Advantages of BVI
BVI is the most popular offshore jurisdiction due to the following reasons:
- Exemption from all local taxes for BVI Business Companies conducting business outside of the BVI
- Well developed financial services industry
- Common law legal system based on English law
- Well developed professional infrastructure
- Excellent telecommunications system
- Easy air access to North America and Europe
- No foreign exchange restrictions.
Major advantages of BVI BC:
- Zero corporate income tax
- Corporate documents are well known to and widely recognized by international banks
- Not expensive annual support
- Not and never been blacklisted by FATF and OECD
- Information about corporate directors, officers, shareholders and beneficial owners is not filed with the BVI Register of Companies and closed for the public
- No restrictions on doing business and buying property in the BVI and all other countries
- Available for residents of any country
- Companies incorporated in any other jurisdiction may be continued in BVI as an BC
- BVI BC can, where the laws of another jurisdiction permit, redomicile to such jurisdiction.
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.
Directors and Officers
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.
Taxes and Tax Treaties
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.
Accounting and Audit Requirements
There are no accounting and audit requirements for BVI companies.
Annual General Meeting
Time Required for Incorporation
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.
Samuel Lewis Avenue and 55th Street PH SL 55 Building, Suit 3 Panama City, Panama
0834-1987 Panama, Republic of Panama
Toll free from the US/Canada: + 1-800-961-9655
Toll free from Switzerland: + 41 0800-562068
From the UK please dial: +44-2081149531