Introduction of British Virgin Islands
The Virgin Islands is also known as the British Virgin Islands, or simply BVI. It is a group of islands located in the Caribbean Sea in Central America about 100 kilometers east of Puerto Rico. The BVI is a British Crown Colony and has approximately 50 islands with total area of about 153 square kilometers. The BVI is an internationally recognised offshore centre and also one of the oldest because of her stable political, economic and business environment with high level of anonymity and privacy, and no taxes of any sort. No officer name is disclosed to the registrar upon company registration. Many other offshore jurisdictions based themselves on the BVI’s laws before developing their own corporate laws.
Under English common law supplemented by local ordinances
BVI Company Name Requirement
Company name can be chosen freely in English, ending with the words such as Limited, Corporation, Incorporated, Sociètè Anonyme, Sociatedad Anonima, or its short forms, etc. It can contain wording such as international, group, investment, associtation, and center, etc. It can also be added with Chinese name (in additional charge) but the name of banks, etc. is prohibuted except companies with the related BVI license.
Registered Capital of BVI Company
The standard issued share is 50,000 shares without any restriction on the share currency. For increase of share, additional stamp duty is required.
Shareholder and Director of BVI Company
It requires one or more director and shareholder to set up BVI company. Director and shareholder can be the same person. Shareholder can be legal person or natural person. Natural person shall be adult (older than 18), or inland resident or foreigner who has passport or ID card.
Registered Address and Legal Secretary of BVI Company
Under government regulation, company secretary is not required to BVI Company but it is suggested by BVI government to have a company secretary. Secretary can be natural person or legal person. Registered address must be in the British Virgin Islands. If needed, legal secretary and registered address can be provided by our company.
Business Scope of BVI Company
BVI Company is offshore company, to which the government set no limit to the oversea business of such company. BVI company can freely operate finance investment, medical care, import & export, real asset property, information business, travel, and publishing, etc.
Time required for BVI Company Formation
For a new BVI Company registration, it requires approximately 15 working days. For a ready-made company, it requires approximately 2-5 working days.
Documentation for BVI Company Registration
Company Incorporation certificate (C.I.), Memorandum & Articles of Association, registration documentations, company share certificates, chop & common seal, company statutory record and company kit, etc.
Open Bank Account for BVI Company
Bank account for BVI Company can be opened in Hong Kong
License Renewal of BVI Company
In the British Virgin Islands, no tax is required to offshore business but renewal fee should be paid annually to local government to ensure the legal status of the company. If issued capital is increased, there should be paid for additional annual fee. The annual license fee is subject to change. The renewal time is based on the date of incorporation. For company incorporated between January – June, renewal should be made in April of the subsequent year of the BVI company registration. For company incorporated between July – December, renewal should be made in October of the subsequent year. It will charge a penalty for the late renewal and the offshore company will be revoked for renewal payment overdue more than five months.
Account & Auditing of BVI Company
For BVI company, no company account, auditor’s report, and annual return are required to be submitted every year. Profits tax is not required for offshore business.
Formation Requirement for BVI Company
1. Choose a name for your BVI Company. You may choose 3 different names in priority;
2. Complete a letter of authorization for company registration with the information of the shareholder(s) and director(s) (copy of ID card or password);
3. Pay the setup fee for establishing BVI Company;
4. We will verify and advise if the BVI Company you choose is available to register;
5. Sign and return the documents of registration;
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