The British Virgin Islands (BVI) is a British Overseas Territory located in the Eastern Caribbean, about 80 kilometers east of Puerto Rico. English is the official language, and the United States Dollar is the official currency. Its stable legal framework and global reputation make it a preferred destination for investors who are looking for company formation services in British Virgin Islands.
The International Business Companies Act was introduced in 1984, creating the International Business Company (IBC), which became a popular offshore company structure. In recent years, particularly since 2004, the BVI has gained significant popularity, especially in the Far East. The IBC Act was later replaced by the BVI Business Companies Act, 2004 (BVIBC Act).
The BVIBC Act includes several important provisions that make BVI Business Companies highly versatile and adaptable corporate entities. They are widely used for private portfolio holding, trading activities, mutual funds, and property holding structures.
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:
1. 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 FZCO is a professional organization offering advisory, commercial, accounting, company formation, and administration services in tax-efficient jurisdictions worldwide. As experienced company formation consultants in Dubai, our team has developed a strong understanding of diverse corporate requirements since inception, helping clients with reliable company formation services in UAE.
We are known for delivering high-quality company setup guidance without increasing costs, along with a free consultation to answer all your questions about starting a business in the UAE. Contact us today or call us at +971 4 4471804, or email us at info@gbsei.com to get started.
Whilst every effort has been made to ensure that the details contained herein are accurate and up to date, this content is for general guidance only and should not be considered legal, tax, or professional advice. We do not accept any responsibility for any errors or omissions. We recommend consulting a qualified advisor before proceeding with incorporation.
