An offshore company is one that is incorporated in a foreign country with a view to reaping the benefits of flexible tax structure and fertile business perspective. Besides this, offshore company formation can provide one with some or the other benefits that an onshore company cannot provide.
British Virgin Islands (BVI) is one of the offshore financial centers in the world with oldest and most respected history which is widely considered as a benchmark, which the other offshore tax havens strive to emulate.
With the world becoming a small village and opportunities for easy and quick exchange of information, starting a company offshore has become quite easy. So, it has become a complementary process. The concerned country makes all the necessary arrangement for businessmen to launch a company easily so that they can be benefited from the presence of these companies. On the other hand, companies find it convenient and profitable to form an offshore company and run their business there.
Benefits of Company Formation in BVI
- Tax efficiency
- Minimum ongoing compliance requirements
- Free from capital gains tax, inheritance tax, and death duties
- All dividends, interest, royalties, rents, compensation and other amounts are exempt from the payment of income tax
- Details about directors, officers and shareholders remain confidential
- Only one director is required
- Only one shareholder is required
- The sole director can also act as the shareholder
- There is no limitations as to nationality or residence of company directors or shareholders
- Board meetings can be held anywhere in the world
- Both corporate entities and physical persons can be company directors, shareholders, and secretaries
- Beneficial owners are allowed
- No requirements to appoint any operating officers
- No requirement to hold annual general meeting
- Meetings can be held by telephone, e-mail, fax and other telecommunication means
- Books and records of the company can be maintained outside BVI
- No requirements for filing annual returns, preparing and submitting accounts, auditing
- No need to get certification of the minutes of meeting or the shares book
- No minimum or maximum share capital requirement
- No issued share capital requirement
- No requirement to maintain registers of directors and officers
- No foreign exchange control
Steps to Company Formation in BVI
The convenience of operation is probably the most tempting force behind offshore company formation. In an offshore company, the operating restrictions, auditing and accounting requirements and standards to which the business and its employees and directors must adhere to are often far less restrictive than an onshore company.
Features of BVI Offshore Company
Setting up your BVI Company can be a complicated, and should be facilitated by employing the help of an experienced professional to ensure the proper regulations are being followed. According to the BVI Business Companies Act 2004 which allows for the creation of five different types of BVI companies:
- A company limited by shares
- A company limited by guarantee that is not authorized to issue shares
- A company limited by guarantee that is authorized to issue shares
- An unlimited company that is not authorized to issue shares
- An unlimited company that is authorized to issue shares
NEX Consultants BVI Company Registration Services
Getting your company registered in BVI is a crucial part of incorporating your BVI, which will be the job of Nex Consultants. As Per the BVI Business Companies Act 2004, the Registrar of Corporate Affairs maintains the registry of any incorporated companies, foreign companies, or charges. The BVI Financial Services Commission is the sole regulator of all financial services. They must authorize and license any company or person intending to conduct financial business services within the BVI, and regulate those services as they operate in or from the BVI Company. Also, there is a commission for Trademarks and patents.
In the course of registering a company, the company name is required to have a corporate suffix. Take for example, BVI corporations, also referred to as BVI limited companies, must end their name with either Limited, Corporation, Incorporated, Societe Anonyme, or Sociedad Anonima, and their respective abbreviations such as Ltd., Corp., Inc., and S.A
NEX CONSULTANTS can guide you in company formation and the opening of bank account of BVI Offshore Company. We offer banking assistance services, public relations services, and making sure that a business is on the right corporate structure in other for it to be profitable and flourish. To know more about our BVI offshore company setup, corporate structuring services, and the fees required for BVI company formation kindly request a proposal.