How do I set up a company in the British Virgin Islands?
Table of Contents
Here are the steps to incorporating in the British Virgin Islands:
- Step 1: Reserve your Company Name. The first step is to reserve a company name with the BVI Registry.
- Step 2: Appoint a Registered Agent.
- Step 3: Open a bank account.
- Step 4: Submit all relevant documents.
How much does it cost to set up a company in BVI?
The average fee per BVI engagement amounts to US$9,570, which includes company incorporation, opening a local corporate bank account, and all government fees. Refer to draft invoice embedded here….Fees.
| Different BVI entity types | Cost | Draft invoice |
|---|---|---|
| Resident company | US$17,230 | View invoice PDF |
| Trust | US$15,650 | View invoice PDF |
Can I register a company in British Virgin Islands?
A BVI Company Registration can be set up with no personal visit required. No annual accounting requirements. Business can be conducted internationally.
Why do companies set up in British Virgin Islands?
Investors are drawn to the British Virgin Islands (BVI) for its flexible and modern corporate regime, tax neutrality, respected legal system, political stability and effective regulatory framework.
Do BVI companies pay tax?
BVI Business Companies are exempt from the BVI income tax, from tax on dividends, interest, royalties, compensations and other amounts paid by a company; also they are exempt from all the capital gains, estate, inheritance, succession or gift tax with respect to any shares, debt obligations or other securities of the …
Who can be a director of a BVI company?
Virtually anyone/entity may be appointed a director of a BVI company, so long as they are not under the age of 18, an undischarged bankrupt or disqualified under the Insolvency Act or the memorandum and articles of association of the relevant company. Further, there is no requirement of residency.
What are the advantages of a BVI company?
The main advantages are: (a) total absence or minimum levels of taxation; (b) confidentiality, due to no sensitive personal information available on public file; (c) corporate flexibility: no paid-up capital requirements, no requirement to state operational objects, minimum conditions on directors and shareholders.
Do BVI companies have to prepare accounts?
There are no strict reporting requirements in BVI and an IBC does not need to prepare financial statements or company accounts. The company should maintain only those accounts or records which the company directors consider to be necessary for their own use; and these can be kept anywhere in the world.
Why is BVI a tax haven?
There is no secrecy in the case of the British Virgin Islands, rather there is a zero percent taxation policy- no capital gains tax, gift tax, inheritance tax, sales tax or value-added tax. And this allows businesses to set up offshore companies and evade tax.
Is the British Virgin Islands a tax haven?
The British Virgin Islands as a tax haven has proven to be one of the most attractive places in the world for establishing an offshore business. This British territory has up-to-date company laws and regulations that have been specifically designed to attract offshore investors.
How to redomicile a BVI company to Seychelles?
Redomiciliation is possible only in case when BVI company’s name meets the requirements of Seychelles legislation. Otherwise, it is necessary to change the company’s name in BVI or choose another jurisdiction to redomicile to. Step 2. Application for redomiciliation
What is company redomiciliation?
Company redomiciliation is the process by which a company moves its domicile from one jurisdiction to another by changing the country under whose laws it is registered or incorporated while continuing the existence of the company. Companies may choose to redomicile for a variety of reasons, including commercial, practical and legal reasons.
What are the documents required for redomiciliation to Singapore?
The documents must be notarized, notarization being not older than 4 months by the time of filing the application for redomiciliation. Declaration that an overseas company meets the criteria for redomiciliation to Singapore; Director’s consent to re-register the company in Singapore as a private company (Company Limited by Shares);
What does it mean to redomicile a Singapore company?
This means that all rights and liabilities of the inbound company transfer over with the company into Singapore, and the redomiciled Singapore company is then required to comply with the Singapore Act like any other Singapore company.