The British Virgin Islands (BVI) are a known offshore jurisdiction, and business owners have been flocking to establish new enterprises. The nation’s economy is steady, and its political system is effective. Not to mention that it is currently home to an increasing number of offshore businesses. There are no taxes imposed on businesses that are operating outside of the nation’s borders. The lack of currency exchange control is an additional intriguing fact. Visit https://offshorecompanyregister.com/british-virgin-islands/ to register a BVI company.
Features of the BVI Business Company
As long as your firm conducts business outside the BVI, you can register as a BVI BC and be exempt from BVI corporate tax, capital gains tax, gift tax, inheritance tax, sales tax, and value-added tax. All royalties, rents, compensation, and profits are exempt from BVI taxes. Check out Offshore Company Register to register a BVI company.
Apart from land ownership transactions in the British Virgin Islands, all transactions involving transfers of any property, assets, shares, debt obligations, or securities to or by a BVI BC are tax-free and exempt from stamp duty.
A business company is a company legally recognized in the BVI. It gets treated as a distinct legal person with the same rights and privileges as a natural person.
Corporate minimum requirement
Those that create a BVI Business Company are relieved of the burdensome obligations to comply with corporate requirements, and they can also save the time and expense that can result from these procedures:
- No need for audits.
- There is no duty to file financial reports. In the BVI, accounting records get not required to be maintained.e
- There is no requirement that the director is a BVI resident.
- An annual general meeting gets not directed to get held.
- There is no requirement to file yearly returns, reveal directors, shareholders, charges, loans, or agreements in the public.
High level of discretion
It is one of the distinctive qualities of the BVI BC. In the BVI, a business company must provide comprehensive information on each beneficial owner, shareholder, and director.
A director’s information gets sent to the Registrar, and the Registered Agent will keep the information about beneficial owners and shareholders discreet. You may relax knowing that it won’t need to get disclosed unless ordered to by the court, by the proper regulatory agencies, or in response to a request from both legal assistants.
How many different BVI corporation types are there?
There are 5-primary company kinds listed in the British Virgin Islands Business Companies Act:
- company with a share capital
- a corporation with a guarantee but no share-issuing authority
- company limited by guarantee that is permitted to issue shares
- The company may issue shares indefinitely
- Unrestricted businesses are not allowed to issue shares
The BVI additionally permits company registration in several formats, such as:
- Separated portfolio business
- Limited-purpose business
No matter what kind of BVI business you intend to visit, keep in mind that you must register a BVI company with the Registrar of Companies through a registered agent. Furthermore, the Memorandum of Articles and Articles of Association is a requirement.