|Main corporate features|
|Type of Company||BC|
|Type of Law||Common|
|Shelf company Availability||Yes|
|Company Registration Period||5-7 days|
|Double Taxation Treaty Access||No|
|Automatic Information Exchange Agreement||Yes|
|Minimum Paid-Up Capital||No|
|Publicly Aсcessible Records||No|
|Board of Directors’ Meeting Location||Anywhere|
|Publicly Aсcessible Records||No|
|Place of holding of Meetings of Shareholders||Anywhere|
|Keeping of records|
|Account Filing Requirements||No|
|Publicly Accessible Accounts||No|
|Recurring Government Costs|
|Minimum Annual / Licence Fee Share Capital 50 000 or less||US$350|
|Annual Fees (up to 50,000 shares, regardless of the par value)||US$350|
|Share Capital more than 50 000||US$1100|
|Annual Fees (over 50,000 shares, regardless of the par value)||US$1100|
The modern legislative system is based on BVI companies Act and the BVI Business Companies Act, 2004 (“The BVIBC Act” as amended). As per the law provision an offshore company (IBC) registered in BVI can be engaged in any business activity worldwide.
Type of Company used for International Business and Investments
BC - Business Company
Any activity allowed by BVI companies Act,except for banking, gambling, insurance and trust activity and any activities or any other activity that can be prohibited by any current law of BVI.
Obligatory Requirements to Offshore Company
BC should have a Registered Office and Registered Agent in the BVI and cannot conduct business operation on the territory of BVI without the proper local licenses such as Trade Licenses.
The offshore company is exempted from taxes on 100%.
Authorized Share Capital
There is no requirements to the size of authorized share capital.
Standard Authorized Share Capital is USD 50,000 divided into 50,000 shares of USD1.00 each .
There is no requirement for payment of share capital.
Bearer shares are permitted, but must be kept in custody of a licensed provider of such services.
No par value Shares
Shareholders and Directors
The minimum number of Shareholders - one (physical or legal person).
The minimum number of Directors - one (physical or legal person).
There is no nationality and residence requirement. One and the same person can be director and shareholder.
Registers of directors and shareholders are not available.
The secretary is not required by law. It is optional.
Provision of Fiduciary Services
Disclosure of Information on the Beneficial Owner and Bank Operations
Information is not available to the third parties unless required by the BVI Authorities.
Meetings of shareholders and directors can be carried out worldwide.
Filing of Annual Accounts
Filing of Annual Return
Keeping of Documents of the Company
The place of keeping of operational documentation (resolution, minutes of meeting entc) of the company is at the discretion of the directors.
Registration Time Frame
IBC can be registered within 5-7 working days.
Shelf Company Availability
It is possible "to import" foreign IBC to jurisdiction of BVI and also BVI offshore company can be "exported" to other jurisdictions.
Being a former colony of the Great British Empire, BVI has inherited its legal system and the forms of business organization, implementing government-regulated schemes to attract foreign investment and provide economic growth. Thanks to successful implementation of the schemes, today BVI offshore is in great demand.
British Virgin Islands is an unusual type of offshore jurisdiction. The first edition of the Law on international business companies (IBC) was adopted in 1984. The country promptly gained the position of an offshore leader, and today it continues to hold it, despite the relentless competition. In addition to the above, it follows a highly developed business strategy and uses English as an official language.
In 2007, the BVI IBC abandoned its former legal entity registration concept. According to the law, no business companies registered in BVI are divided into offshore and local any more. All companies are allowed to conduct business in British Virgin Islands and make a profit using local sources. However, none of the companies registered in the islands have to pay income tax. They contribute to the budget by paying fixed annual fees.
Thus, BVI offshore can be used as an efficient tax optimization vehicle.