British Virgin Islands Business Company (BVI BC)
British Virgin Islands is one of the world's most popular tax-free jurisdictions for registering offshore companies. Companies registered in British Virgin Islands are called British Virgin Islands Business Company (BVI BC) or British Virgin Islands Offshore Company (BVI Offshore). Over 40% of the offshore companies registered worldwide have been formed in BVI.
Major Incentives of BVI BC
BVI BC Regulatory Legislation
Since January 2007, the British Virgin Islands Business Companies Act 2004 has become the only document regulating BVI BC. This act is also known as Business Companies Act (BVI BCA).
BVI BC Corporate Name
Each company name shall include the word "Limited", "Incorporated", "Corporation", "Societe Anonyme" or "Sociedad Anonima" or the abbreviation "Ltd", "Corp", "Inc" or "S.A." depending on the legal form of the entity. Some words such as bank, financial, trust, insurance, trust, stock exchange, etc. cannot be in the BVI Company’s name.
Office Address & Local Agent
Registered office address of BVI BC are in the BVI itself. However, business address of BVI BC can be in any country. BVI BC is registered through a registered agent authorized by the BVI government.
BVI BC can be registered by a minimum of one shareholder. Citizens of any country can form a BVI BC. Legal entities may also become shareholders of BVI BC.
Directors and Officers
A minimum of one director is required to register BVI BC. Any individual or legal entity from any country may be appointed as directors and officers of the BVI BC. One person may be appointed for all positions, i.e. director, president, secretary and treasurer.
There is no requirement to deposit a share capital for BVI BC registration. Amount of the authorized capital can vary. In practice, most of BVI companies are is authorized to issue a maximum of 50,000 ordinary shares of a single class with a par value of US$1.00 each. Such company acceptable by 99% of our clients.
One should note that the number of shares the BVI company is authorized to issue affects the government registration fee and annual renewal fee. If a BVI BC is authorized to issue up to 50,000 shares, the BVI government charges a registration fee of $350. If a company is authorized to issue any number of shares exceeding 50,000, the BVI government charges a registration fee $1,100.
Unless it is authorized by its MOA and AOA, BVI Company has no authority to issue bearer shares. All issued bearer share certificates must be placed in the safe place of a custodian that has been approved by the BVI Financial Services Commission.
In modern practice, BVI BC authorized to issue bearer shares usually have issues with opening bank accounts for such BVI BC.
There are no income or other type of taxes for BVI Companies or its office holders and shareholders.
Are you looking to register your BVI Offshore Company?
We provide full assistance in registering BVI Business Companies. The choice of a suitable jurisdiction for your offshore company is an important decision and requires careful considerations. International business community and various monitoring authorities do not treat all tax havens equally. British Virgin Island is a well-known jurisdiction and recognized internationally. If you are looking to form your offshore company in the BVI, please contact us for further information.