Company Incorporation BVI
The British Virgin Islands (BVI) – Brief Description
The British Virgin Islands (BVI) is a group of about 40 islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. The BVI is a British Dependent Territory which became self-governing in 1967 and is a member of the British Commonwealth. Since introducing its International Business Company (IBC) legislation in 1984, the BVI offshore financial services sector has developed, and it has now become the world's most popular offshore center with around 700,000 companies incorporated. The newly enacted IBC Act should further enhance the jurisdictions popularity.
Due to the simplicity of incorporation setup and its territorial tax system, the BVI is a feasible and popular jurisdiction being considered by investors for offshore company registration, passive business activity, or investment holding purposes.
Advantages of BVI Company Incorporation
01. High Level of Privacy and Confidentiality
The BVI has a good track record when it comes to business information confidentiality. There are currently no requirements for the beneficial owner of a company to be made public; however, the registered agent that an IBC registers with must have access to such information. Nominee directors and nominee shareholders can also be used as an extra layer of privacy for the ultimate beneficial owner, as long as there are documents in place to reflect the real owner of the company, such as a declaration of trust.
02. Diversity of Corporations and Trust Structures
When it comes to the variety of corporations and trust structures available, the BVI is one of the most diverse financial centers worldwide. New IBCs incorporated in the BVI can be registered under any of these names or suffixes: Limited/Ltd, Corporation/Corp, Incorporated/Inc, and Societe Anonyme/Sociedad Anonima (S.A.)
The registration of company names in (Mandarin) Chinese is also permitted in the BVI, which makes the BVI a popular offshore option for clients from China Hong Kong, and Taiwan.
On the corporate trust front, the BVI offers non-charitable purpose trusts, which are set up for the benefit of purposes instead of persons.
03. Ease of Incorporation
New IBCs in the BVI only need a minimum of one director and one shareholder, which can be of any nationality and residence. There is also no requirement for a company secretary.
The incorporation process is straightforward, is usually done within one (1) day, and cost-effective.
04. Tax Benefits
The BVI has no income tax, corporation tax, capital gains tax, wealth tax or similar fiscal laws. While trading companies will normally pay taxes in the usual way in countries where they engage in business, using a BVI company as an intermediary holding company can create tax neutral layers in the corporate holding structure.
Formation of BVI Company - Incorporation Requirements
1
Identify card or passport of all directors, shareholders and beneficial owners
2
Residential address proof of all directors and shareholders and beneficial owners, such as utility bill, bank statements;
3
Proposed name of the company;
4
Amount of share capital (unless otherwise advised, all company will be incorporated with a standard share capital of USD 50,000) and percentage of shareholding by each shareholder, if more than one shareholder.
Incorporation Materials Available
1. Original copy of Certificate of Incorporation
2. Three (3) copies of Memorandum and Articles of Association
3. Ten (10) copies of share certificate
4. Register of Members and Register of Directors
5. Common Seal and company chop
6. Minutes for appointment of first director(s)