Doing Business

Setting up a company British Virgin Islands

Trường Lăng

December 28, 2022

Doing Business

Setting up a company British Virgin Islands

Trường Lăng

December 28, 2022

British Virgin Islands (BVI), which has a population of 25,000, is located in the Atlantic Ocean just 96 kilometers east of Puerto Rico. With over 750,000 offshore firms formed since 1984, it is the top offshore jurisdiction. The largest island, Tortola, is home to Road Town, the BVI’s capital. The BVI belongs to the Eastern Caribbean Supreme Court (ECSC) area and has an English common law-based legal system. In order to hear business and financial matters from the BVI, a specialized Commercial Court was established in 2009. There is a right of appeal to the Privy Council in England as well as the Eastern Caribbean Court of Appeal.

The US dollar is the national currency, and English is the official language. Exchange restrictions do not exist. Inheritance tax, capital gains tax, capital transfer tax, and sales tax or VAT are all absent from the BVI. On some transactions, stamp fees and property taxes apply. In 2004, both corporate and individual income taxes were eliminated. Local employees are now subject to payroll taxes. In the BVI, there are no withholding taxes.

Following the adoption of the International Business Companies Act in 1984, which introduced the International Business Company, BVI became the market leader for corporate services (IBC). This quickly rose to prominence as the industry’s favored “offshore” vehicle and was especially well-liked in the Far East. The IBC Act was superseded by the BVI Business Companies Act of 2004, and the IBC is now replaced by the BC (Business Company). Over 450,000 active business firms are located in the BVI.

The commercial and professional infrastructure is strong, and the government is actively encouraging the growth of the financial services industry. In addition to being the second-largest hedge fund domicile and the fourth-largest captive domicile for insurance goods and services, the BVI is the world’s leading corporate domicile.

What conditions must be met in order to register an offshore business in the BVI?

You might need the following when forming a corporation in the BVI:

  • 01 director: Your BVI company only needs one director, and there are no restrictions on their country or place of residence. An individual or corporate entity can serve as a director. The identities of the directors are not publicly available because of the high level of confidentiality in the BVI. The necessity to file a Register of Directors with the Registry of Corporate Affairs within 14 days after the appointment of the first director is one of the major provisions included by the BVI Business Companies (Amendment) Act, 2015.
  • 01 shareholder: A minimum of one shareholder, who may also be the director, is required for your BVI company. Shareholders are free to dwell anywhere and might be of any country.

01 shareholder: A minimum of one shareholder, who may also be the director, is required for your BVI company. Shareholders are free to dwell anywhere and might be of any country.

What is the duration of the BVI offshore business registration process?

The procedure of registering an offshore business in the BVI could take two to three working weeks.

What processes are involved in forming an offshore corporation in the BVI?

There will be three primary steps:

STEP 1 – SUBMIT THE BVI COMPANY INCORPORATION ORDER FORM.

  • In the package details, if you could please include your email address, we will email you the relevant incorporation forms.
  • When we get the aforementioned information from you,
  • Verify the availability of the name of the proposed company.
  • Follow up with you to address any questions (if any) and provide appropriate advice.
  • You with a bill for our services.

STEP 2: PAYMENT FOR OFFSHORE COMPANY

We shall draft the incorporation documents to be properly signed either in Singapore before us or abroad before a Notary Public after obtaining payment for our services.

STEP 3: FORM A BRITISH VIRGIN ISLANDS COMPANY

We will start the BVI Offshore Incorporation registration process after the incorporation documents have been signed. You can start the process of opening a corporate bank account after the firm has been incorporated.

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