BVI Companies (BVI IBC)

BVI Companies — Progressive Legislation.

The IBC legislation was introduced in 1984 but was developing and subsequently amended taking into consideration the changes required by the industry.

BVI Company — Fast Incorporation.

Under normal circumstances, a B.V.I. IBC can be incorporated within 3 working days.

BVI Company — Flexible Structure.

• Only one director and one shareholder is required for company formation.
• Shareholder(s) and director(s) may be the same person.
• The shareholder(s) and director(s) can be a natural person or a corporate body.
• There is no requirement for appointing local shareholder(s) and director(s).
• There is no requirement for a resident secretary

BVI Company Privacy.

The incorporation documents do not carry the name or identity of any shareholder or director. The names or identities of these persons do not appear in any public record.

BVI Company Confidentiality.

Shareholder(s) and director(s) nominee services are allowed to ensure the confidentiality of beneficiaries.

BVI Company Shares and Capital Requirements.

• Shares can be issued with or without par value;
• Shares may be issued in any recognizable currency or in more than one recognizable currency;
• Shares may be paid up in cash or through the transfer of other assets or for other consideration;
• The bearer shares may be issued
• The standard share capital is USD 50,000 or an equivalent in another recognizable currency.

BVI Company Minimum Capitalization.

The minimum paid in and issued capital may be one share which is fully paid.

BVI Companies Taxation.

According to the BVI Business Company Act 2004, all BVI offshore companies are exempted from all corporate taxes.

BVI Companies Books and Records

IBC records and accounts do not have to be held or filed with the authorities. If the shareholders, directors or officers decide to maintain such records or accounts, these may be held anywhere in the world.

Annual financial statements and other records.

• There is no requirement for any financial statements accounts or records to be kept for a BVI IBC;
• If it is found to be desirable or necessary by the director(s) or shareholder(s) these records may be held anywhere in the world

BVI Companies — Meetings of shareholder(s) and director(s).

• There is no requirement for meetings of shareholder(s) and/or director(s)
• If meetings of shareholder(s) and/or director(s) are desirable these meetings can be held by telephone or any other electronic means of communication providing that all participants can clearly hear each other.
• Meetings if thought necessary can be held anywhere in the world.

Doing business with BVI residents and companies.

A B.V.I. IBC is restricted from doing business with BVI residents or companies except where:

• It makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, management or secretarial companies, investment advisors, or other similar persons or entities carrying on business within the BVI.
• It prepares or maintains books and records within the BVI (if it decides to keep such books and records).
• It holds within the BVI, meetings of its directors or members (if it so desires).
• It holds a lease on property for use as an office from which to communicate with members or where books and records of the company are prepared or maintained (if so decided).
• It holds debt obligations, shares or other securities in a BVI IBC or any other locally incorporated company.
• Shares, debt obligations or other securities in the company are owned by any person resident in the BVI or by any BVI IBC or any other locally incorporated company.

BVI Companies — Restrictions on Business Activities.

There are no restrictions on doing business outside of the BVI except illegal activities or such activities that require additional licensing such as: provision of banking services, services of the insurance and trusts.

One of the following words must be used at the end of the company name “Limited”, “Corporation”, “Incorporated”, “Société Anonyme”, “Sociedad Anonima” or abbreviations thereof “Ltd.”, “Corp.”, “Inc.”, “S.A.”.

BVI — Country Profile

The British Virgin Islands known commonly as the BVI and its people as British Virgin Islanders is a British dependant territory whose external affairs, defense and public service still reside under the authority of the Queen, who is the Head of State with a resident appointed Governor.

A locally elected parliament consisting of the Executive and legislative councils forms the government of this stable democracy. The BVI provides all the security and political stability associated with the British tradition.

Being in contact with the BVI is fast and easy. A highly developed telecommunications network provides for state of the art telephone, e-mail and fax service internationally. Logistically, the BVI is strategically placed very close to Puerto Rico and the US Virgin Islands with daily direct flights to and from the international airport at Beef Island, which is connected to the main island of Tortola by a short bridge.

The BVI is a beautiful place to live, visit or just to do business. With a number of resorts, family-type villas, smaller Inns and hotels, you will be able to find the accommodation just right for you when on business or vacation. Most stay over visitors come by yacht to the many marinas which are located throughout the islands which constitute the Virgin Islands. The BVI is made up with numerous small islands, many of which are uninhabited. The larger and more developed islands are Tortola, Virgin Gorda, Anegada and Josh Van Dyke. The capital is Road Town and situated in Tortola. The population of the BVI is approximately 19,000.

There are two main sectors in the islands economy, tourism and off-shore financial services. The tourism sector boasts world class yachting opportunities, long and un-crowded, white, sandy beaches in the Caribbean Sea. Many islands with variety such as Anegada, which is a flat coral island compared to Tortola, which is hilly and provides vantage points to enjoy the many scenes. Don’t miss the culture through island art, music, dance, local history and cuisine. There are many events throughout the year which highlights some of this rich and varied culture.

In the offshore financial services sector, laws of offshore companies were passed as early as 1984, but in 2004, a new company’s act was put in place — the BVI Business Company Act. This is a revised and amended BVI company act providing user friendly legislation for BVI companies.

Since the introduction of BVI international business companies, the BVI has developed a reputation for providing professional service with integrity, while maintaining the privacy expected by offshore companies. The highly developed business infrastructure includes among others, International banking services, corporate services, re-invoicing, accounting, mutual funds, captive insurance companies and legal services to make it a true financial centre.

All Inclusive Packages from £590 or $1090!