Global Economy News
British Virgin Islands Company Registration
The British Virgin Islands (BVI) is a globally recognized offshore jurisdiction. Thousands of entrepreneurs flocked to set up an offshore company in the British Virgin Islands. In 1984, the British Virgin Islands passed the International Business Companies Regulations, which represented its beginning as an offshore financial service jurisdiction. Since then, the British Virgin Islands has been the most popular place to set up offshore companies in all offshore jurisdictions, and the number of company registrations is the largest.
Ⅰ. Basic introduction of the British Virgin Islands
- The British Virgin Islands is one of the most economically prosperous areas in the Caribbean. Tourism accounts for 45% of the country’s revenue. The offshore company registration also brings considerable benefits. In the British Virgin Islands, agriculture, and industry account for only a small part of GDP. And agriculture mainly produces fruits, vegetables, sugarcane, livestock, and poultry. The industry is dominated by rum distillation, engineering, and shipbuilding.
Ⅱ. Advantages and features of the British Virgin Islands company registration
One of the reasons why people choose to set up an offshore company is the tax advantage. Tax cuts are just one of the gains for BVI companies.
- No need to provide capital in place.
- Low maintenance cost.
- Can be listed on global stock exchanges.
- Often used to invest and hold foreign entity companies.
- The shareholders, directors, and managers of offshore companies in the British Virgin Islands can be individuals or companies and can be of any nationality. The shareholders or board meetings do not need to be held in the British Virgin Islands, nor do they need to convene an annual general meeting of shareholders
- Set up an offshore company in the British Virgin Islands, each beneficial owner, shareholder and director must provide detailed information to the registered agent, including legal copies of identification documents and proof of address, and always keep this information updated. The information of beneficial owners and shareholders is kept confidential in the registered agent’s office.
Ⅲ. BVI company registration related regulations and procedure
- Registration requirements
The registered name of the BVI company must not be the same or similar to the name of the existing company. The name must end with Limited, Corporate, Incorporated, Societe Anonyme, or Sociedad Anonima, and use their respective abbreviations, such as Ltd., Corp., Inc. The company name cannot use words such as Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, or Trust.
2.Directors and shareholders:
A British Virgin Islands company requires at least one shareholder and one director. They can all be the same person. Except for directors, the company does not need to appoint any operating personnel.
The standard authorized capital (registered capital) is generally 50,000 shares with a par value of 1 yuan per share. If it exceeds, local government fees will be increased. 4.Shares:
Shares can be issued in a registered or anonymous way.
Shares can be issued in any currency.