BVI COMPANY FORMATION AND BANK ACCOUNTS.
BVI Company. BVI Company Formation.
KGN specializes in BVI company registration and opening bank accounts.
Overview
The British Virgin Islands, or BVI for short, is a group of fifty islands in the Caribbean forming a British Overseas Territory. The main islands within this group are called Tortola, Virgin Gorda, Anegada and Jost Van Dyke. They have been autonomous from Britain since 1967. While the official name is the Virgin Islands, they are usually called the British Virgin Islands to separate them from the nearby American Virgin Islands.
BVI (British Virgin Islands) – General Information
Location: Caribbean, between the Caribbean Sea and the North Atlantic Ocean, east of Puerto Rico.
Area: total: 151 sq km, land: 151 sq km, water: 0 sq km, comprised of 16 inhabited and more than 20 uninhabited islands; includes the islands of Tortola, Anegada, Virgin Gorda, Jost van Dyke. …
Natural resources: NEGL; pleasant climate, beaches foster tourism.
Population: 35,015 (July 2017 est.).
Capital: Road Town 15,000 (2018).
Time Zone: UTC−4.
Languages: English (official).
Government type: Parliamentary democracy (House of Assembly); self-governing overseas territory of the UK.
Legal system: English common law.
International organization participation: Caricom (associate), CDB, Interpol (subbureau), IOC, OECS, UNESCO (associate), UPU.
Economy: The economy, one of the most stable and prosperous in the Caribbean, is highly dependent on tourism, which generates an estimated 45% of the national income. Because of traditionally close links with the US Virgin Islands, the British Virgin Islands has used the US dollar as its currency since 1959. Livestock raising is the most important agricultural activity; poor soils limit the islands’ ability to meet domestic food requirements.
In the mid-1980s, the government began offering offshore registration to companies wishing to incorporate in the islands, and incorporation fees now generate substantial revenues. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offenses, made the BVI even more attractive to international business.
Currency: US dollar.
Advantages of BVI Company Registration
Forming a company in the British Virgin Islands means setting up a so-called BVI Business Company or BVI BC. These are the most popular form of offshore companies in the world. They are available to residents of any country in the world and can be formed as a continuation of another company in another part of the world. There are many benefits to a BVI BC:
0% corporate tax
0% capital gains tax
0% profit tax
0% gift tax
0% sales tax / Value Added Tax
0% inheritance tax
No stamp duty except for land transactions in the British Virgin Islands itself
No restrictions on doing business anywhere in the world
Ability to transfer and repatriate money without fees
A minimum of one shareholder is required for a BVI company registration
A minimum of one director is required for a BVI company registration
Corporate directors and shareholders are permitted
No need to publicise company directors, officers, owners or shareholders
BVI Company Formation – Legislation
Principal Corporate Legislation
The BVI Business Companies Act, 2004 (“the Act”) as amended.
Type of Law
Common.
Language of Legislation and Corporate Documents
English.
Type of Entity for International Trade, Investment & Tax Planning
BVI BC (Business Company).
Key Facts
Share Capital
There is no concept of authorised share capital in the Act. Standard authorised share capital is US$50,000. Minimum paid up share capital is US$1.
Classes of Share Available
Registered shares, shares of no par value, bearer shares, preference shares, redeemable shares and shares with or without voting rights. Bearer shares will be subject to anti-money laundering and due diligence obligations and a company which is authorised to issue bearer shares pays higher incorporation and annual fees.
Bearer Shares
Permitted.
Restrictions on Trading
A BVI Offshore Company cannot trade within the British Virgin Islands or own real estate there. Banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship business provision are not permitted.
Registered Agent Required
Each BVI Company must have a Licenced Registered Agent.
Registered Office Required
Each BVI Company must have a Registered Office, provided by a Licenced Registered Agent.
Directors
A BVI Company requires a minimum of one director. Director can be of any nationality and need not be resident in the British Virgin Islands. Corporate directors are permitted.
Shareholders
A BVI Company requires a minimum of one shareholder.
Publicly Accessible Records
No.
Nominee Shareholders and Nominee Directors
Allowed.
Location of Meetings of Directors and Shareholders
Anywhere.
Personal Presence Required
No.
Taxation
Nil.
Double Taxation Treaty Access
None.
Requirements to File Accounts
None.
Requirement to File Annual Return
None.
Audit Requirements
None.
Exchange Control
None.
Time to Incorporate
Two days.
BVI Company Formation – Name of a Company
Language of Name
English.
Restricted Words
Words such as “Assurance”, “Bank”, “Building Society”, “Royal”, “Trust”, “Trustee” etc. will require justification.
Name of a Company
The words “Limited”, “Corporation”, “Incorporated”, “Societe Anonyme”, “Sociedad Anonima” or Ltd, Corp., Inc., S.A. must be part of the name.
BVI Company Registration Prices
BVI Company Registration Package Includes:
Company Name Check
Initial Business Approval
Preparation of Application Documents
Company Registration Fee
Registered Office Address for 1 year
Registered Agent Services for 1 year
Government filing fee
Certificate of Incorporation
Memorandum & Articles of Association
Minutes of first meeting appointing the director(s)
Share Certificate(s)
Register of shareholders
Register of directors
Starting at: $1690
+ $450 Government Fees
Why Choose KGN?
We’ve been helping business owners since 1996
Incorporating your business is our focus
We make a complex process fast and easy
We work closely with Companies Registries to guarantee our service
Fastest offshore companies & accounts – Most competitive pricing worldwide
Services related BVI Company Registraion
KGN provides the following services related BVI Company Registration:
BVI Company Registration
Registered Office and Agent Services
Secretarial Services
Nominee Shareholder/Nominee Director
Opening of Bank Accounts
Full Administration Services
Mailing Address
Trademark Registration
Yacht Registration
KGN Services | BVI Company Formation | BVI IBC | BVI Company
Tags: BVI company formation | BVI company registration | BVI IBC
Requirement to File Annual Return