More
-
Our experts are waiting.
Monday to Friday
9.00am to 6pm
Singapore time (GMT+8hrs)
Call: +65 6438 8887
Email: info@rikvin.com
British Virgin Island is situated in the Atlantic Ocean and only 96 km east of Puerto Rico with a population of 25,000. It is the leading offshore jurisdiction with over 750,000 offshore companies incorporated since 1984.
Snapshot
- Currency: US dollars
- Time zone: GMT minus 4
- Language: English
- Population: approximately 25,000
Company Setup Requirements
- Minimum 1 Shareholder + 1 Resident Director
Features of BVI Offshore Companies
- No minimum capital required.
- Income is exempted from local tax.
- No capital gains or withholding tax.
- No annual reporting or auditing is required.
- No facility for registered office or agent on the British Virgin Islands.
- Offshore companies cannot engage in business in BVI.
British Virgin Island Offshore Incorporation
The British Virgin Islands (BVI) is one of the world’s leading offshore financial centers, with nearly 41% of the world’s offshore companies located there. Offshore financial services sector contributes a very significant portion BVI’s gross domestic product therefore the local government takes profound interest in sustaining the competitiveness of BVI as a offshore jurisdiction and ensures that the legislations facilitate the international business companies to thrive in the territory. BVI Business Companies Act enacted in 2005 has successfully streamlined the already outstanding BVI offshore legislation.
Features of a BVI Business Company
- A BVI company has separate legal personality and the same powers as a natural person.
- A BVI Business Company may be incorporated as a company limited by shares, a company limited by guarantee (with or without authorization to issue shares), an unlimited company (with or without authorization to issue shares), a segregated portfolio company and a restricted purpose company.
- No minimum capital is required.
- Shares can be issued with or without par value and in any currency as allowed in the company’s Memorandum and Articles of Association.
- Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are allowed.
- Bearer shares must be held by qualified custodians.
- Nominee shareholders are allowed.
- At least one director who may be a natural person or body corporate and can be of any nationality. No resident director is required.
- Minimum of one shareholder who can be a natural person or body corporate and of any nationality.
- Shareholder, director and company secretary can be one and the same person.
- Appointment of company secretary is optional.
- Records of financial transaction can be kept in any place (not necessarily BVI) as determined and agreed by the directors.
Merits of a BVI Business Company
- A BVI business company is exempt from local taxes.
- There are no stamp duties for transactions in respect of its shares, debt obligations or other securities.
- There is no tax on dividends, interest, rents, royalties or compensations.
- No estate, inheritance, succession or gift tax.
- All transactions and instruments relating to transfers of any type of property or assets are exempt from the stamp duty.
- No obligation to prepare or file financial statements, however, must maintain sufficient records to explain transactions and financial position of company.
- Assets are protected from confiscation or expropriation orders or similar actions by foreign governments.
- US dollar is the official currency in the BVI, hence there is no currency value fluctuations or artificial manipulations and control.
- Confidentiality is one of the key benefits of the BVI Business Company as details of the company’s beneficial owners, directors and shareholders are not part of public record. Such records can be accessed only by shareholders.
- Being a British Overseas Territory, the BVI ensures outstanding political stability and commands a clean reputation.
- The shareholders’ or directors’ meetings need not be held in the British Virgin Islands and there is no requirement for Annual General Meeting.
- BVI is an independent country with a fairly high standard of living and is easily accessible with modern telecommunication system. It is also strategically located on a convenient time zone.
- Re-domiciling of foreign companies to or from BVI is allowed
Limitations of BVI Business Company.
- A BVI Business Company may not conduct business with BVI residents.
- It cannot own real estate in BVI apart from leasing of office space.
- It cannot provide registered office or agent facilities for companies incorporated in the British Virgin Islands.
- Companies engaged in services such as, banking, trust, insurance or reinsurance or agents or brokers, Company management services or mutual fund administration services, require special license.
- It cannot offer its shares for sale to the public.
- Benefits of Double Taxation Avoidance Treaties though limited (with Switzerland and Japan) are not available to BVI business companies.
Step 1 – Submit Incorporation order form.
Please provide us your email address and we will email you the necessary incorporation forms.
cforms contact form by delicious:days
Upon receipt of the above from you, we will
- Check your proposed company’s name availability
- Follow-up with you to clarify queries (if any) and advise accordingly
- Send you an invoice for our services.
Step 2 – Make Payment
Upon receiving the payment for our services, we will prepare the incorporation documents to be duly signed either in Singapore before us or overseas before Notary Public.
Step 3 – Incorporate Company
Upon the signing of the incorporation documents, we will proceed to register the BVI Offshore Incorporation. Once the company has been incorporated, you may proceed to open a corporate bank account.
