British Virgin Island is one the most popular destination for setting up international businesses. It is a group of islands, situated in the shore of Caribbean Sea. BVI is a British Dependent Territory which is self-governing in 1967. The country had introduced its offshore legislation in 1984. Since then it has become a popular and secure place for many offshore investors. Today, BVI has more than 800,000 international business organizations. Investors from various parts of the world have found BVI a secure place for investment in various sectors.
Legal & Taxation
BVI’s legal system is based on English common law. The land offers tax free business setup opportunity. It charges only the yearly renewal fees. International companies have to pay off the annual renewal fees on time. Companies that fail to pay the fee by the due date are subject to penalties. In case, an offshore company fails to pay the fee 5 months after the due date, faces problems in registration. There are no exchange controls.
Offshore Corporate Requirements
Offshore investors to BVI need to follow strictly the company formation rules and regulations. The rules for company establishment are easy to follow as BVI wants to target more and more overseas investors. It is must to hire a registered agent in BVI. A local office formation is must which should be registered. Each company must have at least one director. Government of the country has made amendment in the company formation act many times in order to make BVI the best place for offshore company formation. It offers to maintain privacy in the name of director of an offshore business. The appointment details of the director of a company is kept at the registered agent but don’t reveal in front of people.
It is important to have at least one shareholder. The country allows to have bearer shares. The register of the shareholder should be kept at the office of the Registered Agent. Privacy is maintained in the identity of the shareholder publicly.
Offshore company formation agencies seem very active in BVI. These agencies fulfill the dream of offshore company setup in BVI by offering wide varieties of company formation packages which include services like company secretary, nominee service, office setup, office work support, legal support etc… According to one needs, a customized package can be formed. These agencies assure to setup an organization in short span of time and in well-organized manner.