The British Virgin Islands (BVI) are a British overseas territory situated in the Caribbean (the Francis Drake Channel), with Puerto Rico to the east. Road Town, is the capital city of the British Virgin Islands, with a population of more than 30,000. The official currency and language of the British Virgin Islands (BVI) are the United States Dollar (USD) and English, respectively.
In the British Virgin Islands, the BVI Business Companies Act of 2004 governs company creation, regulation, and other incorporation-related activities. The government is a political democracy atop a monarchy based on the constitution.
The British Virgin Islands company register is a significant source of yearly income for the government of this jurisdiction, contributing more than fifty percent of the licensing costs paid by corporations. The British Virgin Islands is a respected offshore regulatory authority. The BVI Financial services commission is an independent regulatory body charged with overseeing business operations and other financial services on the island.
Benefits of Company Formation in BVI
- State of political and economic stability;
- The simplicity of installation, operation, and maintenance;
- A traditional offshore territory;
- tax-free status;
- at least one stockholder;
- No minimum paid-up share capital is required;
- Non-disclosure of the directors’, shareholders’, and beneficiaries’ information to the public;
- Non-residents are authorized to form offshore businesses in the British Virgin Islands for any activity permitted by state law.
- Non-citizens and citizens may form offshore corporations in the British Virgin Islands, and it is permissible to re-register the firm beyond the country’s boundaries.
- Nominative service is permitted;
- Asset security.
Here is the information you need to register a business in the British Virgin Islands (BVI). Read on about the BVI’s incorporation requirements, processes, and projected timetable.
Minimum Requirements to Register a Company in the British Virgin Islands
The following are the incorporation criteria for a Business Company, often known as an International Business Company (IBC):
- Director – 1
- Shareholder – 1
- Secretary of the Corporation – 1
Each of the aforementioned positions may be assigned to a single individual.
Directors and stockholders are not obliged by law to be of a certain country. Streamlining and simplifying IBC incorporation in the BVI.
In the British Virgin Islands, offshore businesses are popular because there are no minimum capital requirements, no income tax, no yearly reporting or auditing obligations, and no capital gains or withholding taxes. However, offshore businesses are prohibited from doing business in the BVI.
There is no residence requirement for shareholders/directors/company secretaries.
Although there is no set schedule, the incorporation procedure is rather easy. As long as you have completed the necessary paperwork, the procedure will be easy and straightforward. Here are the processes required to incorporate a business in the British Virgin Islands:
Step 1: Register Your Business Name
First, a business name must be reserved with the BVI Registry. It must be a distinctive name, and the BVI Commercial Registry will do the business search. Contacting the BVI Commercial Registry is required.
Step 2:Appoint a Registered Agent
When creating a company in the British Virgin Islands, you are obliged to have a registered agent.
Step 3: Establish a Bank Account
Before your business can begin operations, you must establish a corporate bank account. This stage must be completed prior to the drafting of business paperwork.
Employers must also register for social security payments.
Step 4: Submit All Needed Papers
Concurrently, you must draft the company’s Articles of Association as well as the information for the registered agent and business founders.
Once these papers are created, they must be submitted for approval to the Companies Registry.
After approval, you should determine whether you need to apply for any more permits to formally launch your firm. The Financial Services Commission is where you may receive these licenses.