Ready made companies
Brief jurisdiction description
The British Virgin Islands are economically interdependent with the U.S. Virgin Islands to the south. The islands received a separate administration in 1956 as a Crown colony. In 1985, the Government offered offshore registration to companies wishing to incorporate in the Islands. The adoption of a comprehensive insurance law in late 1994, which provides a blanket of confidentiality with regulated statutory gateways for investigation of criminal offences, is expected to make the British Virgin Islands even more attractive to international business. 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.
Company law
BVI Business Companies Act 2004 as amended.
A type of company preferred for international transactions
Business Companies (BCs).
Capital requirements
No minimum paid up capital requirements.
Who may incorporate
The registered agent forming the company must be named in the Memorandum and must be locally licensed. Ready made companies are available only from registered agents.
Method of incorporation
Articles of Association and Memorandum are signed by authorised signatory of an agent, recognized by the Registry. Then the documents are submitted to the Registrar of Corporate Affairs in the approved form and with relevant fees. For BCs - subscribing by registered agent.
Minimum shareholders/members
One.
Directors and company secretary
Minimum of one director is required. Company secretary isn’t required. They do not have to be a resident. Corporate directors are possible. It is not required to register information about "shadow directors".
Registered office
Registered office and registered agent are required in BVI. For BCs, registered agent provides the services of registered office.
Annual fees paid to authorities
For limited companies authorised to issue shares: USD 350 up to 50,000 shares, USD 1,100 for more than 50,000 shares. For companies not authorised to issue shares and unlimited companies: USD 350. For foreign companies: USD 300.
Taxation rates, exchange control, audit, other financial restraints
There is no income taxation for BC; however companies based in BVI must pay payroll tax. Annual return with details of directors and members is required only from foreign companies and unlimited companies not authorised to issue shares. Disclosure of profits and the audit of financial statements of a company are not required. The currency is US dollar or stated equivalent; there is no exchange control.
Meetings
Directors meetings can be in or outside the jurisdiction and by telephone,
alternate directors are allowed; members meet when directors consider necessary or on demand by holders of 30% of members votes, or upon Court order.
The new Business Companies Act (No 16 of 2004), which took effect on 1 January 2005, has been drafted to ensure that the territory is fully compliant with the European Union (EU) Savings Tax Directive and EU Code of Conduct on Business Taxation. United Kingdom has the same requirement for all its Overseas Territories. The new legislation means an end to the distinction between offshore and local firms in BVI.
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- A brochure of Company Express Group describes services offered and characteristics of most popular offshore jurisdiction.