In order to set up a company in BVI, you may need:
The shareholders, directors, and officers of a BVI Business Company may be individuals or corporations and of any nationality. All of them can be the same person. Directors and shareholders must have adequate capability and legal status; and must be at least 18 year old.
There will be 03 main steps during the BVI offshore company formation:
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Should you require further information regarding BVI company registration, please do not hesitate to contact us:
The British Virgin Islands ("BVI"), commonly referred to as the Virgin Islands, is a British overseas territory located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago; the remaining islands constitute the United States Virgin Islands and the Spanish Virgin Islands.
BVI is about 150 square kilometers and consists of the main islands of Tortola, Virgin Gorda, Anegada, and Jost Van Dyke, along with over 50 other smaller islands and cays (about 15 of the islands are resident).
British Virgin Islanders have been called British Overseas Territories Citizens and have had the right to take up full UK citizenship since 2002. Although BVI is not a part of the European Union ("EU") and is not subjected directly to EU law, its citizens are considered to be EU citizens. Hence, many entrepreneurs have chosen to set up offshore company in BVI to take advantages during their international business.
Due to BVI Government Policy, BVI appears to be one of the most attractive investment destinations globally and is named "Offshore Tax Incentives".
International Business Company ("IBC") is referred to as Offshore company. Specifically, IBC is a popular type of company for foreign individuals/businesses to establish a company in BVI.
IBC is a private corporation that is exempt from tax, and suitable for almost all international business activities with a flexible organizational structure (is not burdened by excessive reporting and record-keeping requirements). Besides, IBC maintains strictly confidential provisions (which include the identity of the owner, director, and shareholders).
After the British Virgin Islands International Business Companies Ordinance was adopted in 1984, the Offshore companies have attained a position in the Offshore services industry. Furthermore, with more than 600,000 total incorporations and more than 5000 new companies registered every month, BVI is by far the most popular Offshore Tax Incentives.
1. Tax exemptionThe BVI Company is exempt from the BVI income tax. Additionally, the tax exemption applies to all dividends, interests, rents, royalties, compensations, and other amounts paid by a company; and all capital gains are realized to any shares, debt obligations, or other securities of the company. There will be the Certificate of Tax Exemption for BVI Companies which are qualified to seek exemption from paying taxes.
2. No restriction on nationality
The BVI Company requires the following elements:
All of them can be one and the same person, there is no restriction on the nationality of the director and shareholders.
3. CurrencyUS dollar is the official currency in the BVI. However, there are no restrictions on currencies.
4. ConfidentialityHigh level of Confidentiality is one of the key features of the BVI Company, because the details of the company's beneficial owners, directors, and shareholders are NOT required in the public record.
5. No requirements for Annual General Meeting
The shareholder's or director's meetings are not required to be held in the BVI and there is no requirement for an Annual General Meeting.
6. No obligation to prepare or file financial accounts
BVI Company does not have an obligation to prepare or file financial accounts. However, records, which are sufficient to show and explain the company's transactions, must be kept carefully. These records will enable the company to fully understand its financial position at any time. There is no obligation for such records to be maintained in the BVI, the owner can freely determine where the records need to be maintained.
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