BVI Offshore – British Virgin Islands
- BVI International Business Company
The British Virgin Islands IBC legislation was introduced in 1984 but was developing and subsequently amended taking into consideration the changes required by the persons providing BVI offshore services. Now BVI companies are governed by “The BVI Business Companies Act, 2004”.
Under normal circumstances, BVI Corporations can be incorporated/Registered within 7 working days.
Flexibility in company structure of an offshore British Virgin Islands Company
- Only one director or shareholder required for the company formation.
- Shareholder(s) and director(s) may be the same person.
- The shareholder(s) and director(s) can be a natural person or a corporate body.
- There is no requirement of appointing local shareholder(s) and director(s) for British Virgin Island Companies.
- There is no requirement of resident secretary.
Privacy for identity of principals
The BVI incorporation documents do not carry the name or identity of any shareholder of director. The names or identities of these persons do not appear in any public record.
Shareholder(s) and director(s) nominee services are allowed to ensure confidentiality of beneficiaries.
Shares and Capital requirements for British Virgin Islands Corporations
- Shares can be issued with or without par value;
- Shares may be issued in any recognizable currency or in more than one recognizable currency;
- Shares may be paid up in cash or through the transfer of other assets or for other consideration;
- The standard share capital is USD $50,000 or an equivalent in another recognizable currency.
The minimum paid in and issued capital may be one share which is fully paid.
Taxation of the BVI IBC on Profits
Maintain company books and records in BVI
BVI Companies records and accounts do not have to be held or filed with the authorities. If the shareholders, directors or officers decide to maintain such records or accounts, these may be held anywhere in the world.
Annual financial statements and other records
There is no requirement for any financial statements accounts or records to be kept for a BVI Company;
If it is found to be desirable or necessary by the director(s) or shareholder(s) these records may be held anywhere in the world. Meetings of shareholder(s) and director(s) There is no requirement for meetings of shareholder(s) and/or director(s) If meetings of shareholder(s) and/or director(s) are desirable these meetings can be held by telephone or any other electronic means of communication providing that all participants can clearly hear each other.
Meetings if thought necessary can be held anywhere in the world.
Doing business with BVI residents and companies
A company in the BVI is restricted from doing business with BVI residents or companies except where:
- It makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, management or secretarial companies, investment advisors, or other similar persons or entities carrying on business within the BVI.
- It prepares or maintains books and records within the BVI (if it decides to keep such books and records).
- It holds within the BVI, meetings of its directors or members (if it so desires).
- It holds a lease on property for use as an office from which to communicate with members or where books and records of the company are prepared or maintained (if so decided).
- It holds debt obligations, shares or other securities in British Virgin Island IBCs or any other locally incorporated company.
- Shares, debts obligations or other securities in the company are owned by any person resident in the BVI or by any BVI IBC or any other locally incorporated company.
Restrictions on BVI IBCs on carrying on any business activities outside the BVI
There are no restrictions on doing business outside of the BVI by IBCs except illegal activities or such activities that require additional licensing such as: provision of the banking services, services of the insurance and trusts.
- Certified passport copy – Certified copy of passport (photo page, visa page & signature page should be there). This copy is to be certified by a Bank Manager or a Lawyer or Accountant.
- Original Recent Utility bill – must be under the shareholder’s name, showing his/her residence address
- Original Bank reference letter – can be from any bank in the world (Template can be provided)
- a.) 3 proposed Company name in the order of priority. As per Article 17 Clause (1) of The BVI Business Companies Act 2004 :- The Company names should end with the word “Limited”, “Corporation”, “Incorporated” or the abbreviation “Ltd”, “Corp”, “Inc.” or “Societe Anonyme” or “S.A” b.) Share percentage c.) Details of proposed activities of company
BVI New Company Incorporation Fee
|BVI Company Incorporation / Obtaining BVI Apostilled, Certificate of Incorporation, Memorandum of Association & Articles of Association, Share Register & Company Seal||
USD 3,500 / AED 12,775
USD 3,500 / AED 12,775
Time span for incorporation – 7 working days
* If you want your apostilled BVI company documents to be further attested in the UK, the cost will be more.