The British Virgin Islands (BVI) is a leading offshore jurisdiction for conducting business. To incorporate a business in this jurisdiction, you will require a registered agent, an office address, shareholders, and directors. However, before you proceed with your BVI offshore company formation, you must understand the critical requirements of this jurisdiction.
1. Requirement of Shareholders and Directors
You require a minimum of one director and shareholder for your BVI offshore company.
2. Flexible Tax Environment
Your company will enjoy tax exemption as its income comes from international destinations.
3. Registered Agent
Your offshore company formation requires the assistance and guidance of a registered agent acting as your representative in front of the local authorities.
4. No Paid-up Capital Requirement
You don’t need to arrange for paid-up capital to start your business in BVI.
5. Privacy and Confidentiality
BVI has stringent laws to protect your company’s privacy. The details of your directors and shareholders remain confidential, allowing you the flexibility to maintain company details.
6. Necessity of Annual General Meeting (AGM)
You don’t have to conduct an Annual General Meeting if your company is set up in BVI. However, your directors and shareholders can conduct their meetings through other electronic mediums.
7. Registered Office, Address, and Company Seal
Your company must have a registered name, address, and company seal.
9. Official Offshore Currency
USD is the official currency in the BVI.
10. Access to Different Legal Structures
Incorporating your offshore company in the BVI gives you access to legal entities like Limited Partnerships and BVI Business Companies.
11. Company Books
It is not mandatory to manage your business books for BVI offshore company formation. However, maintaining your business books will help you track your company’s progress.
12. Simple Incorporation Process
The incorporation process for a company is easy and fast. So, you can form your company in this jurisdiction in just 2-3 days.
13. Filing Annual Return
Filing an annual return for your company is optional.
14. Easy Documentation Process
You must submit your documents to form your company in the BVI. However, the BVI require minimal documentation to allow you to set up your business. Here is a list of essential documents you must submit:
- A notarized copy of your passport
- Certificate of domicile
Simple Steps to Register Your Offshore Company
As we have said before, seeking assistance from a Business Setup Worldwide will ensure that setting up your offshore company will be straightforward.
Select a Business Name
The first step to forming your business in the BVI is to choose a name for it. However, you must ensure that your company’s name does not violate rules or religious beliefs or contain abusive words.
Fill Out the Application Form
You must fill out your business formation application form.
Wait For Approval
Once you submit your duly filled-out application form and the necessary documents, you must await approval from the concerned regulatory bodies. Depending on your company’s activity, approval may take time. Your business advisor will help keep track of your application form.
Pay Application Fees
Pay your initial deposit to continue with your BVI company formation.
Open Your Bank Account
An offshore bank account is vital to conduct your financial transactions.
These are the key requirements and fundamentals for BVI company formation. However, contact Business Setup Worldwide to proceed with the business setup process. The business setup consultants will guide you through the process and help you incorporate the company hassle-free.