British Virgin Islands

British Virgin Islands - BC/Other jurisdictions

The British Virgin Islands (BVI) is a dependent territory of Great Britain located in the Caribbean on an archipelago of 50 islands. The main one is the island of Tortola with a population of 16.000 inhabitants. Officially, the jurisdiction is headed by the Queen of Great Britain, who is represented in the BVI by the Governor-General. The main revenues of the jurisdiction are the tourist and financial / offshore sectors of the economy.

The 2004 BVI International Business Companies Act (1984) replaced the new legislative act, which established the complete exemption of BVI companies from taxation. On this basis, BVIs have established themselves as one of the most popular classic offshore jurisdictions in the world. 
  • Basic information about jurisdiction

    Area – 153 sq. кm
    Population – 20.000
    Government – British Dependent Territory
    Capital – Road Town
    Official language – english
    Official currency – dollar USA (USD)
    Time zone – GMT–4
  • Company type

    Business Company (BC)
  • Directors of the company

    Amount: at least one
    Status: natural or legal persons
    Residents: residents of any country
    Information about directors: only in the register of enterprises on the BVI
    Nominee directors: allowed
  • Shareholders of the company

    Amount: at least one
    Status: natural or legal persons
    Residents: residents of any country
    Information about shareholders: only in the register of enterprises on the BVI
    Nominee shareholders: allowed
  • Secretary Company

    There are no requirements for the position of secretary
  • Authorized capital of the company

    Standard declared capital is USD 50,000.
    There are no requirements for payment of this capital or part thereof. 
  • Company name

    Must end with the words '' Incorporated '', '' Corporation '', '' Limited '' or the abbreviations '' Inc. '', '' Corp. '', '' Ltd. '', '' S.A '' . Registration of titles containing the words '' Bank '', '' Insurance '', '' Trust '', '' Assurance '', '' Imperial '', '' Royal '', etc., is allowed only after obtaining the appropriate licenses . 
  • Information about the real owner of the company

    Information about the real owner of the company is submitted only to the registered agent and is confidential.
  • Annual Return

    Reporting (Annual Return) requirements are not made.  
  • Financial Statement

    Requirements for the presentation of a financial report are not put forward.
  • Taxation

    Taxation of companies BC – 0%. 
  • Double tax treaties

    Since BC companies are not BVI residents (taxpayers), they are not subject to the interstate treaties signed ВVI.
  • The term of registration of a new company

    6-7 business days; The deadline for receipt of the full package of documents is 4-5 weeks.
  • Acceptance of third-party companies for service FIVECONSULT

    Only in consultation with the previous servicing agent on the BVI.
  • A set of constituent documents of the company

    1) registration certificate (Certificate of Incorporation);
    2) the articles of association / Memorandum and Articles of Association, signed by the first founders of the company (Subscribers);
    3) nomination protocol director (Appointment of First Director);
    4) minutes of the first meeting of directors (Resolutions of the Director);
    5) two blank (blanco) general powers of attorney (General Power of Attorney) signed by the nominee director;
    6) confirmation of the nominal director of the transfer of the company to its actual owner (Agreement for the provision of nominee services and indemnification of the nominee);
    7 a) Resignation letter of the nominee director, signed but without a date;
    8) share certificates (Share Certificates) signed by the nominee director;
    9) company stamp. 
  • "Ready-made" companies

    Purchase for "ready-made" companies is possible.
  • Комментарий FIVECONSULT:
    The British Virgin Islands is one of the most popular classic offshore jurisdictions in the world. BVI has a well-developed infrastructure, and the authorities of the country, providing extensive offshore services, have been able to reach a compromise with the OECD, FATF and avoid including BVI in the blacklists of these organizations. Therefore, the registration of a classic offshore company BVI is undoubtedly one of the most frequently used options.
    Additional information
    Offshore BVI Types
    Possible following statuses of offshore companies registered in BVI:
    - a company limited by shares;
    - a company limited by a guarantee (similar to a Russian LLC and a Latvian SIA);
    - a company with unlimited liability, with the right to issue shares or without it .
    Basic BVI Offshore Requirements

    Perhaps the main motivation for registering an offshore BVI is the complete exemption of the company from taxes. However, in this offshore zone, the presence of a registration office and a registration agent is mandatory. Those planning to open an offshore company in the British Virgin Islands should also be aware of the regulated need to appoint a shareholder and director (this can be the same legal or natural person).  
    In addition, it is meaningless to register an offshore BVI for the purpose of investing in real estate - it is forbidden here, just as it is forbidden to buy an office or land in the colony. However, the office can be rented, which is especially important for those who need their own representation on the islands.

    Obvious advantages of offshore BVI  

    In addition to the zero tax rate mentioned above, the clear advantages of offshore BVI include confidentiality of business information (information is not available to third parties and transferred only by court decision) and the absence of exchange controls.  
    For business The company that registers an offshore company in the British Virgin Islands is also interested in the fact that any legal activity is allowed in the country (as in other offshore areas, for carrying out insurance, reinsurance, trust and banking activities, obtaining the appropriate licenses is required here).   < / div>
    It is worth noting that, in accordance with the Companies Act and The BVI Business Companies Act, a company of any country can be re-registered on the islands, even if this procedure is prohibited by the legislation of the jurisdiction where This company was previously registered. Local laws also allow BVI offshore to re-register in any desired jurisdiction.