BVI Company Formation


BVI Company Formation

British Virgin Island is located in the eastern side of Caribbean and an English-speaking dependent territory of UK.  BVI has well developed commercial and professional infrastructure along with stable political environment. Since the inception of International Business Company in 1984, BVI has secured grace importance in the eyes of corporate aspirants, and a one typical example of which is the incorporation of 300,000 IBCs in the island, which are incorporated basically for the purpose of trading, holding and investment. The BVI government strengthened its legislative framework and put ban on the establishment of offshore banks in the island. This strengthening of legislative network resulted in radical decrease of money laundering activities. On account of all these efforts, BVI successfully captured investor’s interest and this made it popular in offshore market.

In 2004, BVI introduced Business Companies Act under which all BBCs in BVI enjoys tax immunities. These tax immunities include exemption from the withholding and capital gains taxes. All BBCs requires to comply with minimum reporting obligations. On account of all these immunities and properly developed legislative system, BVI facilitates investors with cost effective and time efficient incorporation services.

Incorporation Requirements

Following are the requirements for company incorporation in BVI:

Directors

  • There is a requirement of minimum one director and it’s not necessary for the directors to be resident or nationals of BVI.
  • It is allowed to appoint corporate directors.
  • No need for director’s meeting.
  • No need for maintaining public director’s register.
  • No need to call annual meetings of shareholders and directors.

Secretaries

  • There is no requirement of minimum secretary and it’s not necessary for the secretaries to be resident or nationals of BVI.
  • It is allowed to appoint corporate secretaries.
  • Resident representative is required.
  • No professional qualification requirement for the secretary.

Shareholders

  • There is a requirement of minimum one shareholder.
  • It is allowed to appoint corporate shareholders.
  • No need for maintaining public shares register.
  • Par values of shares are not permitted.
  • Share capital is authorised to be of 50,000 shares with the value of each share of USD 1.
  • Shareholders are allowed to retain or possess bearer shares.

Incorporation Fee

Kindly have a look at the section of fee schedule for description of incorporation fee. However here is the summary of the fees structure:

  • Fees of government.
  • Fees of local secretary.
  • Fees of local agency.
  • Fees of registered office.
  • Fees of our service.

Once your company incorporates, you will get; certificate of incorporation along with M & A five copies, and original formation documents and minutes.

Incorporation Time                                          

It takes 1 to 2 weeks for company incorporation in BVI.

Offshore Bank Account

For the updated details on the facility of offshore bank account, please refer to the section of fee schedule.

Miscellaneous

  • Company should have registered agent.
  • If all shareholders or some are nominee, then there is no need to declare shares ultimate beneficial ownership to authorities.
  • Annual returns of the company must be demonstrated.