Offshore Company registration in British Virgin Islands
British Virgin Islands Business Company
BVI Business Companies are highly popular and often used offshore companies because of their administrative simplicity, flexibility, tax exemption status and above all, acknowledgment and recognition by the global financial community.
One of main features of the BVI jurisdiction is confidentiality. Information about company’s beneficial owners, directors and shareholders are NOT publicly available. Company documents and information are kept at the Registered Agent’s office and they are at disposal to Company shareholders.
If the company owners wish to file the Register of Directors and/or the Register of Members with the BVI Registrar of Companies, they may certainly do so.
BVI company requires a minimum of one owner, one shareholder and one director. They can be either private or corporate entities of any nationality. One entity can act as owner, shareholder and director. Management structure of BVI company can be tailored in a accordance with a wide range of clients’ requirements. A company with sole director/member/shareholder may appoint additional director to take his/her place in the case of bereavement.
Should for some reason (nationalization, confiscatory tax, expropriation), a foreign Government seizes company shares, the shareholder may apply to the BVI Court, asking them to disregard the seizure and hold the shares accordingly.
Accounting and Submission of Financial Reports
BVI companies are not obligated to prepare or file accounts. However, the companies must keep sufficient records of financial transactions which will determine their financial position with reasonable accuracy.
Type of formation
BVI company may be incorporated as: a company limited by shares, a company limited by guarantee (with or without authorization to issue shares), an unlimited company (with or without authorization to issue shares), a segregated portfolio company and a restricted purpose company.
BVI company name can neither be identical nor similar to the name of an existing BVI company.
The company may not be registered under a name that contains a “restricted” word or phrase, such as the words “Assurance”, “Bank”, “Building Society”, “Chamber of Commerce”, “Chartered”, “Cooperative”, “Imperial”, “Municipal”, “Royal”, “Trust” or any word conveying a similar meaning, as well as any name suggesting the patronage of the British Royalty, British, BVI or any other government or its department.
The Registrar may also refuse the registration of any particular name if, in the opinion of the Registrar, such name is offensive or, for any other reason, objectionable.
The name of a limited company, shall end with the word “Limited”, “Corporation” or “Incorporated”; the words “Societe Anonyme” or “Sociedad Anonima”; the abbreviation “Ltd”, “Corp”, “Inc” or “S.A.”; or such other word or words, or abbreviations thereof.
The name of an unlimited company shall end with the word “Unlimited” or the abbreviation “Unltd”.
The name of a restricted purposes company shall end with the phrase “(SPV) Limited” or the phrase “(SPV) Ltd”.
BVI company is not permitted to engage in the following activities: insurance, banking activities, trust, joint funds, re-insurance.
International BVI Business Company may:
1. Own vehicles registered in the BVI
2. Own shares of another BVI company
3. Engage in commercial property leasing
4. Deposit/invest money in the BVI based banks
5. Maintain professional contact with the BVI residents
The British Virgin Islands signed Double Tax Treaties with Japan and Switzerland.
Company formation – USD 1250
Document certification – USD 350
DHL – USD 100
TOTAL – USD 1700
Registered agent & registered address USD 990
Nominee Director (corporate) – USD 600/per year
Nominee Director (private) – USD 750/per year
Nominee Director signature/per document – USD 200
Nominee Shareholder (corporate) – USD 300/per year
Nominee Shareholder (private) – USD 750/per year
Certificate of Incumbency (Notary & Apostille) – USD 450
Certificate of Good Standing (Notary & Apostille) – USD 450
Notarization & Apostilization/per document – USD 250
Company name change – USD 300
Yacht registration – USD 2500
Company renewal/struck off the Register (within 6monts) – USD 675
Company renewal/struck off the Register (after 6 months) – USD 1075
Change of Registered Agent – USD 200
Change of company ownership USD 400
In order to commence company formation, the client would need to complete a special form specifying the requests. The form will be used to determine a list of required documents and provide relevant information.
Generally, you may be asked to provide the following
1. Company name suggestions (3-4)
2. Passport copy
3. Utility bill (electricity, telephone, etc.) as proof of address
4. Advance payment to EURO COMMERCE LLC bank account