The British Virgin Islands (BVI) is generally regarded as the premier offshore corporate domicile.
Tourist advertisements proclaiming the qualities of the British Virgin Islands generally refer
to them as "nature`s little secrets."
However, largely due to its hallmark International Business Companies (IBC) Act of 1984,
BVI is no longer a secret within the global financial community.
Take advantage of the profitable regulations proposed by the BVI to set up your offshore company.
Updated: 14 Oct 2019
Author: Alan, K.
Outline of BVI
The BVI is located in the Caribbean Sea, about 95 kilometers east of Puerto Rico, and consists of 50 islands. It`s population count is approximately 21,000.
Its main island, Tortola, whose capital city is Road Town, houses almost half of the country`s population (13,500).
In recent years, BVI has developed into an international financial center.
Merits of a BVI Company
BVI is one of the most famous jurisdictions in the world to incorporate. In fact, over 300,000 global companies have incorporated in BVI.
BVI is also a tax-haven. A BVI companies have many advantages include the following:
- Fast and easy incorporation procedures.
- Profit earned outside of BVI are not taxed.
- The local government keeps out of company activities.
- Personal information is not required to be revealed or recorded.
- BVI companies can be managed from anywhere in the world.
- Company activities have no legal obligations.
- Profits earned through interest or commission are not taxed.
- Royalties from patents and copyrights are not taxed,etc...
Incorporation only:
EUR 2300.00
Courier fee: EUR 70
With documents:
EUR 2550.00
Courier fee: EUR 70
Minimum Authorized Capita of BVI Company
There are no minimum capital requirements -- though we recommend to incorporate with an authorized share capital of USD 50,000 with a par value of USD 100.
Higher capitals are also accepted: note that in these cases, the business license fee are increased.
Authorized Capital is not the same as Paid Up Capital, so this amount may not need to be produced.
Changing the amount of capital can also be done. For instance, you may increase your capital from USD 50,000 to USD 500,000 with the necessary license fee.
Procedure
Some of the incorporation fees of a BVI company are for the following procedures:
- Name check
- Preparation of Memorandum, Articles, and Registration Forms
- Filing with the registrar of companies
- Payment of filing fees
- Production of the Certificate of Incorporation
- Production of Share Certificates
- Production of Board Meeting Minutes
- Bank account creation
- Register of directors and shareholders
- 1-year registered office
- 1-year registered agent
- 1-year maintenance and offshore flat tax
Incorporation fees are calculated based on a capital of USD 50,000. For higher capitals, additional fees will be called for depending on the amount.
Renewal and Maintenance Fee
Though taxes are non-existent in tax havens such as the BVI, the government will require a renewal fee from each of its companies.
This serves as the source of funds for the local government.
All government fees for the first year are already included in the aforementioned requirements.
Subsequent years will call for an annual payment of a maintenance fee amounting to 1600.00 EUR (inclusive of government fees and renewal procedure fees).
Bank Account
Private banks in central Europe are highly recommended for their state-of-the-art security and excellent banking services. You may choose to create an account with one of our suggested banks:
Opening a bank account in Belize will also be very beneficial for your company, especially once you've acquired your business license:
Nominee Service
While you can incorporate your company using your personal information, its risk is having your name, address, and other private information open to the public.
We recommend using our Nominee Service, wherein by using a Nominee Director and a Nominee Shareholder, your personal information need not be on public records that put you at risk.
For further details on the Nominee Service, refer to the following pages:
Incorporation only:
EUR 2300.00
Courier fee: EUR 70
With documents:
EUR 2550.00
Courier fee: EUR 70
Issuing Nominee Share
By availing of our Nominee Service, you get the exclusive benefit of owning shares without having to use your real name. Again, your personal information will remain confidential and unrecorded so that your business is always secure.
Related Service
Oobac offers even more tools to enhance your companys business activities and security.
For more details, visit the following pages: