British Virgin Islands IBC
Only US$850
Why Incorporate In The BVI?
Because the British Virgin Islands is at the leading edge of current Offshore Legislation, by incorporating your offshore company in the BVI the company gains a wide range of highly competitive advantages, including:
- It requires a minimum of only one founder, one shareholder, and one director (who can all be the same person).
- It need not appoint any operating officers.
- Its shareholders, directors and officers may be individuals or corporations and of any nationality.
- It need not hold shareholder's or director's meetings in the British Virgin Islands.
- It can hold meetings of directors or shareholders by telephone or other electronic means; alternatively, directors as well as shareholders may vote by proxy.
- It need not hold an Annual General Meeting.
- Its shares may be denominated in any currency and in more than one currency.
- Its shares may be issued with or without par value.
- Its minimum issued and paid-in capital can be one fully paid share.
- Its shares may be issued for consideration other than cash.
- Its shares may be issued in bearer form, transferable by delivery only (insuring complete confidentiality of ownership and simplifying the transfer of assets between parties).
- There are no capital gains taxes, inheritance taxes or death duties in the Territory. Government revenues are derived from local income tax, import duties, stamp duties, license fees and company fees.
- The Territory has adopted the U.S. Dollar as the local currency. There are no exchange controls and no restrictions on the free movement of funds. There are three major international banks and a number of private banks in the Territory.
- If a governmental authority outside the British Virgin Islands seizes the shares, or any other interest, in the Company in connection with nationalization, expropriation, confiscator tax, other governmental charge, etc., the Company or a shareholder may apply to the BVI court for an order that the Company disregard the seizure and continue to treat the person from whom the shares were seized as continuing to hold the shares.
- The Company can buy back or redeem its own shares from shareholders and hold them as treasury shares or cancel them.
- It is required to keep only such accounts and records as the directors consider necessary or desirable and these may be kept abroad.
- It is not required to prepare financial statements or to appoint auditors.
- It is not required to file any return of shareholders, directors or officers, although such registers may be filed at the Companies Registry if so desired.
- It is not required to maintain registers of directors or officers, although such registers may be maintained at the registered office.
- Its incorporation documents (Certificate of Incorporation and Memorandum and Articles of Association), which include the location of its registered office in the Territory and the identity of its registered agent, are the only documents required to be filed at the Companies Registry as a matter of public record. These documents do not contain the identity of the ultimate directors or shareholders of the Company. An IBC is not required to disclose any particular information on its letterheads.
- It can amend its Articles of Association by a director's resolution passed at a board meeting called at three days notice and attended by at least 50% of the directors.
- It can be incorporated within 24 hours of the receipt of instructions, if necessary. Actual incorporation documents are available from the Companies Registry within a few days thereafter.
- Its name may end with any of the following words, or their abbreviations: Corporation, Incorporated, Limited, Société Anonyme, or Sociedad Anonima (Corp., Inc., Ltd., S. A.).
What Can A BVI IBC Do?
BVI IBC's can perform all international corporate activities except:
- Do business with BVI residents
- Provide Registered Office or Agent facilities for other BVI incorporated entities
- Own an interest in real estate or other property in the BVI other than office leases (but see below)
BVI IBC's may engage in all of the following activities, which, although they may take place within the BVI, do not constitute 'doing business' in the BVI:
- Make or maintain deposits with a person carrying on a banking business within the BVI
- Make or maintain contacts with any or all categories of professional persons or companies carrying on business within the BVI
- Prepare or maintain books and records within the BVI
- Hold meetings of its Directors and Shareholders within the BVI
- Hold a lease of property for use as an office from which to communicate with Shareholders or where books or records of the company are prepared or maintained
- Hold shares, debt obligations or other securities in a company incorporated in the BVI or owned directly or indirectly by a company so incorporated
What Can A BVI IBC Do That Requires A License?
BVI IBC's can perform the following activities requiring a license:
- Carry on a banking or trust business
- Carry on business as an insurance or re-insurance company, agent or broker
- Carry on a business as a company manager
(Carrying on business as a Mutual Fund will shortly also require specific approval under newly proposed legislation.)
How To Establish A BVI International Business Company (IBC)
The BVI IBC formation and registration process is quick and easy. For most companies the documentation is simple and brief and the official review and approval at Companies House are completed in approximately 24 hours. To this must be added our own management and processing time plus any time spent in finding a suitable company name, plus of course any delays in the postal or courier transmission of application forms and company 'kits' and in the clearing of checks through the banking system.
1. Finding a company name which you like and which is suitable to you is often the hardest part of the formation process. If your chosen name is not available, we will undertake to find the nearest possible alternative name based on your preferred choices and reserve that name for you. We may have to add or remove words if necessary to make a unique name - you may want "John Smith Inc", we may have to register "J. Smith Trading (1996) Inc" - with close on 500,000 names already on the Register this can be a difficult task. We will not go ahead with registering an alternative name until confirmed by you as acceptable.
2. Please remember that a BVI IBC must end in: Corporation (Corp); Incorporated (Inc); Limited (Ltd) or Societe Anonyme/Sociedad Anonima (S. A.).
3. Please also be aware that names incorporating the following words are restricted. We will advise where appropriate:- "Assurance; Royal; Bank; Trust; Building Society; Trust Company; Chamber of Commerce; Trust Corporation; Chartered; Trustee Company; Cooperative; Trustee; Imperial; Savings; Insurance; Savings and Loan; Re insurance; Underwriting; Indemnity; Surety; Guarantee; Casualty; Municipal", together with any words suggesting the patronage of, or any connection with Her Majesty the Queen of England, any member of the Royal Family, Her Majesty's Government or one of its departments, a municipality or other local authority or a society or body incorporated by Royal Charter, are also prohibited unless written permission is granted by the Registrar. A very good reason would have to be presented for such a request to be granted.
4. Assuming payment has been made, we will proceed with the actual incorporation. This process typically takes one working day allowing for our own processing time. Once incorporation has been completed, the company documentation, in the form of a company 'kit', will be sent to you by courier to the address provided.
Basic Details About the BVI IBC:
Type of Company: BVI INTERNATIONAL BUSINESS COMPANY
Minimum number of Shareholders: 1
Minimum number of Directors: 1
Bearer Shares Allowed: YES
Local directors required: YES
Standard Authorized Capital: US$50,000.00
Audited Accounts Required: NO
Incorporation time: 2 WEEKS
How Much Will My BVI IBC Cost?
Incorporation cost: US$150.00
Domiciliary service fee: US$400.00
Government fees: US$300.00
Basic First Year Costs: US$850.00
Basic 2nd and Subsequent Yearly Fees: US$550.00
Power of Attorney Fee: US$200.00
Annual Fee for the Provision of Corporate Nominee Directors when Required: US$350.00
Annual Fee for the Provision of Corporate Nominee Shareholders when Required: US$350.00
