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The British Virgin Islands (BVI)The British Virgin Islands (BVI) is a British overseas territory, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the U.S. Virgin Islands. Technically the name of the Territory is simply the "Virgin Islands", but in practice since 1917 they have been almost universally referred to as the "British Virgin Islands" to distinguish the islands from the American Territory. To add to the regional confusion, the Puerto Rican islands of Culebra, Vieques and surrounding islands began referring to themselves as the "Spanish Virgin Islands" as part of a tourism drive in the early 2000s

 

British Virgin Islands

Executive authority in British Virgin Islands is invested in The Queen and is exercised on her behalf by the Governor of the British Virgin Islands. The Governor is appointed by the Queen on the advice of the British Government. Defence and Foreign Affairs remain the responsibility of the United Kingdom.

The primary language is English, with a quick creole accent.

Currency - U.S. dollar.

As a tax haven the British Virgin Islands enjoys one of the more prosperous economies of the Caribbean region, with a per capita GDP of around $38,500. Tourism accounts for 45% of national income. The islands are a popular destination for U.S. citizens, with around 350,000 tourists visiting annually.

Substantial revenues are also generated by the registration of offshore companies. As of 2004, over 550,000 companies were so registered. In 2000 KPMG reported in its survey of offshore jurisdictions for the United Kingdom government that over 41% of the world's offshore companies were formed in the British Virgin Islands. Since 2001, financial services in the British Virgin Islands have been regulated by the independent Financial Services Commission. While at one time the BVI was well regarded as a good domicile for captive insurance services, this changed beginning in recent years with the change of insurance regulators in 2007 and the government's increasing pressure to hire only locals ("belongers") in the insurance industry. Work permits for non-belongers, while always difficult to obtain, became even more so. Because of the lack of qualified local talent in the insurance area and the marked decline in the level of government services in the area, there has been a marked exodus of insurers from the BVI beginning in 2008. Other Caribbean jurisdictions picked up the slack (e.g., Anguilla) along with several U.S. states that became possible jurisdictions for alternative risk planning.

Characteristics of an offshore company registered in the jurisdiction of British Virgin Islands


Corporate Law

BVI business Companies Act 2004 (as amended)


Types of company

The types of companies available under the BVI Business Companies Act 2004 are:


Flexibility in company structure of an offshore British Virgin Islands Company.

Shares and capital requirements

Bearer shares

Bearer shares are also allowed, but must be transferred to special authorized company for storage. International Business Companies (IBC), engaged in issuing bearer shares from the 1st January 2005 must pay an annual license in the amount of $ 1,100. In order to avoid paying high license fee, the contract and the charter company must exclude the possibility of issuing bearer shares.


Taxation

IBC are exempt from all taxes on income, on corporate income, personal income, trade, inheritance, dividends. However, there is an annual fixed fee.


Annual Fees

Regardless of the type of shares issued, the registration fee for renewal of registration for all companies in 2009 remained the same:

US $ 350.00 for the companies issued with less than 50,000 shares;

US $ 1,100.00 for the companies issued more than 50,000 shares.

In 2010, the registration fee for renewal of registration for companies with DEPOSITED bearer shares will be as follows:

US $ 800.00 for companies with bearer shares deposited in an amount less than 50,000 shares;

US $ 1,100.00 for the company deposited the bearer shares to the tune of more than 50,000 shares.

Term of payment of annual fees depending on the date of incorporation. Companies registered in the first half of the year, the government must pay the fee no later than May, a company registered in the second half of the year, must pay the fee no later than November.


Reporting / Meetings

IBC in the British Virgin Islands, should not submit any financial statements or tax returns. However, the company must keep accounting records reflecting the financial position of the company. There is no need to register or pay to register any of the documents or records of the company, other than the Memorandum and Articles of Association, changes made in the Memorandum or Articles of Association, the decisions on the reorganization, merger or consolidation, as well as a certificate of dissolution or liquidation of the company. The company can keep their records in any form in any part of the world.

There is no requirement for meetings of shareholder(s) and/or director(s)

If meetings of shareholder(s) and/or director(s) are desirable these meetings can be held by telephone or any other electronic means of communication providing that all participants can clearly hear each other.

Meetings if thought necessary can be held anywhere in the world.


Privacy for identity of principals

The BVI incorporation documents do not carry the name or identity of any shareholder of director. The names or identities of these persons do not appear in any public record.


Confidentiality

Shareholder(s) and director(s) nominee services are allowed to ensure confidentiality of beneficiaries.


Company names

The names of the offshore company must end with the following words, phrases or abbreviations: "Ltd.", "Corporation", "Corp.", "Incorporated", "Inc.", "Societe Anonyme", "SA", "Besloten Vennootschap", " BV "," GmbH "," Namloze Vennootschap "," NV "," Company "," Limited "," LLC "," Sociedad Anomina "," Public Limited Company "," Societe "," a Responsabilite Limitee "," Berhad "," Proprietary "," PLC "," Aktiengesellschaft "," SARL "," Bhd "," Pty "," AG "

 

International business company (IBC) - Standard order

 International business company (IBC) 

US$ 1,350.00

 US$ 1,950.00

Standard order

The documents/services which are provided to the client are:

  • Certificate of Incorporation 
  • First Resolution of Director
  • Memorandum and Articles of Association
  • Share Certificate
  • Courier services
  • Corporate seal                     

       Price - US$ 1,350.00 includes:

  • Payment of government duties for registration of offshore company
  • Services of the registered office & registered agent in BVI for first year
  • Services of registered office for first year.
  • Courier

Standard order with Nominee Services:

The documents/services which are provided to the client are:

  • Certificate of Incorporation
  • Memorandum and Articles;
  • First resolution of the Directors
  • Appointment of First Directors;
  • Share Certificate;
  • Deed of Trast
  • Register of the Directors and Shareholders;
  • Letter of the acceptance of the Director;
  • Power of Attornay;
  • Apostille Bound Set in the country of registration;
  • Agreement for the provision of nominee services
  • One round rubber company stamp

Price - US$ 1,950.00 includes:

  • Payment of government duties for registration of offshore company;
  • Services of the registered office & registered agent in BVI for first year
  • Services of registered office for first year;
  • Nominee services for first year;
  • Courier.


Ready-made (shelf) companies

We have specially registered some companies for your convenience if you require the company immediately or if you require company with older incorporation date. You can sign the bank account opening forms as soon as you have purchased the shelf company which let's you to receive the account number and IBAN number straight away.
All these companies have not traded or entered into any dealings or obligations whatsoever. Since their incorporation, their documents have been kept motionless on the shelf in our office.
Please note that due to the fact that these are "shelf" companies they are without Apostille and most probably, you will need it so it will take 1-2 business days to arrange for it. And if you are a new customer it will take some time to fill out all the necessary forms due to our companies "know your customer" policy.
The Price for the shelf company varies depending on the incorporation date of the company.

For more detailed information about company formation in BVI or "shelf" companies please contact us and our experts will be glad to help you in any question you may have. Our telephone number is + 357 22 680602 and e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it..