEETINGS |
Anywhere |
| QUALIFIED REGISTERED OFFICE/AGENT |
Yes/Yes |
| GOVERNMENT REGISTER OF SHAREHOLDERS |
Optional |
| GOVERNMENT REGISTER OF DIRECTORS/OFFICERS |
Optional |
| GOVERNMENT REGISTER OF CHARGES |
Optional |
| REGISTER OF DIRECTORS/OFFICERS TO BE KEPT AT REGISTERED OFFICE |
Yes |
| COMPANY SEAL REQUIRED |
Yes |
| COPY OF MINUTES TO BE KEPT AT REGISTERED OFFICE |
Optional |
| COPY OF SHARE REGISTER TO BE KEPT AT REGISTERED OFFICE |
Yes |
| ANNUAL REQUIREMENTS |
| MINIMUM ANNUAL LICENSE FEE OR FRANCHISE TAX |
US$350 |
| ANNUAL LICENSE FEE OR FRANCHISE TAX DUE DATE |
May 31st and November 30th |
| APPLICABLE SURCHARGES |
10% and 50% |
| REQUIREMENT TO FILE ANNUAL RETURNS |
No |
| REQUIREMENT TO SUBMIT ANNUAL AUDITED ACCOUNTS |
No |
For more information please
contact us.
