Your
turn key BVI Company.
Advent UK creates your Company in the BVI, for you wherever you are
resident.
COUNTRY:
British Virgin Islands. The
BVI constitute one of the world's most reputable offshore commerce and
finance centers, located approximately sixty miles east of Puerto Rico
and two miles from St. Thomas, U.S. Virgin Islands. The International
Business Companies Act of 1984 provides for the incorporation and administration
of the International Business Companies in BVI. Companies incorporated
under the Ordinance enjoy a complete exemption from income tax.
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SOME
LEGAL EXPLANATIONS:
Legal
form: The International Business Companies Act 1984 does not supersede
the existing Companies Law 1963, also known as Cap. 285, which is based
on English law and is used to form various types of company used by
businesses trading in the BVI, and also for certain other special purposes.
Name
of the company: BVI companies names must end with one of the following
words, or their relevant abbreviations - Limited, Corporation, Incorporated,
Societe Anonyme, Sociedad Anonima. The following names to be used, require
licensing: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee,
Savings, Royal, Asset management, Fund Management, Investment Fund,
Building Society, Municipal, Chartered. Names denoting any connection
to local, state or national Governments are generally prohibited.
Memorandum
and Articles of Association: A company is incorporated in BVI by
application made to the Registrar of Companies. Memorandum and Articles
of Association must be lodged with the Registrar. Memorandum specifies
the activities in which the company may engage and Articles of Association
specify the rules governing the internal management of the company.
Shareholders:
A minimum of one shareholder is required which may be an individual
or a corporate body. The details of company beneficial owners and shareholders
are not part of the public records.
The
share capital: There is no specific minimum capital requirement.
The standard authorized share capital is US$ 50,000. The minimum issued
capital may be one share of no par value or one share of par value.
Registered shares, bearer shares, shares of no par value, preference
shares, redeemable shares and shares with or without voting rights permitted.
Companies with an authorized capital up to US$ 50,000 pay US$ 350 annual
license fee to the government. Additional annual fees would be payable
for companies having a higher share capital.
Directors
of the company: BVI Business Company requires a minimum of one director
and corporate directors are permitted. Details of the directors do not
appear on the public file. There is no requirement to have resident
directors.
Registered
office and local agent/secretary: Every company, registered in BVI
is required to have a registered office and address there, which should
be notified to the Registrar. There is also a requirement that a company
has a Registered Agent or secretary within the country. This may be
corporate body or individual resident in BVI.
Taxation:
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 BVI IBC's. The companies are
exempt from any kind of stamp duties relating in any way to its assets
or activities, with an exception for land-ownership transactions in
the BVI: in that case stamp duty remains payable.
Audit
and financial returns: Whilst there is no requirement to file audited
accounts or annual returns with the authorities, a company is required
to keep financial records, which should reflect the financial position
of a company.
Meetings:
The directors and the shareholders meetings need not be held in the
British Virgin Islands; also there is no requirement for an Annual General
Meeting. All meetings may be held outside BVI, by telephone or other
electronic means. Alternatively, directors and shareholders may vote
by proxy.
Time
needed for formation: Usually it is 10 working day, but we need
up to 30 working days for legalization of the documents and delivery
by courier.
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You
can now start your activity without extra expenses. Contact
us for more details...
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