British Virgin Islands (BVI) is situated in the Caribbean Sea, with 30,000 population. The official currency is the United States Dollar (USD), and English is the official language. The BVI Business Companies Act 2004 is the regulative legislation for the BVI offshore company incorporation. Offshore company formation is an essential aspect of revenue generation in the BVI.
The BVI Financial Authority Commission is the regulative authority for company formation. The jurisdiction is one of the most popular ones when it comes to offshore company formation. However, several norms and regulations for the BVI offshore company formation will be discussed in this blog.
Some norms for the British Virgin Islands company setup are given below:
Norms For Offshore Company BVI
As per bvi company formation rules:
, some norms need to be followed regarding the British Virgin Islands incorporation, which is as follows:
- In terms of offshore company’s shareholders and directors, at least one shareholder and one director are mandatory for offshore company BVI.
- The offshore company can purchase or sell the company shares with the help of company shareholders and directors.
- The Intellectual Property Unit within the Registry of Corporate Affairs is responsible for conducting any laws relating to intellectual property for the company formation. Such activities include the Registration of UK Trade Marks Act and The Registration of UK Patents Act.
- A BVI registered agent is a must for offshore company BVI. The BVI agent will assist you in the incorporation process of the company. Learn all you need to know about offshore company guides in BVI.
- A secret Board of Directors must be created and submitted to the Registry of Corporate Affairs in the BVI within 21 days after the appointment of the company's first director. The directors’ identities will be kept secretive.
- The board meeting can be held virtually, on any phone or laptop, anywhere in the world.
- One can choose another jurisdiction for the corporate domicile.
- The Board of Commissioners is established with the managing director and at least four or more than six other members. The commissioner will act as an ex officio member.
- In order to offshore company formation BVI, the company should comply with the laws of BVI financial services legislation laws, which would be user-friendly corporate governance.
- The board of directors has the authority to transfer the assets to other businesses, trustees, or any legal entities, shareholders, or other creditors per the regulations.
- The board of directors and shareholders are able to determine the classes of shares and assets. They can modify the no. of shares and assets according to the BVI company registry.
How Can We Help?
Business Setup Worldwide can help you with offshore company formation in the BVI. Our business experts will guide you through company formation and comply with norms regulated by the BVI Company Register. Contact us for more information. We’d be happy to help.
What is the maximum number of value shares for BVI IBC?
50,000 shares cost $450.
What is the cost of shares if it exceeds 50,000?