BVI Company Incorporations
The Business Incorporation and Management of Companies in the British Virgin Island is governed by BVI Business Companies (BVIBC) Act, 2004 which replaced the IBC Act which was enacted in 1984 . The BVIBC Act came into force on January 1, 2005 and has been the subject of subsequent updates and amendments.
The companies formed under this Act which are often referred to by the acronym BVIBC are renowned for providing a cost effective corporate vehicle while at the same time offering safety and security to investors. The British Virgin Island is the world’s leading offshore corporate domicile and the BVIBC is a premier vehicle that is used for thousands of simple as well as more complex and intricate international business corporate structures and transactions on an annual basis.
At Diligent Company Services, we employ highly professional and experienced staff to swiftly check the company incorporation application documents submitted and conduct our due diligence review. On approval and after the requisite fees have been paid our staff then completes the business incorporation in accordance with the specification on the application form and then continues thereafter to provide secretarial and administrative post company incorporation services.
Advantages of BVI Company Incorporation under BVIBC
There are several competitive advantages realized by companies which incorporate in the BVI. Some of the major advantages are:
- Exemption from all local taxes and stamp duty.
- Asset security- the ability to transfer domicile; protect assets from expropriation or confiscation orders from foreign Governments; transfer assets to another company, trust, foundation, association or partnership; merge or consolidate with any other BVI or foreign company in accommodating jurisdictions.
- Maximum confidentiality and anonymity since there are no requirement to file organizational information or annual financial statements with the Registrar of Corporate Affairs.
- The ability to re-issue and re-acquire your own shares.
- The ability to issue shares for consideration other than cash, denominated in any currency and with or without par value.
- A BVIBC can have one shareholder and one director.
- Shareholders and Directors can be individuals or corporate entities.
- The process of continuation or re-domiciliation into or out of the BVI is simple.
- Distribution of benefits to members can be in the form of dividends, debts or assets.
- Shareholders & directors need not necessarily be a resident in the BVI.
- There are no statutory requirements for Annual General Meeting. In addition meetings can be held by electronic means or telephone.
- Director’s or shareholder’s meetings are not required to be held within the British Virgin Islands.
- Accounting records, minutes and other records can be maintained outside the British Virgin Islands.
- After satisfying due diligence requirements, incorporation can be effected within one or two days.
- There are no disclosures or specific capitalization requirements.
- Incorporations in BVI come with highly competitive fees and costs.
- In case of the death of a sole director who is also a sole shareholder, a reserve director can be appointed to act.
- There are no requirements for appointing auditors, filing financial statements and public or government reports.
BVIBC Company Incorporation Procedures
Applicable Fees for BVI company incorporations
Download full schedule of our fees for BVI company incorporations and business registry.
Steps for BVI Company Incorporations:
- Consult a legal or tax adviser in your home country for appropriate advice if necessary
- Complete and submit the Company Incorporation Application Form
- Submit the Required Due Diligence Information as indicated for the Company Incorporation
- Application Form which primarily includes
- Proof of Physical Address
- A Professional Reference letter and / or A Bank Reference letter
- Certified copy of an Approved Government photo ID Document (passport or drivers license)
- Full name, address and contact details of any individual or professional body that has provided legal or tax advice.
- On approval of the Due Diligence information, instructions will be provided for payment of the requisite fees.
- Once fees have been received, the Company will be incorporated and on completion the incorporation package of documents will be sent as per your instructions which includes
- Original Copy of the Certificate of Incorporation
- Three copies of the Memorandum and Articles of Association
- Register of Members
- Register of Directors
- Original Copies of the Share Certificates
- Company Seal or Trademark
- Minutes for the appointment of the first director
For more information on BVI Company Incorporations please call us at (284) 494-6777 or email us at firstname.lastname@example.org.