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BVI is the most popular offshore jurisdiction due to the following reasons:
On January 1, 2007 the British Virgin Islands Business Companies Act 2004 became the sole Business Companies Act in the BVI.
The BVI BC Act removed the differences between BVI ‘offshore’ and ‘onshore’ legal entities. The term ‘International Business Company (IBC)’ was replaced by the term ‘Business Company (BC)’.
The Act cancelled restrictions on doing business in the BVI, which existed for BVI IBC. BVI BC is allowed to conduct business with BVI residents and buy real estate property in the BVI.
Despite of the new BVI legislation a lot of offshore service providers continue to use the traditional term “IBC” in regards to BVI Business Company.
The word “Limited”, “Corporation”, “Incorporated”, “Societe Anonyme” or “Sociedad Anonima” or the abbreviation “Ltd”, “Corp”, “Inc” or “S.A.” must be part of the name. Restricted names are ones that the Registrar may consider to be misleading, and include, for example, bank, financial, trust, insurance, trust, stock exchange, etc.
A minimum of one shareholder is required. Residents of any country, individuals and legal entities may become shareholders of a BVI BC.
Nominee shareholder services are available.
A minimum of one director is required.
Positions of President, Secretary and Treasurer are not mandatory for each BVI company.
Any persons including individuals and legal entities, such as corporations, limited liability companies, etc. residents of any country may be appointed as directors and officers of the BVI BC.
One person may hold all positions – director, president, secretary and treasurer.
British Virgin Islands Business Companies Act 2004 has abolished the idea of authorized capital of the company and replaced it with a maximum number of shares, which the company is authorized to issue.
Number of shares the BVI company is authorized to issue affects the government incorporation fee and annual fee.
If a company is authorized to issue up to 50,000 shares, the government fee is $350.
If a company is authorized to issue any number of shares exceeding 50,000, the BVI government fee is $1,100.
If a company limited by guarantee that is not authorized to issue shares or an unlimited company that is authorized to issue shares, the BVI government fee is $350.
BVI BC may be authorized to issue shares with or without a par value.
BVI BC has no power to issue bearer shares unless authorized by its memorandum or articles of association.
Issued bearer shares must be immobilized. All bearer share certificates must be placed in the safekeeping of a custodian, who has been approved by the BVI Financial Services Commission.
There are no income or other taxes for BVI BC or its directors, officers and shareholders.
The BVI has exchange of information relationships with 79 jurisdictions, 1 Double Tax Treaty, 25 Tax Information Exchange Agreements and 1 multilateral mechanism, more specifically the Convention on Mutual Administrative Assistance in Tax Matters.
Each BVI company must pay the annual renewal fee starting from the second year.
Names of the directors, officers and shareholders are not filed with the BVI Register of Companies, not included in the Memorandum and Articles of Incorporation and not available for the public.
Nominee services are available and furnished by our company.
There are no accounting and audit requirements for BVI companies.
Not required.
BVI companies the same or next business day. Time required for receiving of the registration documents from the BVI Register of Companies and legalization of the documents with Apostille is 5 to 8 business days.
Shelf companies are available immediately, and may be dispatched the next business day. If the Apostille legalization is required, it usually takes 2 to 4 business days.