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BVI Offshore Company Formation

Britain’s Virgin Island is a major hub for offshore companies and is one of the world’s biggest offshore financial centers.

According to statistics around 40% of businesses worldwide are BVI registered companies. Establishing a BVI offshore company can be a smart business move for your company with a variety of business applications and great benefits. In this paper, the advantages and uses of a BVI company will be examined.

The British Virgin Islands are now a well-known area in which corporate trusts and offshore companies are located about 80 kilometers from the coast of Puerto Rico. More than 500,000 overseas companies are presently integrated into the BVI.

Checklist For Setting Up An Offshore Company

 Identification proof

  • Address proof
  • A certificate of Incumbency must be provided if you are planning to incorporate shareholder for your BVI company.

Apart from the above-mentioned documents a KYC document is also filled along with a due diligence forms before submitting the application for company’s formation.

 Documents Required to Incorporate an Offshore Company in BVI

  1. Incorporation Certification
  2. Memorandum and Articles of Association Certificate
  3. Certificates of share
  4. Directors and shareholder’s copy
  5. Board Meeting Resolution
  6. Common seal

Good to know about the BVI

  • BVI (British Virgin Island)
  • Capital: Road Town
  • Sovereign state: United Kingdom
  • Area 153km2
  • Population: 31.758
  • Currency: USD
General Business Information

All the BVI enterprises shall be located in a registered local office which is the registered agent’s address. The Financial Services Council shall regulate and register around 70 registered agents in the BVI, and the FSC website shall provide the list of the registered agents.

For asset protection and management, investors may use a corporate structure incorporated at this location as well as extend their business. The International Business Company frequently integrated by foreign investors here is a flexible business organization and certain investment firms are also competent to incorporate special purpose vehicles, in particular funds.

According to the BVI Business Companies Act, 2004, all BVI companies must set up and maintain a Director Register, which appoints the original Director within 30 days after incorporation. Minimum and flexible additional statutory requirements.

There are no requirements to appoint a local director or secretary, there is no need for minimum capitalization, BVI BCs can re-demand and re-issue their own stocks.

Shares with or without a par value may be issued and are denominated in any currency other than cash. The principal requirement for bearer shares is that the following are kept on file by an authorized custodian:

  • The complete name of the shareholder’s beneficiary;
  • The complete name(s) or declaration(s) of individual(s) with an interest in the share(s) and a statement that no other individual has an interest in the share(s).
Reputable Regulatory Environment

In the offshore regulatory environment, the British Virgin Islands are the leaders. They have a different mixture of supervision and a laissez faire approach, which makes it both simple and world-famous to do company. This means that it’s not a cowboy nation, but you can do what you want in a reasonable way, provided that you have lawful and legal operations.

  • All of these makes it easy to bank with a BVI company easy and simple.
  • Reputable enforcement and regulatory body
  • Clear legislation and defined jurisdiction for corporate formation.
Corporate Efficiency

BVI companies generally have large business ability; they may carry out any legitimate act or activity and there are no business benefit limitations, and they do not have constraints on economic support. Effective corporate licensing processes -The large bulk of corporate activity may, without the need for a shareholder resolution, be endorsed by the Directors.

Tax Neutrality

BVI does not have tax on revenue, corporate tax, tax on capital gains, tax on assets or the like. While trading businesses will usually pay taxes as normal in nations in which they participate, BVI can generate a tax-neutral layer in the holding framework using a BVI as an intermediary company.

Minimal Capitalization Requirements

BVI companies are not covered by’ thin capitalization’ laws or any requirement for capital maintenance. If the business retains its cash flow and balance sheet soundness, it is a simple method to distribute assets to shareholders or to redeem stocks. A BVI company is authorized expressly to provide economic support for the purchase of its own shares by a third parties.

Fast Company Formation

A BVI company can be set up on a competitive cost on the same day that is still comparatively inexpensive as compared with other offshore premium jurisdictions. The laws of BVI anti-money laundering (AML) require customers to be diligent on the directors, shareholders and ultimate beneficiaries of the BVI company (as set out in the FATF Recommendations) the practical speed at which a BVI company is formed is primarily linked to the ability of the customer to fulfill customer due care requirements.

Confidentiality

None of the director’s registries nor the BVI shareholder registers is available to the public (the director’s registry shall be filed with the BVI registry). While there are safeguards against abuse of corporate confidentiality with regard to money laundering and global crime, businesses respecting legal legislation may exist with privacy assurance.

Innovative Trust Structure

In order to remove non-commercial common law clauses, trust law was substantially amended in the BVI. The popularity of trusts, together with laws to refine the constraints on the non-charitable trusts and regulations for remoteness of coatings, have been motivated by new and innovative products, such as VISTA trusts or private trust companies.

Debt Financing

The BVI has a rapid and easy scheme for secure creditor registration that allows a BVI business to leverage assets in order to raise capital. BVI Law acknowledges “foreign” transactions in law and safety papers (including BVI business assets and shares). The BVI also has the most developed insolvency system in the offshore world, which is very friendly to secured creditors and, while not usually a key consideration for companies, is attractive for lenders.