1. Where is British Virgin Islands ?
The British Virgin Islands (BVI), officially 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 U.S. Virgin Islandsand the Spanish Virgin Islands.
The 150-square-kilometre (58-square-mile) British Virgin Islands consist of the main islands of Tortola, Virgin Gorda, Anegada, andJost Van Dyke, along with over fifty other smaller islands and cays. About 15 of the islands are inhabited. The capital, Road Town, is situated on Tortola, the largest island, which is approximately 20 km (12 mi) long and 5 km (3 mi) wide. The islands have a population of about 28,000, of whom approximately 23,500 live on Tortola.
British Virgin Islanders are classed as British Overseas Territories citizens and since 2002 have had an entitlement to take up fullUK citizenship. Although the territory is not part of the European Union and not directly subject to EU law, its citizens are deemed to be citizens of the EU as well.
Due to its Government policy, BVI appears to be one of the most attracting investment destination in the world and is named "offshore tax havens".
2. Setting up in BVI
IBC-International Business Company is the most commonly used official name for what is more popularly known as an "offshore company". IBC's are the basic building blocks of the offshore financial services industry.
Essentially, a modern IBC is a private corporation which is exempt from tax, suitable for virtually any international business activity, has a flexible organizational structure, is not burdened by excessive reporting and record-keeping requirements, and maintains strict confidentiality provisions.
Since the adoption of the British Virgin Islands International Business Companies Ordinance in 1984, the BVI IBC has attained a model status in the offshore services industry. 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 haven. Such is the dominance of the British Virgin Islands as an offshore corporate domicile, that in many regions of the Far East International Business Companies are called simply as "BVI's".
3. Benefits when setting up in BVI
A BVI Business Company is exempt from the BVI income tax, the same exemption applies to all dividends, interest, rents, royalties, compensations and other amounts paid by a company, and all capital gains realised with respect to any shares, debt obligations or other securities of the company
A BVI Business Company requires a minimum of only one owner, one shareholder, and one director. All of them can be one and the same person.
US dollar is the official currency in the BVI - therefore, by definition, there can be no currency controls and no artificial manipulation of money supply by the local government.
Confidentiality is one of the key features of the BVI Business Company as details of the company beneficial owners, directors and shareholders are NOT part of public record.
The shareholder's or director's meetings need not be held in the British Virgin Islands and there is no requirement for an Annual General Meeting.
BVI Business Companies does not have an obligation to prepare of file financial accounts. However, records must be kept that are sufficient to show and explain the Company's transactions; and will, at any time, enable the financial position of the Company to be determined with reasonable accuracy. Such records do not have to be kept in the British Virgin Islands and the location for keeping such records can be freely determined by the owners of the Company.
*** For more information regarding incorporation in BVI, read more at here
4. Incorporation procedure and documents required
In order to set up company Singapore, you may need:
- 1 director
- 1 sharehoder
- The shareholders, directors and officers of a BVI Business Company may be individuals or corporations and of any nationality. All of them can be one and the same person
- Directors and shareholders must have adequate capability and legal status and at least 18 year olds.
Working hours : from 5 - 7 working days.
B) Prepare document required and sent to us.
C) When the BVI company has successfully incorporated in BVI, Global Link Asia Consulting Pte Ltd will support you in opening corporate bank account at BVI or other countries (Singapore,...) as you wish.
5. How do we support you?
Global Link Asia Consulting Pte Ltd will support you in:
Setting up company in BVI, making company chop, company's names, preparing Certificate of Incorporation, Article of Association, Memorandum of Articles.
Submitting fee to BVI Government
Providing registered addres in BVI (for 1 year)
Providing office address in Singapore (optional, fee for 1 year)
Opening bank account in Singapore. Bank chosen shall belong to 5 reputable local banks in Singapore. This support service shal include buying documents from BVI, preparing bank applications forms... Please kindly note that the bank authoriser shall have to come to Singapore for the purpose of interviewing with bankers.
Building and designing website
Should you require further information regarding incorporation service, please do not hesitate to give us a call.