BRITISH VIRGIN ISLANDS OFFSHORE INFORMATION
For companies not requiring a high profile a BVI company provides a very cost effective, flexible alternative. This type of company can be used as a holding company or an investment company holding a bank account, but is not particularly recommended for high profile trading companies seeking new clients due to the lack of public registers.
ADVANTAGES |
The flexibility of the legislation allows a company incorporated in the BVI to operate with the absolute minimum of fuss. The BVI is a highly popular jurisdiction with low annual fees |
DISADVANTAGES |
The lack of public registers makes proof of ownership difficult. Not recommended for high profile trading operations. The time difference can make trading difficult |
CORPORATE LEGISLATION SOURCE |
Common Law - International Business Companies Ordinance 1984 - as amended / BVIBC Act, 2004 |
COMPANY STATUS |
International Business Company (I.B.C.) / British Virgin Islands Business Company – BVIBC |
USUAL MINIMUM CAPITAL |
US$ 0.01 |
COMPANY NAME |
Prior approval required. Some words are sensitive e.g. Royal, Imperial. Must end 'Limited', 'Corporation', 'Incorporated', 'Societe Anonymne' or any other recognised alternative |
TIME TAKEN TO INCORPORATE |
1-2 days |
ARE SHELF COMPANIES AVAILABLE |
Yes |
CAPITAL DUTY |
If the company's authorised capital does not exceed US$50,000 or equivalent, the fee is US$350. If over US$50,000, this increases to US$1,100 |
MINIMUM NUMBER OF SHAREHOLDERS |
One |
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE? |
Yes but must be delivered to an authorised custodian and annual license fee is US$1,100 from 31.12.04 / Yes |
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION |
One / Yes / No restriction |
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION |
No / Yes / No restriction |
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT |
Yes / Yes |
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED |
None |
INFORMATION AVAILABLE ON PUBLIC FILE |
Memorandum and Articles, Registered Office and Registered Agent or any other document as the client sees fit |
DOCUMENTS TO BE KEPT AT REGISTERED OFFICE |
Register of Members (copy) Register of Directors and impression of seal and all updates thereof |
CORPORATE BOOKS AND SEAL |
Both required and may be kept anywhere |
ACCOUNTS REQUIRED / FILED |
No / No |
ANNUAL RETURN REQUIRED |
No |
WHERE ARE MEETINGS TO BE HELD |
No restrictions |
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE |
US$350 / Nil |
ARE THERE ANY EXCHANGE CONTROLS |
No |
DOUBLE TAX TREATIES |
None |
GOVERNMENT DUTIES PAYABLE |
Incorporated
1 Jan-30 June US$350 due on 31 May, late payment penalty of
US$35/110 if not paid by 30 July and US$175/550 by 31 Oct after which
if still unpaid the company is struck off. Incorporated 1
July-31 Dec US$350/100 is due on 30 Nov, late payment penalty
of US$35/110 if not paid by 31 Jan and US$175/550 by 30 Apr after
which if still unpaid the company is struck off. |
