British Virgin Islands (BVI)
Main characteristics of the BVI Business Company
General
|
Type of company
|
BC
|
|
Disclosure of Beneficial Ownership to Government Authorities
|
No
|
|
Tax on Offshore Profits
|
Nil
|
|
Corporate Legislation
|
The BVI Business Companies Act 2004
|
Corporate
|
Min. No. of Shareholders
|
1
|
|
Min. No. of Directors
|
1
|
|
Min. Share Capital
|
US$ 1.00
|
|
Corporate Directors Allowed
|
Yes
|
|
Nominee directors allowed
|
Yes
|
|
Nominee shareholders allowed
|
Yes
|
|
Company Secretary Required
|
Optional
|
|
Standard Authorised Share Capital
|
US$ 50,000.00
|
|
Bearer Shares Allowed
|
Yes
|
Local
|
Registered Office
|
Yes
|
|
Registered Agent
|
Yes
|
|
Local Company Secretary
|
No
|
|
Local Directors
|
No
|
|
Local Shareholders
|
No
|
|
Local Meetings
|
No
|
|
Government Register of Directors
|
No
|
|
Government Register of Shareholders
|
No
|
Annual
|
Annual Return
|
No
|
|
Annual Accounts
|
No
|
|
Tax Return
|
No
|
Restrictions
- Can not carry on business in BVI.
- Can not do banking, insurance and registered agent business without special license.
- Naming Restrictions – In line with global norms, prohibited words include, for example “Bank” and “Building Society”, and the registry has discretion to reject names that are indecent, offensive or misleading.
Advantages of using BVI BC
- Fast incorporation procedures and simple ongoing administration.
- Reasonable formation and maintenance fees.
- Confidentiality.
- No minimum or maximum capital requirements.
- BVI BC’s may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
- Directors and shareholders can be either corporate entities or natural persons, residents of any country
- There is no requirement to register initial or ongoing changes in directors and officers.
- Full exemption from taxation on any business activity carried on outside the BVI.