The most popular type of the registered company on the British Virgin Islands – International Business Company (IBC). To incorporate IBC it is needed at least one Director and one Shareholder. Directors and shareholders can be either natural or legal persons, residents of any country.
Information about Directors and Shareholders is stored in the Companies Register.
The name of the Company must include one of the following legal endings: “Incorporated”, “Corporation”, “Limited”, ” Inc.”, “Corp.”, “Ltd.”, “GmbH”, “S.A”. Without obtaining specific licenses, registration of the names containing words “Bank”, “Insurance”, “Trust”, “Assurance”, “Imperial”, “Royal”, etc. will not be allowed.
The standard authorized share capital of the IBC consists of 50 000 dollars. The minimum authorized share capital is not established. There is no paid-in capital requirement. Every year the companies have to pay state duties. The amount of state duties depends on the amount of the authorized share capital.
The issuance of bearer shares is forbidden.
Incorporation of the offshore companies in BVI takes up to 6-7 working days; to receive a full set of corporate documents – up to 4-5 weeks.
Taxation of the BVI companies
A BVI Business Company is exempt from the BVI income tax. The same exemption applies to all the dividends, interest, rents, royalties, compensations and other amounts supplied by a company. In addition all capital gains realized with respect to any shares, debt obligations or other securities of the firm.
Accounting and Audit
On 2nd of November 2012 the changes were published on the Mutual Legal Assistance (Tax Matters) of Act, 2003 and Partnership Act, 1996.
These changes say that the all companies with limited liability and partnerships registered on the British Virgin Islands are obliged to keep accounting documentation on activity of the company and to store it for five years (e.g. contracts, invoices, consignment notes, etc.).
Audit is not required.
It is allowed to appoint nominee directors and shareholders.
Opening a bank account for BVI companies
For the BVI Company it is possible open a bank account in any of our partner bank.
It is important to keep in mind that every bank account opening procedure is individual and depends on the accuracy and timeliness of information and documents provided by the client.