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Readymade BVI Companies
TRADEWORKS LTD £800
COMMERCE CONSULTING LTD £800
COMMERCE HOUSE LTD £900
EUROPEAN PARTNERS LTD £900
APPLIED CONSULTING LTD £900
COMMERCE SERVICES LTD £900
PRINCIPAL LTD £900
APPLIED LTD £1500
EUROPEAN LTD £1500
SOFTWARE LTD £3000

 

COMPANY FORMATION IN THE BRITISH VIRGIN ISLANDS:

The British Virgin Islands is one of the most popular offshore jurisdictions, used for incorporating International Business Companies, IBC.

Following is some useful information on company formation in BVI:

 

 

 

 

MOST COMMON REASONS FOR SELECTING BVI:

  • BVI is a British Overseas Territory having strong political and economic stability
  • Zero tax liability
  • Complete confidentiality of company details
  • Minimal compliance requirements
  • Flexible company law
  • Asset protection
  • Diverse investment opportunities
  • International trade and business activities

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BVI IBCs:

IBCs are international business companies incorporated under the International Business Corporation Act, 1984.

This act enables for the establishment of tax exempted offshore companies having minimal compliance requirements and completes confidentiality of details.

According to this incorporation act, the following restrictions are applicable to IBCs:

  • An IBC is not allowed to carry on any business activities with the residents of BVI.
  • IBC can not own an interest in real property situated in BVI.
  • Can not provide Registered Address or Registered Agent services to companies incorporated in BVI
  • IBC is not allowed to start a Banking or Trust business, unless it is licensed to do so under the Banks and Trust Act 1990
  • IBC can not start a company management business unless it is licensed under the Company Management Act, 1990.
  • IBC can not act as an insurance or reinsurance company, insurance agent or insurance broker, unless it is licensed to do so.

An IBC is allowed to conduct the following activities:

  • Conducting directors' or shareholders' meetings in BVI
  • Lease real estate
  • Take property on rent to use as an office
  • Open and maintain bank accounts
  • Maintain company registers and records
  • Hold shares of another BVI Company

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REQUIREMENTS FOR INCORPORATION:

In order to incorporate an IBC in BVI, you need to fulfill the following three requirements:

  • You need to have at least one person who can act as company director and shareholder at the same time.
  • You need to have a registered agent / local agent in BVI to represent your business.
  • You need to have a registered address in BVI

Our offshore package fulfills the last two requirements, i.e. we provide you with registered address and local agent. There is no extra cost for these services. These are included in the package fee of £750.00

Company's Certificate of Incorporation, Articles and Memorandum of association are the only documents which are to be submitted to the Companies Registry.

There is no need to mention directors' or shareholders' identity in these documents. No other personal information is required by incorporation authorities for incorporation

You do not need to report any changes in your company details to Companies Registry once your company is incorporated, i.e. no ongoing compliance requirements.

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LEGISLATIVE LANGUAGE:

English is the legislative language which is used in the incorporation documents of the company.

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NAMING THE IBC:

Following is a brief description of different name restrictions applicable on IBCs and the suffixes which can be added to the company name.

Language of Name:

Company name can be in any language, however the documentation is always in English.
If company name is in a language other than English, you need to attach a translation of this name to your incorporation documents. This is required to make sure that you have not used a sensitive or restricted name.

Name Restrictions:

Any name that is identical or very similar to an existing company name can not be used for incorporation.

Similarly any name that requires approval of the Royal Family or BVI government is also restricted. You need to attach a letter of approval with your incorporation documents to get this company name incorporated.

Suffixes that can be added to the company name to show limited liability:

One of the following suffixes must be added to the company name to show that this is a limited liability company.

  • Limited or Ltd
  • Corporation or Corp
  • Incorporation or Inc
  • Sociètè Anonyme or SA
  • Sociedad Anonima

Names in Chinese characters can also be incorporated.

