The ground of the British Virgin Islands (BVI) has been proving itself to be one of the most-trusted offshore business destinations. Over the years, the destination has been one of the favorable choices in the list of global investors. The offshore industry is one of the booming industries in the region that has been contributing significantly. When it comes to investment, global investors have got numerous options to diversify their investment portfolios. One such booming move is incorporating an offshore trust company in BVI, which is a flexible business option.
If you are looking forward to investing in an offshore company in BVI, then this is the right time for you to understand the essentials. This guide highlights the complete details that an investor should know before starting an offshore trust company in BVI.
What is a Trust Company?
Officially, a trust company is a legal business entity that acts as a fiduciary or a trustee that looks into the administration and eventual transfer of assets of the business entities. A trust company is either owned by a bank or other financial institution that functions to manage trusts for individuals and businesses. Some of the core services provided by a trust company are:
- Wealth management services
- Asset management services
- Brokerage services
- Building financial plans for clients
The core components of a trust agreement are a settlor (person who transfers), and a trustee (person to whom it is transferred), for the benefit of other persons (also known as beneficiaries)
Trust Company in the British Virgin Islands (BVI)
The region of the British Virgin Islands (BVI) holds the foundation of the English trust law and has developed itself over the years. According to the laws and regulations, the British Virgin Islands (BVI) exempts any trust company from the registration process under any registry, as it is not mandatory to file the accounting and audit requirements. However, they must obtain a license under the Banks and Trust Companies Act 1990.
Types of Trust Company in the British Virgin Islands (BVI)
When it comes to the segmentation front, a trust company in the British Virgin Islands (BVI) has got different types like:
- Fixed Interest in Possession Trust
- Accumulation and Maintenance Trust
- Discretionary Trust
- Revocable Trusts
- Charitable Trusts
- Non-Charitable Trusts
- VISTA Trusts
Uses of a Trust Company in BVI
Now, the option of incorporating an offshore trust company in BVI holds the following uses in the list.
- High-end succession planning
- Preservation of wealth
- Asset protection
- Tax exemption
- Avoidance of Forced Heirship
- Continuation of Family Business
How to Start a Trust Company in BVI?
To start a trust company in the British Virgin Islands, an investor needs to go through the following steps:
- Selection of a Business Consultant
To proceed in a hassle-free way, it is recommended to proceed ahead with a certified business consultant who can guide you according to every step. Certifies business experts like Business Setup Worldwide can guide you accordingly by understanding your business needs.
- Appointment of an Advisor
Once you have partnered with us, a dedicated business advisor will be assigned who will be taking care of the complete legal process.
- Submit the Essentials:
The next step is to handover the essentials to the business advisor. The list of documents includes the following:
- A dully filled trust company application form
- Complete details of the shareholder(s)
- Identity and address proof of the shareholder(s)
- Name and address of the settler
- Name and address of the trustees
- Address of the registered office
- Objectives of a trust
- Rules and regulations of a trust
- Verification of the Documents Submitted
Once the documents have been submitted, it will undergo the verification process to check the authenticity of the proofs.
It can be easily seen that different legal compliances are to meet to start an offshore trust company in the BVI. Now, proceeding ahead alone without having complete knowledge, or with half knowledge might be troublesome. Hence, it is recommended to proceed ahead with experts.
Why Avail Professional Services?
Some of the reasons why it is suitable to proceed ahead with professional advice when it comes to the incorporation of an offshore trust company are highlighted accordingly.
- Familiar with the Incorporation Process
Almost 90% of the global business investors prefer to proceed ahead with business experts as they are well-versed with the incorporation steps, and can complete the same within a short span, in an error-free way.
- Provide high-end Market Insights
Experts are well-versed with the market conditions, and it is to be noted that one needs to keep a track on the market to enhance the business profit. The bunch of knowledge that your advisor holds can turn out to be a boon for you and your business to excel in the market. At the same they, they can act as a guide for your business and can help you to build effective business strategies.
- Legal Formalities are Dealt with Effectively
Complying with the legal proceedings turns out to be one of the significant tasks when it comes to starting an offshore trust company in BVI. Now, being a foreign investor, you can't understand the legal proceedings at one go. Business experts are well-versed with the loop and can help you to start your company at ease and in a much easy way.
- Minimizes the Burden
For a foreign investor, dealing with the rules and regulations in a foreign land turns out to be a complicated task. Also, there involves a higher probability of error, which can be minimized by having an expert by your side. By involving themselves to complete the core proceedings for your business, an expert lessens the burden of a business investor to a great extent.
- Better Utilization of the Available Resources
The presence of a certified expert who can help a business investor with the company proceedings helps the investor to make the best utilization of the available resources and time in the best possible way. The moment your legal compliance and incorporation proceedings are dealt in safe hands, and you can focus on building the best business strategies to leverage the business growth.
Thus, you have seen some of the points that prove how you can streamline your business from the initial stage with the help of professional experts. To understand better, here’s a guide on the four reasons to hire an offshore business consultant.
How Can We Help?
Business Setup Worldwide has been one of the top ten business consultants in the UAE, which has been providing effective business incorporation solutions to global business investors. Offshore company setup has been one of the major performing industries in today’s scenario and is widely opted by high-net-worth-individuals. Our business advisors are well-versed with the offshore business setup process in BVI and can guide you by providing tailored solutions accordingly. In case of any query, feel free to have a word with our advisors. Contact us today-we’d be glad to assist
What is a BVI trust company?
A BVI trust may be discretionary, which means that the assets of the trust are kept for a class of beneficiaries and that the trustees have the power to distribute income and capital.
Do BVI trusts require registration?
BVI legislation does not mandate the public filing and registration of trust information.
How many business corporations are there in BVI?