British Virgin Islands (BVI) – is a British overseas territory in the Caribbean. It is one of the most popular offshore zones. Legally BVI belongs to the UK, which makes it a stable and economically reliable territory. The number of companies registered here has already exceeded one million. Somewhat BVI is an offshore reference zone, the most prestigious and respectable tax haven of the planet, and it is also one of the oldest.
Offshore financial services hold a significant part of the BVI economy. As for the country’s tax system, it is quite typical for the offshore zone: there is no income tax for commercial companies and individuals, and there are no taxes on capital gains. The only payments required are payroll tax (it amounts to 10% for small enterprises, 14% for the rest), licensing fee, as well as company registration fee.
Overall, the advantages of a BVI-registered company are:
- 100% foreign ownership allowed;
- preferential taxation;
- no foreign exchange regulations;
- no minimum capitalisation requirements;
- a legal system convenient for doing business based on the norms of English law which enables companies to cooperate with financial institutions of any country;
- no need to file accounts or a financial statement;
- no audit requirements to renew the company license;
- ability to open a corporate bank account in any country of the world.
From a bureaucratic point of view, registering a business at BVI is simple. You will need one shareholder and one director; the same person can take on both roles. The financial statements of the company can be stored in any country since there are no requirements for its form and mandatory delivery. Notwithstanding, the name of the company should not cause associations with the UK, the government, ministries and departments. If the company is engaged in banking, insurance or trust activities, the appropriate license is required.
Registration (incorporation) of an offshore company at BVI is straightforward. It usually includes a background check, submission of all the documents required and the payment of incorporation fee. Participation of the company head in the incorporation process is optional – all registration activities can be carried out by the agent.
The documents you need to provide are:
The Passport of every shareholder/beneficial owner and director;
The ID of every shareholder/beneficial owner and director;
Proof of residential address of every director and shareholder/beneficial owner (must be in English or a certified translation to English).
To start your BVI company with Acrabiz, check our services here