A corporate entity that has been appropriately registered but has not yet documented any trade or commercial activity is known as a shelf company or a ready-made firm.
Investors who purchase a BVI shelf company are relieved of the burden of managing the complete business creation process. However, they will have to take care of the documentation needed to transfer business ownership.
Purchasing a ready-made business significantly shortens the time required to incorporate a BVI firm. The investor buying a legal corporation must deal with the transfer documents.
BVI Shelf Company
The British Virgin Islands (BVI) is one of the reputed business destinations that provide a feasible and easy way to set up an offshore business.
A shelf company can be termed as an existing business unit registered in the books of the registry but hasn’t performed any business operations. However, with the growing technological world, the company setup procedures in the popular offshore jurisdictions can be carried out with one click.
Since these business units are already registered, it becomes easier for the business owners to proceed with the payment process and buy the business unit.
BVI Shell Company
People who want to start a business fast and without going through all the paperwork can buy a shelf company.
Such "purchased off the shelf" businesses are generally created and offered for sale by legal or accountancy firms.
Not to be confused with British Virgin Islands shell companies, frequently made-up organizations established solely for fraud and money laundering.
The individual or group that launched a shelf company went to the trouble of creating the business, setting it all up from a legal standpoint, but chose not to do anything with it.
If you are interested in incorporating an offshore company, go through the offshore company guide in BVI.
BVI Shelf Company with Bank Account
The price will be greater if the off-the-shelf business includes a bank account and a merchant account because they are frequently seen as premiums when buying this kind of organization. However, this implies that you won't have to go through the procedures required to create a bank account in the BVI.
It is advised to buy a business with extras only if necessary. If this is essential for your company's operations, have a team of professionals undertake due diligence on the bank statements and other documents made available because of the extras. Since these businesses are active and registered elsewhere (such as the bank in addition to the Trade Register), it is usually advised.
Benefits of BVI Shelf Company
Since you have a gist about what a shelf or a ready-made company is, let’s glance at the benefits you will derive by proceeding with it.
- You don’t need to undergo the company incorporation process
- The process can be carried out at a faster pace
- Buying a company with an older date helps you to gain market trust
- Since it’s an existing business unit, it becomes easier to develop banking relationships.
Setting up an offshore business in BVI helps a business investor to earn numerous benefits. To know more about it, look at the top 10 benefits of offshore company registration on the British Virgin Islands.
How to Buy a Shelf Company in BVI
When buying a ready-made company in the BVI, it doesn’t mean that the documents will be shipped immediately. Instead, a specific set of procedures needs to be followed. For example, if you are planning to buy an offshore shelf company and carry on the business process, you must use the following method.
1. Consult an Expert
As you commence your business activities in an offshore jurisdiction, conducting the same under the guidance of certified experts with complete knowledge is recommended. For example, when buying a shelf company in the BVI, one must clear the papers first. The legal processes need to be handled carefully as an error-free process will lead you to complete the goal.
2. Select the Respective Business Unit
Once you join hands with your business experts, you must go through the available list of business units to select the one that meets your business requirements. Experts deal with the offshore company incorporation process day in and out. Therefore, they will be better positioned to guide you regarding the shelf companies available in the market.
Pricing is the next factor that comes into consideration when buying a shelf company. It becomes an added advantage for business investors to deal with certified business experts because they can negotiate and get it for you at the best price.
3. Deal with the Offshore Bank Account
An offshore bank account is something you can’t avoid while incorporating an offshore business unit. Opening an offshore business helps a business investor carry out the transactions at an international level and become a global market player.
After you purchase an offshore shelf business, you need to open an offshore bank account online in any popular offshore destination reputed bank.
The investors hold the flexibility to open a bank account on the same offshore ground or can proceed with any other offshore location.
4. Get the Papers Updated
You must update the shelf company's documents in the next move. But, again, your business advisor can assist you in the process to make it more hassle-free.
5. Commence Business Activities
Once the paperwork gets completed, you can smoothly commence the business activities.
Now you must have got an idea regarding the moves to be initiated to buy a shelf company. To proceed, it is recommended to take the guidance of certified business experts who can assist you.
At Business Setup Worldwide, we take care of the business moves that need to be followed regarding company formation. From incorporating a new offshore unit to buying a shelf company and opening an offshore bank account process, our business experts can guide you at every step.
With years of industry experience, they can provide tailored solutions that have made us one of the top business consultants in Dubai.
To know further, contact us today-we’d be glad to assist!