British Virgin Island (BVI) has succeeded in becoming a pioneer as the most famous destination preference for offshore company incorporation. Approximately 41% of the offshore companies worldwide have been formed in BVI, rendering it the leading offshore financial centre.
On top of that, BVI trusts and partnerships have also picked up quite the reputation lately. The success and fame that BVI enjoys are due to some major factors that an investor seeks before choosing to start a business in a particular jurisdiction:
- Tax neutrality;
- Low capitalization requirements;
- Corporate efficiency;
- Speedy company formation process;
- Corporate flexibility;
- English as the Language; and
- USD as the currency.
These are only some of the factors that make BVI a clear leader for availing offshore services. There are even more valuable Benefits of Offshore Company Registration in the British Virgin Islands.
BVI Offshore Company Incorporation Types
Starting an offshore company in the British Virgin Islands has been an eye-catching investment opportunity for business investors. Under the BVI Business Companies Act, 2004, these types of companies are permitted to be incorporated in the jurisdiction:
- Business companies limited by shares
- Business companies restricted by a guarantee that is not authorized to issue shares
- Business companies limited by a guarantee that is authorized to issue shares
- Business companies that are not permitted to issue shares
- Business companies that are allowed to issue shares
Basic Requirements for Opening a Company in BVI
British Virgin Islands Offshore Companies also offer the business investors to International Business Companies (IBC), which stands as an excellent opportunity for confidentiality and financial security.
BVI has an upstanding reputation, stable government, and financial privacy to the owners with a bank account.
A company formed in another country can convert into a BVI company, and also, a BVI company can be converted to a company in another popular offshore jurisdiction.
An offshore bank account is also essential for an offshore company to function properly. An investor should always consider the multiple benefits of the British Virgin Island company formation with the bank account.
The core essentials required to set up an offshore company in BVI include:
- Company name
- BVI Office Address and Local Agent
- Essential Company Documents
- Company Directors and Shareholders
- Scanned and notarized photocopy of a passport
- Authorized Capital
- Annual Fees
- Public Records
How to Start an Offshore Business in BVI?
Any investors who plan to open an offshore business entity in the British Virgin Islands (BVI) must undergo the following process.
1.Seek Expert's Advice
The firsts and foremost recommendation would be to get an idea from a certified expert who possesses thorough knowledge about BVI's offshore company formation process. By joining hands with the business experts, you will be able to avail the following benefits;
- Time and resources can utilize effectively;
- Strategic and budget can draft at ease;
- Helps to provide quick incorporation solutions; and
- Strategic inputs and market insights will be known.
2.Choosing a Name and Purpose:
The second most important thing is to choose an apt name for your business. This name shall be reserved for your organization until the whole process of registration gets completed. Defining the purpose of the company is just as necessary.
3.Appointment of an Agent
The laws and guidelines governing the formation of a company in BVI require you to have a registered agent present in the BVI to incorporate your company.
4.Submit the Necessary Documents
In the next move, you have to make sure to be ready with the offshore company incorporation filings, which can be completed by submitting the following papers:
- A duly filled application form related to BVI company incorporation
- Identity proof of the business shareholders and directors
- Address proof of the business shareholders and directors
- Well-drafted business plan
- Memorandum of association (MOA)
- Articles of association (AOA)
5. Registration and Fees
Once all the documents are prepared, the agent will submit all the documents and forms at the company registration office. A registration fee is also required to be paid during the submission of all the documents.
6. Open an Offshore Bank Account
When it comes to offshore company formation, every business needs to be backed by a bank account to carry out the business transactions.
The offshore bank account opening process can be done quickly under the expert's guidance. It is to be noted that by opening one, an investor can enter into international investments and carry out the business operations globally.
The complete process involved numerous legal steps that need to be cleared accordingly. An offshore bank account in BVI is essential to commence the operations of your business.
We at Business Setup Worldwide can help you to set up an offshore company in BVI. We also provide services for accounting and bookkeeping, offshore banking, Intellectual Property, and much more. Contact us now to know more about how to start an offshore company in BVI.