BVI registration procedure in 2020
BVI is a major financial center, so the question of how to buy a company in BVI is relevant. In this jurisdiction, just under half of all offshore companies are registered. Every months thousands of organizations are registered in the islands. Because of the tax-free status, the islands are great offshore zones.
One of the main advantages of the British Virgin Islands is the improvement of offshore jurisdiction and the provision of good conditions. It is necessary for resident firms with a large level of employment to pay taxes. In the mid-zero years, the laws were amended and the differences between resident and offshore firms were removed.
There are several advantages to registering a BVI company: in the islands, the most common currency is the American dollar, while the official language is English. The country is also politically stable.
Other advantages are the following::
- The jurisdiction has created favorable conditions for business development;
- There are many registered offshore companies in the country and the country's budget has a tendency to grow, which has a positive impact on the economy;
- The standard of living is high;
- The country has signed double taxation avoidance agreements with many countries.
Confidentiality is regulated at the jurisdictional level. The islands have a good geographical location: Puerto Rico is not far away and tourism is actively developing there..
Offshore requirements in the BVI
Non-residents can create offshore organizations in most areas that are legal. In some cases, a license is required. Offshore firms may be established by both residents and non-residents. The size of the minimum share capital is not reflected in the foundation documents.
It is relatively easy to register an offshore company, but the laws are constantly being amended and should be taken into account. Beneficiaries need to submit extracts from financial institutions where they have been clients for more than 6 months since the registering. It is necessary to submit a package of documents with personal data.
The company should have an office that is registered within the jurisdiction. All documentation should be kept within the islands. The company should have qualified staff. An offshore company that is registered in the territory cannot invest in real estate, but can. At the same time the company is only allowed to rent an office space to register the office.
The most popular form of incorporation is IBC. There are some peculiarities of creating a company. Its name should include an abbreviation that reflects the form of work.
The average index of the authorized capital is 50 thousand dollars. It is possible to issue registered shares, bearer shares cannot be used. A company should have a shareholder and director. The director can be a legal entity. In the case of the zero tax rate there is no need to audit and submit a declaration.
Company registration process
It is necessary to select a name for the company. It should be unique and should not include words that indicate a link to the government. There are no requirements for the nationality of the director and shareholder. There is no minimum capital requirement. Information about the name of the institution should be submitted to the state registry.
The registration lasts for several days aside from the preparation of documents. In the process of registration it is necessary to pay for the services of an agent, consideration and decision making, legalization of documents and issuance of a seal, as well as notary's services. For detailed information about the peculiarities of registration, contact our specialists at IT-OFFSHORE.