The BVI (British Virgin Islands) primary offshore company formation product is the offshore Business Company, also known as an IBC. Since the adoption of the BVI's offshore act in 1984, they have incorporated more than 600,000 Business Companies (BC) and remain one of the most popular destinations for offshore company formation services. The British Virgin Islands BC's are fiercely competitive offshore formation vehicles due to the jurisdictions flexibility and modern financial regulations making the islands one of the most attractive options for registering an offshore company and opening an offshore bank account.
The BVI's primarily driven by the booming offshore financial sector thanks to its supportive government, robust regulatory system, modern and sophisticated offshore legal framework, and flexible business arrangements all of which has helped make the islands one of the more attractive jurisdictions to form an offshore company and offshore bank account. Since 2017 the BVI has had instituted a new law called the BOSS Act which requires company formations agents to submit the names of beneficial owners of all offshore companies. While this doesn't necessarily make the BVIs a write-off, as it still will largely remain attractive because of its supportive legislative framework and low corporate tax possibilities, it does change some on the ground realities.
However, in today's world transparent tax requirements, offshore company formation is not about hiding your money or keeping your name from the government. It is about offshore tax restructuring, securing your assets and creating alternative foreign-based means to secure you and your company's future.
Top Uses of a BVI IBC
- Offshore savings and investments
- Conducting business activities in BVI
- Trade and distribution
- Forex and stock trading
- Professional service company
- International trading
- Hold bank accounts
- Protection of Assets
Refer this to know more about why starting an offshore company in BVI.
BVI BC Corporate Details
Anonymity, Confidentiality and Disclosure
Directors and Shareholders information is kept confidential and not disclosed to the public. The use of nominee services can guarantee anonymity though director and shareholder details already remain confidential.
Share of no-par value, bearer shares, preference shares, redeemable shares, registered shares and shares with or without voting rights are allowed.
Financial Statement Required
There is no requirement to file or submit a statement of accounts, nor are their requirements to file an annual return. However, a company required to keep a detailed accounting of all transaction at the registered agent's office, or the Directors have the responsibility of maintaining records anywhere in the world of their choosing, through a written record of the physical address of must be kept with the registered office.
Only one Director is necessary; however, a single person or entity may hold all positions. A Director need not be a resident and may contain any nationality.
Not required; although a secretary is generally appointed to facilitate signing obligations.
One. A shareholder may also be the Director.
BVI BC's subjected to restrictions in conducting business in banking, insurance, mutual fund management, and trust management.
The BVI has no exchange controls with no restrictions on the movement of funds into or out of the BVI, which may freely convert into any currency.
Names of Company Requiring a Special Licence
A business company must obtain a special licence if the name of the BC contains any word that includes a bank, savings, loans, insurance, reinsurance, fund management, investment fund, trust, trustees, university, municipal or their foreign language equivalents.
Registered Office Required
Yes; the company seal must hold at the registered office as well as a Register contains the details of Directors and Shareholders. Local presence is not required, and shelf companies are available. The time required to form an offshore company is 2-5 business days.
Language of Name
English, a company may use a second foreign character name but must supply a notarized English translation.
Permitted Limited Liability Suffixes
"Limited", "Corporation", "Incorporated", "Societe Anonyme", "Sociedad Anónima", or its abbreviations "Ltd.", "Inc.", or "S.A.", must be used at the end of the company name.
Advantages of a BVI Offshore Company
- Leading international accounting and legal businesses have a strong presence in the BVI, which enjoys an international reputation in Funds and Investments, Ship and Aircraft Registration, Corporate Business, Captive Insurance and Trust and Estate Planning.
- No taxes on capital gains, income, nor are their gift taxes, inheritance taxes, sales taxes, or value-added taxes.
- Regulations and legislation are continually ensuring the protection of financial markets.
- The new BVI BC Act enables IBC's to conduct business and own real estate in the BVIs.
- BVI BC law is regarded by international investors as being extremely sophisticated and has copied by other offshore jurisdictions.
- No reporting requirements
- Minimal compliance requirements
- The sole Director can be the sole shareholder. Details and information on Directors, Officers, and Shareholders not filed with the BVI Register of Companies.
- The only documents that are made publicly available are the Articles of Association and the company's Memorandum, but they do not contain details related to shareholders or directors.
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