OffShore Company registration & Incorporation Services BRITISH VIRGIN ISLANDS
The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. The BVI is a British Overseas Territory, which became self-governing in 1967 and is a member of the British Commonwealth.
Since the BVI introduced International Business Company (IBC) legislation in 1984, its offshore financial services sector has expanded rapidly. In 2004, the IBC Act was replaced by the Business Companies Act, which further enhanced the jurisdiction’s popularity.
Law and Taxation
The legal system is based on English common law, supplemented by local ordinances. There are no taxes levied on business companies with the exception of the annual government licence fee, which is USD450 for companies with a maximum authorised share capital of 50,000 shares. Companies that fail to pay their licence fee by the due date are subject to penalties and will be struck off five months after the due date. There are no exchange controls or restrictions on the flow of currency in or out of the territory.
Each BVI company must have a registered agent and registered office in the BVI, provided by a licensed service provider.
Each company must have at least one director, and corporate directors are permitted. Under the Business Companies Act (the Act), every newly incorporated company is required to appoint its first director within six months of the date of incorporation and the Register of Directors or a copy must be kept at the office of the registered agent. With effect from 1 April 2016, details of the directors will need to be filed with the Registry of Corporate Affairs however such filing record will not be available to anybody other than BVI regulatory and law enforcement authorities.
The company should have at least one shareholder, and bearer shares are allowed. Under the Act, bearer share certificates have to be held by an approved custodian. According to the BVI Business Companies (Amendment) Act 2012, a bearer share company must maintain a register of the company’s bearer shares, specifying the number of the bearer share certificate, the full name of the beneficial owner, the full name of any other person that has an interest in the bearer share, and the name and address of the custodian.
The Register of Shareholders or a copy should be kept at the office of the registered agent. Details of the shareholders do not appear on any public record, although there are provisions for optional filing of this information. Often, it is advisable to keep the original register in the BVI for stamp duty reasons.
There are no requirements for annual returns, annual meetings, or audited accounts.
The BVI has attracted a healthy number of international accounting and law firms. There are, at present, relatively few banks and financial institutions. The Registry of Corporate Affairs in the BVI is technically advanced and efficient, and has kept pace with continually increasing demand.
There are no specific statutory provisions governing secrecy in relation to companies. However, there are minimal statutory filing requirements and English law (which applies to the jurisdiction) imposes a common law duty on professionals to keep the affairs of their clients confidential.
Sage continuously holds a substantial stock of companies with a wide selection of names that are immediately available for purchase. We can also arrange to incorporate a company with your choice of name and can confirm the availability of names in advance.
Step-by-Step Guide To Offshore Company registration in British Virgin Islands?
Are you looking for ways for hassle-free Offshore company registration in British Virgin Islands? If yes, we are here to guide you throughout the process. Starting a company from scratch is not at all an easy or simple process. There are loads of tasks that needed to be completed in order for you to finally own a licensed and legal business. As plenty of firms these days are offering Offshore company registration in British Virgin Islands, you should be aware about the services to get the best support.
Need for Offshore Company registration in British Virgin Islands Company for Business
As discussed, forming a company involves many confusing or tricky steps. Which is why you need to take the help of a company registration agent in British Virgin Islands. This is important to know as many business entrepreneurs or start-up managers think that they have to figure out Offshore company registration in British Virgin Islands all by themselves. It makes sure that the business you are setting up has enough or sufficient moment invested in it too.
Offshore Company registration in British Virgin Islands also includes finding the right name for the enterprise. As the name is the first thing anyone will get to know about your company, you need to really let your creative ideas flow so that you land on the best name out there. The formation of an offshore company registration in British Virgin Islands needs experience and the presence of all resources on the platform so as to make the foundation stronger by the book.
In most cases, you can do an offshore company registration in British Virgin Islands with the help of consultants present in that country. Once you register your company successfully, you gain an extra layer of credibility and integrity. It makes you viable for future deals and purchases, as you have made it clear to be in contact with other people. Once you choose the path to offshore company registration in British Virgin Islands, your assets will no longer have your name but will belong to a company’s name recently formed
If you set out on the process of Offshore company registration in British Virgin Islands, it will be a long and winding process. Another reason why people choose this option is the simplicity of the entire process. It takes only days to incorporate a new company on your behalf and cover all the respective phases of Offshore company registration in British Virgin Islands. The seamless process following all the flexible protocols of jurisdiction will give you a company within a few days.
For example, you need at least two shareholders and two directors to complete the process. You can make deposits that range from directors to members, but other people are not allowed to do the same. With a minimum investment, the offshore company registration in British Virgin Islands is the ideal way to enjoy all the benefits mentioned above. There are legal ways you can use and protect your hard-earned assets
Now that you know about all the essential elements that help in offshore company registration in British Virgin Islands, you can easily select the best company and kickstart your work. One company that stands out is Sage Management Consultants Limited, with its in-depth services and dedicated agents. Our long-term experience will help you achieve your dream faster. Reach out to us today and fulfill your offshore company setup dream!