Names requiring License or Approval:

Following is a list of those names for which either a license or an approval is required:

  • Bank
  • Building Society
  • Savings
  • Loans
  • Insurance
  • Assurance
  • Reinsurance
  • Fund
  • Investment Fund
  • Management
  • Trust
  • Trustees
  • Chamber of Commerce
  • University
  • Municipal

Foreign language equivalents of these names also need license or approval.

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ANNUAL COST:

Using our company formation services your annual cost would be £500.00 and this cost includes the following:

  • Registered Agent Fee
  • Registered Address Fee
  • Annual License Fee

 

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COMPANY'S SHARE CAPITAL:

Authorized Share Capital:

There is no minimum or maximum share capital requirement. We can get your company incorporated with even 1 share.

The local currency of BVI is US Dollar, however, your share capital can be in any currency or in more than one currency.

Issued Share Capital:

There is no issued capital requirement. It is not necessary to issue shares unless it is decided by the directors. However, once issued, these should be paid in full amount. Shares can be issued for considerations other than cash such as services, properties, shares of another company etc.

Your minimum issued capital can be only one share with or without a par value.
Payment of minimum capital is not required, however if you pay, your minimum paid in capital can be one fully paid share.

Company can buy back or redeem its own shares. These shares can be cancelled or kept as treasury shares.

Classes of Shares:

An IBC can have the following types of shares:

  • Registered Shares
  • Bearer Shares
  • Shares of No Par Value
  • Redeemable Shares
  • Preference Shares
  • Shares with or without Voting Rights

 

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COMPANY DIRECTORS:

Only one director is required. Both individuals and companies can act as a director. There are no nationality or residence restrictions for directors.

 

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COMPANY SECRETARY:

Only one company secretary is required who can be an individual or a company. There are no nationality or residence restrictions for the company secretary.

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COMPANY SHAREHOLDER:

Only one shareholder is required and this can be an individual or a company. There are no nationality or residence restrictions for company shareholders.

There is no need to appoint any operating officer for an IBC.

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COMPANY MEETINGS:

IBCs are not required to hold an Annual General Meeting.

It is also not required to hold directors or shareholders meetings on a regular basis.

Board meetings can be held anywhere in the world. There is no such requirement to carry out these meeting in BVI. Meetings can be conducted through telephone or other electronic means.

REPORTING REQUIREMENTS:

Reporting requirements in BVI are extremely lenient.

An IBC is not requited to prepare financial statements or company accounts. There is no need to hire any auditors. Only those accounts or records which are considered necessary by the company directors for their own use need to be maintained and these can be kept anywhere in the world.

There is no need to file annual returns for an IBC.

It is also not required to maintain registers of directors or officers. If you wish you can prepare these registers which can be placed at company's registered address location at your own discretion. However, it is required to maintain a register of shareholders which is kept at the registered office.

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TAXATION LAWS:

International Business Companies are exempt from the payment of Income Tax and Stamp Duty.

Non-residents of BVI are exempt from the income tax payable on dividends, interest, rents, royalties, compensations and other amounts which are paid to the person by the IBC.
There are no capital gains taxes, inheritance taxes and death duties.

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FOREIGN EXCHANGE CONTROL:

There are no foreign exchange controls in BVI and funds can be moved easily. There is no restriction in this regard.

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DOUBLE TAXATION TREATIES:

BVI currently has Double taxation Treaties with UK, Japan and Switzerland.

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BENEFICAL OWNERS:

It is allowed to have beneficial owners and there is no need to disclose their identity.

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APOSTILLE:

An apostille is required whenever you need to legalise your documents.

