|KEY CORPORATE FEATURES|
|Approximate time to incorporate||1-2 days|
|Minimum number of Directors||1|
|Local Director required||No|
|Local Secretary required||No|
|Disclosure of Beneficial Owner requirement||No|
|Accounts Filing Requirement||No|
The BVI (British Virgin Islands) is perhaps one of the most respected and renowned countries for Offshore Company Formation. As a British territory, the British Virgin Islands is made up of four large islands and several smaller islands. It is English speaking and a tax haven, which makes it an attractive option for Offshore Company Formation.
For a quotation to incorporate in the BVI or for more information about offshore company formation in BVI please click here
The British Virgin Islands are well known for their tax haven status and due to the BVI IBC act of 1984, offshore companies are exempt from income tax and all stamp duties. This is part of the attraction for offshore company formation in BVI. There is registration and annual fees to pay yearly, but the BVI are still a cost effective alternative to many other regions.
While in many offshore company jurisdictions, language can prove to be a problem, in the British Virgin Islands, the main language spoken is English. English is widely spoken, written and used in business.
Because of its status as a tax haven, the British Virgin Islands enjoys one of the most prosperous economies in the Caribbean. Since 51.8% of the revenue comes from offshore companies, the government understands the need to offer a stable environment for those wishing to set up a BVI Offshore Company. The British Virgin Islands use the US dollar as their currency, and has done since 1959.
Rules and Regulations
Rule and regulations in the British Virgin Islands, tend to be more relaxed than most, and tend to ensure greater privacy for directors and shareholders.
- You must have at least one director, who does not have to be resident in BVI, and whose information does not need to be publicly disclosed.
- There are no requirements for director meetings to take place and if they are held, they may be held anywhere in the world.
- There is no minimum requirement for secretaries and they do not need to be local.
- You must have at least 1 shareholder, who can be a corporate shareholder, and the shareholder and director may be the same person.
- Shares do not need to have par value before they are issued to your shareholders and the capital can be in any desired currency.
- You do not need to have local or resident shareholders and they may be an individual or a corporate body.
- You are not permitted to engage in business with BVI residents except where necessary for renting of property, maintaining records, holding meetings, debt obligations or employing for work.
- If you want to employ non-residents in the BVI then they must have a work permit, which are issued only when no other suitable workers are available.
- Fees are renewed and paid annually in January, and every January following the Offshore Company formation.
- It is not necessary to maintain or submit financial records for your Offshore Company, and any such records may be kept in a country.
- You must choose a name for your company that ends with: limited, incorporated, corporation or society anonyme, or equivalent, but it can be in any language.
It is quick and easy to set up your BVI Offshore Company, and with the offer of a tax haven, privacy, and a stable environment, the British Virgin Islands might be perfect for your company.
If you have questions or would like a quotation, please contact us.