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BVI Company. BVI Company Formation

Worldwide Incorporation Services specializes in BVI company formation and opening bank accounts.

British Virgin Islands – General Information

Location: Caribbean, between the Caribbean Sea and the North Atlantic Ocean, east of Puerto Rico.

Area: total: 151 sq km, land: 151 sq km, water: 0 sq km, comprised of 16 inhabited and more than 20 uninhabited islands; includes the islands of Tortola, Anegada, Virgin Gorda, Jost van Dyke. …

Overview

The British Virgin Islands, or BVI for short, is a group of fifty islands in the Caribbean forming a British Overseas Territory. The main islands within this group are called Tortola, Virgin Gorda, Anegada and Jost Van Dyke. They have been autonomous from Britain since 1967. While the official name is the Virgin Islands, they are usually called the British Virgin Islands to separate them from the nearby American Virgin Islands.

Advantages of BVI Company Formation

Forming a company in the British Virgin Islands means setting up a so-called BVI Business Company or BVI BC. These are the most popular form of offshore companies in the world. They are available to residents of any country in the world and can be formed as a continuation of another company in another part of the world. There are many benefits to a BVI BC:

0% corporate tax
0% capital gains tax
0% profit tax
0% gift tax
0% sales tax / Value Added Tax
0% inheritance tax
No stamp duty except for land transactions in the British Virgin Islands itself
No restrictions on doing business anywhere in the world
Ability to transfer and repatriate money without fees
No currency exchange fees or limitations
A minimum of one shareholder is required for a BVI company formation
A minimum of one director is required for a BVI company formation
Corporate directors and shareholders are permitted
No need to publicise company directors, officers, owners or shareholders

BVI Company Formation – Legislation

Principal Corporate Legislation

The BVI Business Companies Act, 2004 (“the Act”) as amended.

Type of Law

Common.

Language of Legislation and Corporate Documents

English.

Type of Company for International Trade, Investment & Tax Planning

BVI BC (Business Company).

Key Facts

Share Capital

There is no concept of authorised share capital in the Act. Standard authorised share capital is US$50,000. Minimum paid up share capital is US$1.

Classes of Share Available

Registered shares, shares of no par value, bearer shares, preference shares, redeemable shares and shares with or without voting rights. Bearer shares will be subject to anti-money laundering and due diligence obligations and a company which is authorised to issue bearer shares pays higher incorporation and annual fees.

Bearer Shares

Permitted.

Restrictions on Trading

A BVI Offshore Company cannot trade within the British Virgin Islands or own real estate there. Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.

Registered Agent Required

Each BVI Company must have a Licenced Registered Agent.

Registered Office Required

Each BVI Company must have a Registered Office, provided by a Licenced Registered Agent.

Directors

A BVI Company requires a minimum of one director. Director can be of any nationality and need not be resident in the British Virgin Islands. Corporate directors are permitted.

Shareholders

A BVI Company requires a minimum of one shareholder.

Publicly Accessible Records

No.

Nominee Shareholders and Nominee Directors

Allowed.

Location of Meetings of Directors and Shareholders

Anywhere.

Personal Presence Required

No.

Taxation

Nil.