The British Virgin Islands are a group of 50 islands in the Caribbean Sea, located about 100 km east of Puerto Rico and in the immediate vicinity of the US Virgin Islands. The basis of the legislation is civil law of the United Kingdom (English Common Law), as well as individual constitutional acts of the United Kingdom (English statutes).
In 1984, the International Business Companies Act was passed to create the International Business Company (IBC), which is the preferred tool. In recent years, the British Virgin Islands have become quite popular, especially in the Far East, due in part to the marketing efforts of this jurisdiction, as well as to Panamanian lawyers who moved to the Islands during the Noriega regime.
We will help you to register IBC (International Business Company) in the British Virgin Islands. This type of company is not subject to any taxes and is of particular interest to foreign investors for the following reasons:
– the company is completely exempt from paying taxes and fees to the budget of the British Virgin Islands, even if the leaders of such a company are local citizens
– a company can issue registered shares and bearer shares (shares of this type can be transferred from one person to another simply by transfer; the names of their owners are not registered anywhere); she may acquire and be a holder of her own shares;
– the establishment of the company by one person is allowed – the presence of one director in the company is necessary; its functions may be performed by a legal entity
– there are no legislative requirements for the relative citizenship of directors and founders- meetings of shareholders, directors, officials can be held in any other country, as well as using telephone and electronic communications
– the cost of an annual license for this company in the British Virgin Islands is lower than in many other jurisdictions – the company is not required to provide information about its shareholders and directors
– the accounting and other statements of the company can be kept anywhere – the company is not required to provide any financial statements to local government bodies.
– Establishment of IBC in the British Virgin Islands – 2 days – submission to the authorized state bodies of the memorandum of association (Articles of Association), articles of association of the company, the certificate of the company-agent (Registered Agent) on the fulfillment of the requirements established by local legislation when establishing the company; obtaining a license and other necessary documents – about 10 days
IBC companies have the following characteristics:
IBC firms do not pay taxes in the British Virgin Islands
FOUNDERS To register a company requires at least 1 founder; Company shares may be registered or bearer. Information about the founders in the BVI public registers has not been disclosed. However, the list of shareholders (founders) must be kept at the company’s registered address in BVI. Since January 2005, a resolution has been adopted according to which enterprises whose status allows them to issue bearer shares must pay a Licensed State Duty in the amount of 1,000 USD, even if this company has not issued any shares. Shares must be held by a licensed attorney.
DIRECTORS A company requires at least one director. Perhaps corporate governance. Information about the Directors in the BVI public registers is not disclosed.
ANNUAL REPORTING No annual accounting reports are required. It is important to know that a fine of 50% of the state fee will be levied if the license fee is not paid in full.
RESTRICTIONS ON ACTIVITIES AND TITLE From the name should follow that this is a limited liability company – “limited”. Possible co-formation: Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima Some words, such as: Assurance, Bank, Building Society, Fund, Insurance. Royal and Trust may not be used without a license and special permission. LOCAL REQUIREMENTS In accordance with local law, a company MUST have a registered office at BVI and must also appoint a BVI resident as a registered agent. Our company provides such services.
No specific privacy legislation in BVI
Annual payments Provision of secretarial services (registered legal address, local resident agent, and company secretary US $ 1000 State Duty US $ 350 ___________________________________ FIRST YEAR COSTS US $ 2600 ___________________________________ FURTHER YEAR COST US $ 1350
The above prices are for the creation of a company with a maximum authorized share capital of US $ 50,000, that is, the maximum authorized share capital at which the company pays the minimum state duty. When registering a company with a higher authorized capital, you will need to pay large registration and state fees.
DIRECTORS / NOMINAL SHAREHOLDERS
POSTAL SECRETARY SERVICE
LINES TRUST SERVICES