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ADVANATGES OF COMPANY FORMATION IN BVI:

  • Tax efficiency
  • No capital gains taxes, inheritances taxes and death duties
  • All dividends, interest, royalties, rents, compensations and other amounts are exempt from the payments of income tax
  • Minimal ongoing compliance requirements
  • The information of directors, officers and shareholders is kept confidential.
  • Only one shareholder is required
  • Only one director is required
  • The sole director can also act as the shareholder
  • No need to appoint any operating officers
  • No nationality or residence restrictions for company directors or shareholders
  • Companies and individuals both can act as company directors, secretary and shareholders
  • Beneficial owners are allowed
  • Board meetings can be held anywhere in the world
  • No requirement to carry out an annual general meeting
  • Meetings can be held using telephone or other electronic means
  • No need to file annual returns
  • No need to prepare and submit accounts and to hire auditors
  • Books and records of the company can be maintained anywhere in the world
  • No need to get the shares book or the minutes of meeting certified by any authority
  • No minimum or maximum share capital requirement
  • No issued share capital requirement
  • Bearer shares are allowed
  • Registered shares are also allowed
  • Redeemable shares are also allowed
  • Multiple classes of shares can be issued
  • Shares can be denominated in any currency
  • Shares can be issued with or without a par value
  • No need to main registers of directors and officers
  • There are no foreign exchange controls

 

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SERVICES OFFERED BY US IN THE BRITISH VIRGIN ISLANDS:

We are able to provide the following services in the British Virgin Islands:

  1. COMPANY FORMATION
  2. BANK ACCOUNT OPENING
  3. MERCHANT ACCOUNT OPENING
  4. CERTIFICATE OF GOOD STANDING
  5. POWER OF ATTORNEY
  6. COMPANY NAME CHANGE IN BVI
  7. NOMINEE DIRECTOR
  8. NOMINEE SHAREHOLDER

COMPANY FORMATION:

We are able to help our clients in establishing offshore IBCs in the British Virgin Island.

Our company formation service costs £750.00 and this cost includes the following:

  • Company Incorporation fee
    Registered Address
  • Registered / Local Agent
  • Apostille

It takes approximately two weeks to complete the incorporation procedure.

BANK ACCOUNT OPENING:

We are also able to open bank accounts for our clients.

Our bank account opening service costs £500.00.

The following two banks are used for this purpose:

  • HSBC
  • Barclays Bank

These two banks provide their customers with the following facilities:

  • Cheque Book
  • Credit Card
  • Debit Card
  • ATM
  • Internet Banking

MERCHANT ACCOUNT OPENING:

We are also able to open Merchant Bank Account for our clients to facilitate the E-Commerce business and to enable them to process payments online.

Our merchant account opening service would cost you £250.00.

The following two banks are used for this purpose:

  • HSBC
  • Barclays Bank

It takes approximately two weeks to complete this procedure.

CERTIFICATE OF GOOD STANDING:

We are able to provide our BVI customers with a certificate of good standing.

The cost for this service is £125.00 and it takes 7 to 10 days to get the certificate ready.

POWER OF ATTORNEY:

We can arrange a generalized power of attorney for BVI IBCs.

The cost for this service is £200.00 and takes approx 10 days to complete.

COMPANY NAME CHANGE:

If you wish to change your company's name anytime after incorporation, we can help you in this regard. It would cost you £125.00 and takes 15 days get the new name registered.

NOMINEE DIRECTOR:

Our nominee director service would cost you £400.00 per annum. This service is activated as soon as the payment is received.

NOMINEE SHAREHOLDER:

Our nominee shareholder service would cost you £200.00 per annum. This service is activated as soon as the payment is received.

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HOW TO PLACE AN ORDER:

If you wish to place an order for any of our BVI services, you need to send an email to info@offshore-company-formation.co.uk with the following order details:

  • Requested Services
  • Payment Mode
  • Contact details
  • Company Name (if purchasing any of our services for an already existing company)
  • Company's Incorporation number (if purchasing any of our services for an already existing company)

If you wish to place an order for an IBC incorporation, we need the following details:

  • Proposed company name
  • Name, address, date of birth, gender, nationality of company director
  • Name, address, date of birth, gender, nationality of company secretary
  • Share allocation structure i.e. share capita, share currency, number of shares allotted, details of shareholders etc.

These details can be sent via email to info@offshore-company-formation.co.uk.

If you are placing an order for opening a bank account, the following documents are required:

  • Notarized copy of passport
  • 2x notarized proof of residence i.e. bank statement(past 6 months), utility bills

 


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