Business Company’s (‘BC’s’) are companies incorporated in the British Virgin Islands (‘BVI’) under the International Business Companies Act, 2004 (All companies previously incorporated under the International Business Companies Act, 1984, automatically became subject to the BVIBC Act from 1st January 2007).
BVI BC’s are a well-known and widely used offshore company because of their administrative ease, flexibility, taxation exempt status and the fact that they are widely accepted and understood by the international financial community. BVI BC’s may not own real property in the BVI, other than the lease of an office, and may not carry on banking or trust business (unless licensed under the Banks and Trust Companies Act, 1990) or insurance or re-insurance business (unless licensed in the BVI to carry on that business). Otherwise, BVI BC’s may engage in any activity that is not illegal under the laws of the BVI subject to any restrictions in their Memorandum of Association.
FACTOR | DESCRIPTION |
---|---|
Income tax in BVI | None |
Conduct business internationally | Yes |
Conduct business within BVI | Yes |
Formally considered as resident in BVI | Yes |
Official language / language of documents | English |
Authorized capital | Not required as a concept |
Minimum paid-up capital | No specific requirements |
Considerations to the capital | In any currency or in kind |
Most effective number of shares (maximum amount at minimum state fee) |
50,000 shares (with or without par value) |
Bearer shares | Yes (but to be held by a custodian only) |
Registered Agent in BVI | Required |
Registered Address in BVI | Required |
Minimum number of directors | One |
Non-resident directors | Allowed |
Corporate directors | Allowed |
Register of Directors | To be kept by the Registered Agent |
Register of Directors filed for public record | Yes |
Minimum number of Members (shareholders) | One |
Register of Members | To be kept by the Registered Agent |
Register of Members filed for public record | No |
Holding of Annual General Meeting | Not required |
Convention of Meetings of Directors / Members | Anywhere in the world, also by proxy |
Corporate Seal | Mandatory |
Imprint of Corporate Seal | To be kept by the Registered Agent |
Corporate Minutes and Resolutions | To be kept by the Registered Agent |
Disclosure of beneficial owners to Registrar | No |
Disclosure of beneficial owners to Agent | Yes (confidential due diligence) |
Keeping of accounts | Internally, only to enable a reasonably accurate determination of financial position |
Auditing of accounts | Not required |
Filing of accounts | Not required |
Double-tax avoidance treaties | Switzerland, Japan |
Currency controls / restrictions | None |
Available special types of company | Restricted purpose company Segregated portfolio company |
Re-domicile a foreign company into BVI | Yes |
Re-domicile a BVI company abroad | Yes |