BVI COMPANY - SUMMARY
BACKGROUND
The leading offshore jurisdiction
High degree of market awareness and acceptability
Excellent infrastructure and professional
support
INTRODUCTION
The British Virgin Islands (BVI) is a group
of islands in the Caribbean Sea located approximately
80 kilometres east of Puerto Rico. The BVI
is a British Dependent Territory which became
self-governing in 1967 and is a member of
the British Commonwealth. Since introducing
its International Business Company (IBC) legislation
in 1984, the BVI offshore financial services
sector has developed, and is now the world's
premier offshore centre with over 660,000
companies incorporated
WHY BVI?
Confidentiality - No accounts need to be
submitted, no annual general meetings need
to be held nor maintain a public record of
shareholders and directors.
Tax - Companies conducting international
business are exempt from corporate tax. There
are no capital gains tax, income tax for non
residents.
TYPICAL USES
Investment holding company - shares and property
Holding of bank accounts, fixed deposits,
investment plans, commercial or financial
title.
To give or receive money for commissions,
loans and royalties etc.
LAW AND TAXATION
The legal system is based on the English common
law (although some provisions from Delaware
legislation have been included in the IBC
legislation) supplemented by local ordinances.
The user-friendly nature of this IBC legislation
has assisted the BVI to gain significant market
acceptance. There are no taxes levied on IBCs
with the exception of the annual government
licence fee which is USD350 for companies
with an authorised capital of USD50,000 or
less.
Companies that fail to pay their licence
fee by the due date are subject to penalties
and will be struck off for non-payment five
months after the due date. For companies incorprated
between Jan - June, the renewal fee is payable
before 31st May the following year and for
incorporations between July to December, the
renewal fee is payable before 30th Nov the
next year.
There are no exchange controls or restrictions
on the flow of currency in or out of the territory.
|
|
CORPORATE
REQUIREMENTS
Each
BVI company must have a Registered Agent and
Registered Office in the BVI, provided by a
licenced service provider at a cost of USD250.
Each
company must have at least one director and
corporate directors are permitted. However,
under the IBC (Amendment) Act 2003 and 2004,
every newly incorporated company will be required
to appoint first directors within 30 days of
the date of incorporation and the original or
copy of the Register of Directors will be required
to be kept at the Registered Office of the company.
Details of the directors do not appear on any
public record, although there are provisions
for optional filing at the Companies Registry
of this information if required.
The
company should have at least one shareholder
and bearer shares are allowed. Under the new
IBC Act, bearer share certificates will have
to be held by an approved Custodian. The Register
of Shareholders should be kept at the Registered
Office but need not be available for public
inspection. Often, it is advisable to keep the
original there for estate duty or stamp duty
reasons.
There
are no requirements for annual returns, annual
meetings or audited accounts unlike a Singapore
incorporated private limited company.
LOCAL
INFRASTRUCTURE
The
BVI has now attracted a healthy number of international
accounting firms and law firms. There are at
present, relatively few banks and financial
institutions. The Companies Registry in the
BVI is technically advanced and efficient, and
has kept pace with continuingly increasing demand.
There
are no specific statutory provisions governing
secrecy in relation to companies, however, statutory
filing requirements are minimal and the English
law, which applies to the jurisdiction, does
impose a common law duty on professionals to
keep the affairs of their clients confidential.
OUR
SERVICES
We have a substantial stock of companies with
a wide selection of names that are immediately
available for purchase. We can also incorporate
a company with your choice of name and can also
confirm the availability of names in advance.
For customised name incorporation, the process
will take a slightly longer time of at least
1 week from the confirmation of name. All companies
are provided with a complete company kit, including
share certificates, 5 copies of the M&A
plus an electronic copy on CD-ROM, statutory
registers, common seal, company chop and a certificate
of guarantee of quality.
In
addition, we can assist clients in obtaining
certificates of good standing, registered agent
certificates and other certificates of corporate
existence. We also provide corporate management
services.
Please
do not hesitate to contact
us if you have further queries.
|
