British Virgin Islands

Description

The Great Britain provides solutions for international relationaships, protection, internal security and legislation. British Virgin Islands use legislation model similar to the English one with some local changes, providing full protection of rights in London Privy counsil. Most unfavorable factor related to company formation in this jurisdiction is the fact that British Virgin Islands joined tax initiatives of ORCD and signed agreements on tax information exchange with USA.

General information about British Virgin Islands (Business companies (BC))

  • No limitations in share capital for BC, 50 000 USD is a recommended one.
  • Minimum number of shareholders: one.
  • Minimum number of directors: one.
  • Any private individual or a legal entity, both resident and nonresident may become a director.
  • Offshore companies must have an office, registered on the islands.
  • British Virgin Islands offshore company is not entitled to invest funds into real estate, i. e. it is not allowed to purchase land and building, but it is possible to rent an office for the company’s registered office.

UniverseLAW offers full range of professional services, associated with business organization on British Virgin Islands:

  • preparation and submission of the documents, required for business registration on British Virgin Islands;
  • legal address;
  • arrangement of visits and accompanying clients for the notary office visits;
  • assistance in opening a bank account.

Advantages

  • Reasonable pricing for an offshore company formation.
  • English is an official language on BVI.
  • Flexible legislation.
  • If necessary, nominal service is possible.
  • No requirements to accounting.
  • No resident secretary required.
  • No limitations for trade outside the country.
  • Limitations exist for illegal activities, or activities which require additional licensing and permissions.

Taxation

British Virgin Islands companies are exempt from taxes.

Accounting

Bookkeeping is required for a BVI offshore company, but the reports don’t have to be filed.

Documents

Required documents for registration

Documents required for company formation on BVI:

For private individuals:

  • passport
  • document confirming residence address

For legal entities:

  • registration documents
  • passport copies of all private persons in the company’s structure

Time required for company formation:

Up to 2 weeks.

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