The British Virgin Islands is a well-known offshore jurisdiction where entrepreneurs from all over the world flock to take advantage of beneficial conditions for business, low taxes, and flexible corporate laws. The destination does its best to comply with all international norms required to be on the white list of offshore jurisdictions – and it succeeds in doing so!
If you need more information on company setup abroad, we will be happy to see you on our portal called InternationalWealth where you will find a lot of articles on company establishment in different jurisdictions, international banking, tax optimization, asset protection, citizenship by investment, and so on.
High Reputation of the Jurisdiction
40% of the companies registered in offshore jurisdictions are based in the British Virgin Islands, and this number is growing despite all the events that are taking place globally and in the offshore business world. The popularity of the jurisdiction is the best evidence of the fact that it is surely recommendable. Let’s look at the main reasons why entrepreneurs opt for it:
- There is no VAT or sale, inheritance, gifts, or capital gains taxes.
- No tax is payable on corporate income.
- The jurisdiction has an excellent reputation.
- The BVI has well-thought-out corporate laws, great opportunities for doing business, vehicles/aircraft registration, and funds creation.
- The country participates in CFATF, IOSCO, and OECD.
- If you register a company in the jurisdiction, you will be able to use the services of international banks.
- There are a lot of good opportunities for international business development.
The local legislation has undergone considerable changes in recent years to meet the requirements of international regulators. For instance, banks, holding and insurance companies, and other entities are now obliged to fulfill the economic substance requirements (rent a local office, hire local employees, and so on).
BVI Company Formation
The most popular legal entity registered here is a limited liability company, and you need to add an appropriate ending to the company name (such as Ltd. or others) to identify it. You can use numbers instead of letters in the name.
The company can be fully owned by non-residents. You are required to declare the company’s authorized capital, but it is not paid in most cases. A BVI company can have only one director. You will need to submit the following documents for company registration:
- The beneficial and legal owners will have to provide proof of residence address.
- The director and the beneficial owner have to provide certified passport copies
Registration and Maintenance Cost
The BVI company setup costs at least 2,250 US dollars. Here are the services included in the price:
- Company registration
- Minutes and letter of Director appointment
- Share Certificate
- Payment of state duties
- Registers of directors and shareholders
- A Written Resolution of the Director
- Articles of Incorporation/Memorandum
Expedited opening of a corporate account with the Hong Kong payment system (8 working days) costs 2,950 US dollars, and it includes quick preparation of notarized documents for the procedure.
You will need to pay 2,250 US dollars on an annual basis to renew the company.
You are required to have a company seal that you can make yourself or order from us. If you need a nominee service, you may be relieved to find out that it is officially permitted in the British Virgin Islands.
You may need additional services for your BVI company that are listed below along with the price:
- Notarized/apostilled copies of documents – USD 1,000
- Notarized copies of documents – USD 700
- An additional notarized and apostilled power of attorney – USD 650
- Seal – USD 180
- A notarized and apostilled Certificate of Authority – USD 700
- A Certificate of Authority certified by the registered agent – USD 450
- A Certificate of Good Standing with an apostille – USD 700
- A Certificate of Good Standing without an apostille – USD 400
- Preparation/completion of the Register of Directors – USD 800
- Standard minutes/resolutions of meetings – USD 400
- Share Certificate issuance (per share) – USD 75
- Updating Registers – USD 250
- Certification by notary – USD 250
- Certification by the registered agent – USD 150
- Apostille – USD 350
- Courier delivery worldwide – USD 200
- Company liquidation – USD 1,900
- Company search report – USD 550
- Liquidator’s functions if the company is non-insolvent – USD 2,400
- Company name change – USD 1,000
- Registered agent substitution (transfer in) – USD 500
- Registered agent substitution (transfer out) – USD 800
- Financial report (up to 40 transactions a year) – USD 2,400
- Financial report (41 – 150 transactions a year) – USD 4,500
- Virtual office package (fax forwarding services, a dedicated phone line, and mail forwarding services) – USD 400 a month and more
These services are payable in advance, and prices may change depending on inflation, government fees, and demand for the service.
Interested in establishing a BVI company along with a corporate account? Do not hesitate to click on the above link and get in touch with our experts as payment systems have restrictions by country. Get your offshore company with a corporate account in no time without much hassle!