The British Virgin Islands (BVI) is regarded as one of the most appealing destinations for offshore company incorporation in the world.
Its open economy coupled with a favorable tax law within a strong regulatory framework has been the facilitator of a large number of non-resident investors flocking into the territory.
The British Virgin Islands (BVI) is a very popular destination in the Caribbean that attracts offshore business registrations because of its tax incentives, which include non-capital gains tax, inheritance tax, non-withholding dividend tax, capital transfer tax exemption and death tax.
A British Virgin Island (BVI) company is a very convenient vehicle with which to hold investments or real estate or to run a consulting or e-commerce business operation.
The British Virgin Islands (BVI) is a well known offshore jurisdiction. BVI is a British Overseas Territory in the Caribbean, consisting of a group of islands. The main island is Tortola and the capital is Road Town. The country’s official language is English its legal system is based on English Common Law.
Setting up an offshore company in BVI may undertake any legal activity, including holding property in the British Virgin Islands (BVI). The activity of the company is determined at time of company incorporation with the Registrar. Specific activities are subject to licensing.
The main benefits of a setting up a company in British Virgin Islands (BVI) are the below:
- Fast, simple incorporation process and easy annual maintenance requirement
- Modern corporate legislation with flexible company structure
- Full tax exemption for income derived outside of British Virgin Islands (BVI)
- The document available to the public is the memorandum and articles of association and the details of their registered agent and registered office address. Records of company directors, shareholders or beneficial owners are kept confidential at the Registered Agent. Such are disclosed only with a Court order, by relevant competitive authorities, or under a mutual legal assistant request.
- No accounting and auditing requirement
- USD as the official currency
- The British Virgin Islands (BVI) company meetings of the shareholders or directors may be held anywhere in the world or by telephone or electronic means. There is no requirement for an annual general meeting.
- Redomiciliation is possible. The legislation in BVI allows both a company registered in BVI (under certain conditions) to continue in another jurisdiction and also a company registered elsewhere to relocate to BVI, provided this is allowed by its own governing legislation
The main requirements for British Virgin Islands (BVI) Company Formation are as below:
- Company is limited liability company and should be in the company name any of the words of Limited, Corporation, Incorporated, Societe Anonyme and the like.
- At least one director
- The appointment of a company Secretary is optional.
- Minimum one shareholder (individual or corporate) residing in any country
- Required local registered address
- Required local registered agent
- Minimum paid up capital USD 1
- Bearer shares are allowed. Such shares must be kept by an authorized custodian and the company is subject ot higher incorporation and annual fees.
- Economic Substance requirements as per the “Economic Substance Act” of 1st January 2019 for companies of ‘relevant activities’, and which are not subject to tax in another jurisdiction. The activities that fall outside the scope of the economic substance regulations are other than those involved in banking, insurance, fund management, finance and leasing, headquarters business, shipping, pure equity holding, intellectual property and distribution and service center (within a group of related companies) activities.
British Virgin Islands (BVI) Company Formation time-frame
A British Virgin Islands (BVI) company is normally incorporated within 5-8 days.
Financial Consultants International (F.C.I. LTD) always acts with solvency and maximum personal care, which can provide you with a full range of professional advisory – legal – accounting and tax services that aim to support every business to make the most of tax and investment opportunities in Cyprus and internationally through long term licensed local professional Associates.
For the incorporation of a company abroad, company formation in British Virgin Islands (BVI), redomiciliation, corporate services to foreign company, opening of a bank account, banking services, setting up a business in British Virgin Islands (BVI), offshore company, accounting and auditing, setting up of a Cyprus company, trust management, Cyprus shipping company, company formation in Cyprus, investors, taxation of foreign companies.
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