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For decades, companies wanting an advantageous business environment have turned to the stunning shores of the Caribbean. Those in the gambling industry look to Curaçao, while international businesses have trended towards other offshores in recent years. For offshore business ventures and world-class financial services, though, you’ll want to get a company setup in BVI.
The British Virgin Islands are so famed for their offshore financial services that over half of the government’s revenue comes from company license fees – even with those fees widely considered to be low. Under the BVI Business Companies Act, company formation in BVI is both efficient and advantageous. Here’s what you need to know to capitalize on this opportunity.
A well-known tax haven, there are many benefits to having a company setup in BVI. The territory has streamlined the process of company setup and has established world-class infrastructure to support the businesses that choose to call the idyllic islands home. These are the main advantages that a company setup in BVI can look forward to.
There are a few key types of corporate structures that the process of company registration in BVI will direct you towards. The three main types are the BVI Business Companies, Limited Partnerships, and Micro Business Companies, but there’s also the option to expand into opening one of the Virgin Islands Special Trusts (VISTA).
For all of these types of company registration in BVI, it’s best to connect to one of the architects of the BVI corporate domain: the Trust and Corporate Services Providers (TCSP). When it comes to business registration abroad, BVI offers one of the most streamlined passages, but these TCSPs make the process even more seamless.
The steps to company formation BVI requires are relatively minimal, and you’ll find the process to be welcomingly streamlined. Here’s what you can expect:
Depending on the company type selected, the BVI may have more requirements. For a BVIBC with shares, for example, there’s an authorized share capital set at around 50,000 shares valued at US$1 each. You may also need to offer proof of a physical address, a bank reference letter, a certified ID, and details of your legal or tax advisor.
Here at InteliumLaw, we specialize in setting up companies overseas, helping clients to perfect international structuring, and obtaining gaming licenses and crypto licenses. Whatever kind of company setup BVI has that suits you, we’ll be able to help you get registered and remain compliant.
On your path to registration, we can assist in the company formation, acquiring licenses, opening bank accounts, providing nominee services, and give you ongoing advisory support. If you want your BVI company formation journey to be as straightforward as possible, drop us a message and see how we can help.
BVI company registration typically takes no longer than a week. Further, opening an account may take up to a month.
To check BVI company formation, you can access information from the BVI Commercial Registry. This includes details such as the company's registration number, registered office, incorporation date, status, and authorized capital. A small fee is required for each search, and various payment methods are available
For BVI company formation, you'll need to provide for all directors and shareholders:
For BVI companies incorporated in or before June, renewal is necessary by May 31st annually to maintain legal status and recognition. Those incorporated from July to December can renew before November 30th each year. Failure to pay renewal fees can result in loss of good standing, along with severe late penalties and legal repercussions.
Yes, the BVI has an official registry known as the BVI Commercial Registry.
Yes, you can operate your business internationally with a BVI company. BVI companies are commonly used for international business activities due to their favorable tax environment, flexible regulations, and global recognition. With a BVI company, you can engage in various international transactions, conduct business in different jurisdictions, and benefit from the ease of doing business on a global scale.
Yes, BVI companies are obligated to prepare and submit financial statements annually through their BVI formation agents.
The annual financial statement, typically comprising an income statement and balance sheet, needs to be completed based on the company's financial records.
This annual return, usually a concise one-page document, must be lodged with the BVI registered agent within nine months of the company's financial year-end. For instance, if a company's financial year concludes on December 31st, its annual return should be submitted by September 30th of the subsequent year.
Failure to fulfill this requirement is considered an offense and may lead to legal consequences or fines.
Certainly, foreigners can establish a company in the British Virgin Islands (BVI). BVI company formation regulations allow individuals from any nationality to set up and own companies in the jurisdiction without any residency requirements. This flexibility contributes to the popularity of BVI companies among international investors and entrepreneurs seeking to operate businesses offshore.
Yes, according to BVI company formation regulations, every BVI company must have a registered office and a registered agent within the territory. The registered office serves as the official address of the company in the BVI, while the registered agent acts as a liaison between the company and the local authorities. Having a legally registered office and agent is mandatory to ensure compliance with BVI company laws and regulations
While audits are not mandatory for BVI companies, they are required to submit an annual return to their BVI registered agent. However, certain exemptions apply, allowing some companies to forego filing an annual return. These exemptions include companies listed on a stock exchange, those regulated under BVI financial services legislation, entities submitting financial statements and annual tax returns to the BVI Inland Revenue Department, and companies undergoing liquidation, provided the annual return deadline falls before the commencement of the liquidation process.
The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.
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The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.
By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.
