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Read MoreBRITISH VIRGIN ISLANDS
British Virgin Islands Offshore Company Incorporation Overview
(Prices below do not include Nominee Director. Please refer to our Nominee Service Price List for fees.)
| Prices in USD | |
|---|---|
| Incorporation* | USD 1,750 |
| Bank Account | USD 800 |
| *includes first year Company Secretary | |
Business Companies (BC) are companies incorporated in the British Virgin Islands (BVI) under the International Business Companies Act, 1984, but whose business is to be conducted outside the BVI, and which may not do business with any person resident in the BVI.
BVI BCs are a very popular and widely used offshore companies because of their administrative ease, flexibility, taxation exempt status and the fact that they are widely accepted and understood by the international financial community. BVI BC ‘s may not own real property in the BVI, other than the lease of an office, and may not carry on banking or trust business (unless licensed under the Banks and Trust Companies Act, 1990) or insurance or re-insurance business (unless licensed in the BVI to carry on that business). Otherwise, BVI BC ‘s may engage in any activity that is not illegal under the laws of the BVI subject to any restrictions in their Memorandum of Association.
The British Virgin Islands are a small group of islands in the Caribbean Sea located 60 miles east of Puerto Rico. The BVI has excellent airline connections with Puerto Rico ‘s capital of San Juan, which is a major hub for American Airlines. The BVI financial services industry enjoys the advantages of having responsibility for its internal self-government, while maintaining the political and economic stability associated with being a British Overseas Territory.
The BVI have an independent legal and judicial system based on English Common Law, with a right of final appeal to the Privy Council in London. Policies and legislation are developed in close consultation with the private sector. Offshore business can be carried out in a tax-free environment.
| Key Corporate Features | |
|---|---|
| General | |
| Type of Entity | BC |
| Type of law | Common |
| Shelf Company Availability | Yes |
| Minimum Government Fees (Excluding Taxation) | USD 600 |
| Corporate Taxation | None on Foreign Profits |
| Double Taxation Treaty Access | No |
| Share Capital or Equivalent | |
| Standard Currency | USD |
| Permitted Currencies | Any |
| Usual Authorized | USD 50,000 |
| Minimum Paid-up Capital | USD 1.00 |
| Directors or Managers | |
| Minimum Number | One |
| Local Required | No |
| Public Access to Records | No |
| Location of Meetings | Anywhere |
| Members | |
| Minimum Number | One |
| Public Access to Records | Optional |
| Location of Meetings | Anywhere |
| Company Secretary Required | Optional |
| Local or Qualified | Not Required |
| Accounts | |
| Requirement to Prepare | Yes |
| Audit Requirements | No |
| Requirement to File accounts | No |
| Public Access to Accounts | No |
| Other | |
| Requirement to File Annual Return | No |
| Change of Domicile Permitted | Yes |
General Information
The British Virgin Islands consist of 60 islands and cays having a total land area of 150 sq km. The BVI lie to the north west of the United States Virgin Islands and are separated from them by a channel only five kilometres wide. The neighbour with the largest land area is Puerto Rico, 96 km to the west. Except for Anegada, which is a flat, coral island with little soil, the islands are hilly. The BVI ‘s greatest tourist attraction is their superb beaches.
Infrastructure & Economy
There is an excellent daily air service between the Islands and the USA. Cruise ships call in weekly to the Islands and there are freight carriers.
The economy, one of the most prosperous in the Caribbean area, is highly dependent on the tourist industry, which generates about 21% of the national income.
In 1985, the Government offered offshore registration to companies wishing to incorporate in the Islands.
| General Information | |
|---|---|
| Language | The official and spoken language is English. |
| Currency | United State Dollar (USD) |
| Exchange Control | None |
| Type of Law | Based on English Common Law with local modifications and local statutes. |
| Principal Corporate Legislation | The Companies Act (Cap. 285) and The International Business Companies Act (Cap. 291). |
| Company Information | |
| Type of Company for International Trade and Investment | The British Virgin Islands International Business Company. |
| Restrictions on Trading | BVI BCs cannot trade within the British Virgin Islands or own real estate there. Cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, collective investment schemes, trust management, trusteeship, the rendering of investment advice or any other activity that would suggest an association with the banking or insurance industries. Cannot offer its shares for sale to the public. |
| Powers of Company | A company incorporated in the British Virgin Islands has the same powers as a natural person. |
| Language of Legislation and Corporate Documents | English |
| Shelf Companies Available | Yes |
| Language of Name | Latin Alphabet. Any name in a language other than English must be accompanies by a translation to ensure that the name is not restricted. |
| Registered Office Required | Yes, must be maintained in the British Virgin Islands, and must be maintained at the office of a licensed management company. |
| Name Restrictions | Any name that has already been incorporated in Belize, or is so similar as to cause confusion. Any name which in the opinion of the Registrar is considered undesirable, obscene or offensive. Names such as royal or imperial and any name that suggests the patronage of Belize Government. |
| Names Requiring Consent or License | Any name that is identical or similar to an existing company, or any name that suggests the patronage of the Royal Family or the Government of the British Virgin Islands. |
| Suffixes to Denote Limited Liability | Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima or their relevant abbreviations. |
| Disclosure of Beneficial Ownership to Authorities | No. |
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