Are you planning to start an offshore company in the British Virgin Islands? If yes, then this blog will provide you with the details on the registration requirements and the process for setting up an offshore company in BVI.
British Virgin Island is one of the world's largest financial centres. BVI is also a leading centre for the incorporation of offshore company and has a strong offshore regulatory environment. BVI has a unique combination of oversight and the laissez-faire approach, which makes it very easy to do business. They have reputable compliance and a regulatory body, which makes it very simple and easy to bank with a BVI company. Another important factor is that BVI is a tax haven for offshore companies.
Features of Offshore Companies in BVI
- Income is free from local tax
- Minimum Capital is not required
- No Capital gains
- No requirement of annual auditing
- Offshore companies can’t engage in business in BVI
Requirements for Company Setup in BVI
Following are the items required for setting up an offshore company in the British Virgin Islands
Company Name Approval
- The name which you choose for your offshore company in the British Virgin Islands can be in any language with Roman characters
- The ending of the company name can have any suffix
- A minimum of one director is required for setting up your offshore company in BVI.
- The director can be an individual or a corporate entity of any nationality.
- There is no need for a resident director.
- More than one number of additional directors can be appointed.
- Nominee director service is also offered at an additional fee.
- A minimum of one shareholder is required for setting up your offshore company here.
- The director and the shareholder can be the same as well as a different person.
- The shareholder can be an individual or a corporate entity of any nationality.
- There is no limit to the number of shareholders that can be appointed.
- The company secretary can be an individual or a corporate entity of any nationality.
- The same person who is the director/shareholder of the company can also act as the company secretary as well.
- A minimum paid-up Capital of one share of par value in any currency
- Standard shares of 50,000 shares of $ 1.00 US par value
A registered address can be provided at BVI at no cost.
- Passports of the proposed shareholders and directors
- A certified copy of residential address proof of proposed shareholders and directors
- If the shareholder is a corporate entity, then details of the parent company are required
- A copy of the above mentioned may be certified by a lawyer or bank
Process of Company Setup in BVI
It is a three-fold process to start an offshore company in BVI.
Step 1} Submit Incorporation Order Form
After having provided your email address, the following necessary incorporation forms will be mailed to you. Upon receiving the above,
- Your proposed company name availability will be checked
- Constant follow-ups for your queries(if any)
- An invoice will also be sent to you
Step 2} Make Payment for Offshore Company
- Once your payment is received, the incorporation documents will be prepared to be signed in overseas before Notary public
Step 3} Incorporate British Virgin Islands Company
- Upon signing of the incorporation documents, then we will proceed to BVI offshore incorporation.
- You may proceed to open an offshore bank account once the company is incorporated.
Offshore Company Registration
The incorporation and the first-year fees include all the things that you need to operate and manage your offshore company legally. These are
- First-year fees of government
- Incorporation fees
- Agent fees
- First-year registered office address in the jurisdiction fees.
- One complete company kit that consists of two sets of Memorandum and Articles of Association and a common seal and rubber stamp etc
Following are the original corporate documents that are issued with a new British Virgin Islands incorporation and are all included in the price quoted.
- Incorporation certificate
- Incorporator’s consent
- Articles of incorporation
- Endorsement certificate
- Minutes of a meeting of the board of directors
- Incumbency certificate
- Register of Directors
- Stock Ledger
- Share certificates
These are the documents which you need to legally run, manage and operate your British Virgin Islands company
- Memorandum regarding the resignation of the Nominee director
- Nominee declaration
Are you ready to start an offshore company in BVI? Business Setup Worldwide is a platform to guide you register an offshore company in BVI. If you need any assistance in the offshore company formation in BVI, feel free to contact us! We’d be glad to assist you.