British Virgin Islands (BVI) is a British dependency located in the Caribbean. BVI is one of the most popular jurisdictions for company formation. The company law system is based on British law but with great flexibility in terms of filing requirements. International Business Companies (IBCs) registered in BVI are private limited companies offering the “Zero tax base” (no tax on profits).
BVI Companies are very attractive and secure a number of advantages:
Privacy. The names of director(s), shareholders and beneficial owners do not appear on any public document
Have tax-exempt status
The annual government renewal fee is fixed USD 350
The accounting books for the BVI Company could be kept in any part of the world
There are no restrictions as far as the ownership of shares in the BVI Company
The Shares of the BVI Company may be issued to a person or a corporation. Also, shares of the BVI Company can be easily transferred to another person or corporation if required
A minimum of one shareholder is required for the BVI Company. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in the BVI
A minimum of one director is required for the BVI Company and corporate directors are permitted. Details of the directors do not appear on the public file. A register of directors must be kept at the registered office address of the company in the BVI. The same person can act as director and shareholder
No residence requirements for the Directors / Officers / Shareholders
There is no requirement for the BVI Company to hold annual meetings of directors or shareholders
The resolutions of the BVI Company may be passed by telephone meeting, other electronic means or by circulating written resolutions (including fax copies) for signing
Amendments are possible before as well as after the incorporation of the BVI Company
Bank accounts can be opened anywhere in the world
Recent amendments in accounting records have been announced from British Virgin Islands. BVI has amended its law in order to comply with the criteria set out by the Organization for Economic Co-operation and Development (OECD).
Further to the amendments it is a statutory requirement for an offshore company to retain accounting records that reflect its financial position. The company’s accounting records can be kept in any place or country chosen by the director (including the registered office). If the Director chooses to keep the accounting records in other place than the registered office, the Director is obliged to inform the registered agent in writing in regards to the location of the company’s accounting records.
In the incidence of failure to provide us with the accounting records of each year the Company’ directors, shareholders and the company itself are exposed to the convictions anticipated by the relevant laws of the jurisdiction.
Formation of the company
Provision of registered office
Provision of director services
Provision of nominee shareholders (if requested and/or required)
Provision of company secretary
Secretarial, Banking and Legal Support