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. Beneficial Ownership Reporting:
   Under the Beneficial Ownership Secure Search System Act (the BOSS Act), all companies and limited partnerships registered in the British Virgin Islands (BVI) are required to report information regarding their beneficial ownership. The information must then be uploaded by their registered agent (RA) onto a confidential secure database, which is only accessible by competent regulatory authorities.
5. 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.
6. 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.
7. 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.
8. Accounting Records:
   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.
9. Economic Substance Reporting:
   All companies are required to file Economic Substance notification. The financial period starts on its date of incorporation and ends after a period of no more than 1 year, thereafter, each successive period of one year running from the end of that period. The reporting deadline is (6) months from the end of the financial period
10. 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.
11. 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.