British Virgin Island Formation – Business Company

Since the BVI introduced International Business Company (IBC) legislation in 1984, its offshore financial services sector has expanded rapidly. In 2004, the IBC Act was replaced by the Business Companies Act, which further enhanced the jurisdiction’s popularity.

Acumen is able to offer expert services to help your business with BVI company registry.

BVI Company Requirements

  1. Company name must be unique.
  2. Company name must not include certain restricted words.
  3. Company name can be in English or Chinese or both.
  1. Minimum $1 share capital to be issued and paid up.
  2. 50,000 maximum issued and paid up share capital.
  3. The liability of each shareholder is limited to the issued and paid up share capital.
  4. Issued and paid up share capital is not the required minimum deposit amount in bank account
  1. Minimum one Shareholder to the maximum of 50 Shareholders.
  2. Minimum one Individual Director (aged 18 or above).
  3. A company is allowed to act as Shareholder or Director.
  4. Shareholder and Director can be the same person or same company.
  5. Shareholder and Director can be individuals of any nationality, domicile and residence.
  6. Original or a copy of the Register of Directors and Shareholders must be kept at the office of the Registered Agent.
  7. Shareholder details do not appear on any public record.
  1. A Company must appoint a Registered Agent (to ensure compliance with ongoing legal returns, accounts, audit and other requirements).
  2. The Registered Agent must be ordinarily resident in BVI, provided by a licensed service provider.
  1. A Company must have a Registered Office address in the BVI.
  2. The Registered Office address serves as the company’s legal address for notices and proceedings and can be different from the business address.

No requirements for annual returns, annual meetings, or audited financials

BVI Facts

General Information
The British Virgin Islands, part of a volcanic archipelago in the Caribbean, is a British overseas territory. Comprising 4 main islands and many smaller ones, it’s known for its reef-lined beaches and as a yachting destination. The largest island, Tortola, is home to the capital, Road Town, and rainforest-filled Sage Mountain National Park. On Virgin Gorda island is the Baths, a labyrinth of beachside boulders.

Population
The population is approximately 31,912, the largest and most heavily populated Island is Tortola which has approximately 18,000 inhabitants. 90% of the inhabitants are of African descent.

Political Structure
In 1672, Britain claimed Tortola. Simultaneously, Denmark asserted her sovereignty over St. Thomas and St. John; then in 1773 Denmark purchased St. Croix from France. The Danish Islands were sold to the United States in 1917 for US$ 25 million. Relations between the United States and British Virgin Islands are good. The British Virgin Islands are a UK overseas territory with self-government in most internal matters. Under the 1977 constitution, HM Queen Elizabeth II is represented by a governor responsible for external affairs, defense, internal security and the public service, with reserved legislative powers as necessary for the exercise of special responsibilities. On all other matters, the executive council has authority.

Infrastructure and Economy
There is an excellent daily air service between the Islands and the USA. Cruise ships call in weekly to the Islands and there are freight carriers. The economy, one of the most prosperous in the Caribbean area, is highly dependent on the tourist industry, which generates about 21% of the national income. In 1984, the Government offered offshore registration to companies wishing to incorporate in the Islands, by 2006 the number incorporated had exceed 750,000, incorporation in the first three quarters of 2006 exceeded 51,000 making the British Virgin Islands the leading offshore jurisdiction. The Finance Sector and Ship Registration now generate approximately 50% of government revenue.

Taxation

There are no taxes levied on business companies with the exception of the annual government license fee, which is USD450 for companies with a maximum authorised share capital of 50,000 shares. Companies that fail to pay their license fee by the due date are subject to penalties and will be struck off five months after the due date.

Language
The official and spoken language is English.

Currency
US Dollar.

Exchange Control
There are no foreign exchange controls in BVI.

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