British Virgin Islands (BVI)- IBC

British Virgin Islands (BVI) - IBC

You can now register your company online. To setup your company in The British Virgin Islands (BVI) kindly Click On

The British Virgin Islands are a British dependency located in the Eastern Caribbean, about 80 kilometers East of Puerto Rico. English is the official language and the official currency is the United States Dollar. The Government is stable and promises to remain that way. There is good commercial and professional infrastructure and the Government is actively encouraging the development of the offshore finance business and has now upgraded the Companies Registry by installing state of the art technology.

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, due to the extensive marketing of the jurisdiction particularly by lawyers who moved from Panama during the Noriega regime and set up offices in the BVI.

THE BVI International Business Company Set Up:

A BVI International Business Company has the following characteristics:

  1. Shareholders Required for a BVI International Business Company:
    A minimum of one shareholder is required to incorporate a BVI International Business Company and we issue shares in registered form only. No details of the shareholders appear on the public file but a register of shareholders must be kept at the registered office address of the company in BVI. Corporate shareholders are permitted.
  2. Directors Required for a BVI International Business Company:
    A minimum of one director is required and corporate directors are permitted in setting up a BVI International Company. Register of Directors is required to be filed in BVI Registry within 21 days after the company is incorporated. Details of the directors do not appear on the public file.
  3. Officers/Secretary:
    A company secretary is not required to set up a BVI International Company, but a secretary is normally appointed to facilitate signing obligations.
  4. Restrictions on Name and Activity of a BVI International Business Company:
    Names of a BVI International Business Company must end with one of the following words, or abbreviations thereof – Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima.
    The following words and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Co-operative, Fund, Imperial, Insurance, Municipal, Mutual Fund, Royal and Trust.
  5. Local Requirements of a BVI International Business Company:
    As a matter of local company law a BVI International Business Company MUST maintain a registered office address within BVI and must also appoint a BVI resident as registered agent. We would generally provide these services as part of the domiciliary service fee.
    All BVI International Business Companies are required to keep accounting records that “are sufficient to show and explain the company’s transactions; and will, at any time, enable the financial position of the company to be determined with reasonable accuracy.” When the records are not kept at the office of the company’s registered agent, the company is responsible for providing the agent with a written record of the physical address where they are kept. If such location changes the company must notify the agent of the new address within fourteen days of the change.
  6. Timescale in Setting up a BVI International Business Company:
    Incorporation of a BVI International Business Company can be achieved within 24 hours. However, it does take approximately 1 week for legalization of documents in BVI. We do keep ready-made companies in stock available for immediate purchase.
  7. Annual Reporting:
    No annual return or accounts need be filed for a BVI International Business Company. It should be noted that penalty fees upto 50% of the annual Government fee will be incurred if the license fee is not paid when due. In case of non-renewal of company beyond permitted period, the company may be struck off by the authorities.
  8. Taxation of a BVI International Business Company:
    • BVI International Business Companies does not pay taxes in BVI.
    • BVI cos are non-resident companies and hence not entitled to tax residency certificate and also can not avail benefits under any Double Tax Avoidance Agreements.
  9. Secrecy:
    There are no specific statutory provisions governing secrecy in relation to the BVI International Business Companies but English Law, which applies within the jurisdiction, does impose a common law duty on professionals to keep the affairs of their clients confidential.

10. Renewal of a BVI International Business Company:

Renewal for BVI International Business Companies will fall depending on the date of incorporation as per below:

Company Anniversary date between: Due date:
January to June (1st half) Before May – 31st
July to December (2nd half) Before November – 30th

In case of late renewal, government and service charges shall be applicable.

The BVI International Business Company will be struck off by the registrar if not renewed within five (5) months after the due date and restoration fees shall be applicable.

Latest valid passport copy and recent utility bill for address proof of shareholder/director are required to be submitted at every renewal as a part of enhanced due diligence. If shareholder is a corporate entity, then latest certificate of incumbency and above stated docs of directors would be required.

11. Documents Required in Setting Up a BVI International Business Company:

KYC Documents for individual Director/Shareholder:

  1. Passport – original to be verified personally in our office, otherwise client can provide an original notarized copy of the passport
  2. Proof of address (in the form of utility bill, dated less than 3 months)
  3. Bank reference (dated less than 3 months with satisfactory record clearly mentioned and also the time period the client has been dealing with the bank: minimum of 2 yrs)
  4. Detailed CV
  5. Professional reference letter (can be issued by Lawyer or Certified Public Accountant)
  6. Dully filled FATCA Form
  7. Notarized US Declaration (if a US Person)

KYC for Corporate Director/Shareholder:

  1. Certificate of Incorporation
  2. Registered address and place of business
  3. Certificate of Current Standing if incorporated more than 1 year
  4. Register of Directors
  5. Register of Shareholders
  6. Memorandum & Articles of Association

All documents of the corporate entity must be certified by a Lawyer or Certified Public Accountant

Incorporation of BVI International Business Company begins from US$ 2,080/-

Global Business Services DMCC has helped many individuals and corporate entities to set up an International Business Company in BVI. Our Company acts as a one stop solution for BVI International Business Company incorporation services.

If you are looking for BVI International Business Company set up, please get in touch with us for professional assistance.

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.

GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

QUICK LINKSOur Services
GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.

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Copyright © 2020 Global Business Services.

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