The Virgin Islands in the Caribbean Sea are a beautiful place on Earth and a well-known offshore region. They gained independence from the UK only in 1967. Therefore, the country has preserved the English language and the legal system, which makes the Virgin Islands particularly comfortable for business.
What are the benefits of a company registered in the Virgin Islands?
The BVI company registry allows businesses to protect the anonymity of their assets better, as there are no bilateral international documents on cooperation in data exchange. The country’s economy is quite stable, and the currency is the US dollar, which protects against inflation.
However, the most attractive advantage of this jurisdiction is, of course, taxes. Companies registered in the Virgin Islands do not pay taxes, are not subject to annual audits, and do not report to the tax administration.
At the same time, starting a company in the BVI is not much different from similar procedures in other jurisdictions around the world. The advantage is that all this can be done remotely. The interests of the company are protected by an authorized representative on the basis of a letter of attorney. Experienced Fintech Harbor lawyers can help with this.
What are the requirements for setting up a company in the BVI?
Registering a company in the Virgin Islands brings many benefits and is quite fast. However, you still need to meet certain requirements. The list is as follows:
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The company must have a director and at least one shareholder;
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The availability of a seal;
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A unique company name;
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Registration address;
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Properly executed company documents translated into English;
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A registered agent;
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A certificate with the signatures of at least two founders.
Tips for choosing a name
The name of the company should reflect its essence. This will help potential clients to quickly navigate the company’s services. However, when registering a business in the Virgin Islands, you should keep in mind the requirements for its name. The following words cannot be used in it:
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Assurance
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Bank
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Chamber of Commerce and Industry
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Certified
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Co-operative
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Imperial
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Royal
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Municipal
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Insurance
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Trust
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Building society
This prohibition is because such words may indicate the patronage of the royal family and the government of the islands. As for general recommendations, they are the same as in other jurisdictions. The name of the company must be unique and free from calls for violence.
Company incorporation in the British Virgin Islands is particularly attractive due to the zero tax rate, the English system of law, the US dollar currency, and the high level of confidentiality. All of these factors significantly facilitate business activities and growth.