The British Virgin Island is a British dependency located in the Eastern Caribbean, about 80 kilometers East of Puerto Rico. English is the official language and United States Dollar is the official currency.
The International Business Companies Act was passed in 1984 and created the International Business Company (IBC) which is the preferred offshore company vehicle. In recent years the BVI has become extremely popular, particularly in the Far East region in 2004. IBC Act was abolished and replaced by BVI Business Companies “The BVIBC Act 2004”. BVI BC Act 2004 includes a number of important provisions that make the BVI Business Company (“BVIBC”) an extremely versatile and adaptable corporate entity for private portfolio holding companies, trading companies, mutual funds and property holding companies.
Benefits of British Virgin Islands:
- Modern, flexible and commercially minded BVI corporate legislation Minimal capitalization,
- BVI Companies are not subject to “thin capitalization” rules or any capital maintenance requirements,
- BVI Companies ordinarily enjoy broad corporate capacity. They can undertake any lawful act or activity, and there are no restrictions relating to corporate benefit nor are they limited by financial assistance restrictions,
- BVI has no income tax, corporation tax, capital gains tax, wealth tax or similar fiscal laws,
- BVI companies are still inexpensive compared to other premium jurisdictions such as Cayman and Bermuda,
- The BVI has a quick and simple system relating to secured creditor registration which facilitates leveraging assets where a BVI company needs to do so in order to raise capital
- The BVI has a quick and simple system relating to secured creditor registration which facilitates leveraging assets where a BVI company needs to do so in order to raise capital
- No public record is maintained as to the identity of Shareholders
Basic documents required for British Virgin Islands Company set up:
- For Individual Director or Share holder:
- Notarized Passport copy with photo & signature,
- Emirates id copy of shareholder/director/manager,
- Latest Address proof not older than 3 months,
- Bank Reference Letter in English not older than 3 months,
- Profile/CV of shareholder/director/manager,
- Professional Reference Letter in English not older than 3 months,
- Duly filled Fatca Form/ UBO Declaration
- Notarized US Declaration (if US Citizen)
2.For Corporate Director or Share holder:
- Certificate of Registration or any equivalent document,
- Registered address and place of business,
- Memorandum and Articles of Association,
- Latest Certificate of Good Standing,
- Register of Directors,
- Register of Share-holders,
Company Formation Estimated Cost & Estimated Time:
BVI set up fee is USD 2,080/-
Estimated Time to complete the set up is around 4 to 5 working days after submission of application documents to the authority.
How can GBS help?
Global Business Services (GBS) is a professional organization that offers advisory, commercial, accounting, company formation & administration services in tax efficient jurisdictions around the world. The team at GBS has since inception, developed an excellent understanding of corporate requirements. We are known in the market to provide a higher standard of company setup guidance – without higher costs. We provide a free consultation that will help answer every question you may have about setting up a company in the UAE.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions. We also suggest that independent legal, tax, professional advice be obtained by the user of this information before proceeding with incorporation.
