Company opening in the tax haven of the BVI
Opening a company in the BVI is relevant because of the tax-free rules. When registering a company in the BVI in 2021, there is no requirement to pay corporation tax or tax on capital gains, profits, gifts, sales, or inheritance.
In addition, no stamp duty is required in the territory if the transaction is not conducted in the BVI. There is no currency control, there are no strict requirements for auditing and accounting statements. A high level of anonymity is ensured.
Basic legal forms and necessary documents
You can buy a ready-made company in the BVI in 2021 or register a company from scratch. The advantage of buying a ready-made organization is that you can quickly start doing business. This option is relevant if you need a company with a history of operations. Contact our IT-OFFSHORE experts for answers on buying a company.
The BVI includes a group of 50 islands. The jurisdiction has autonomous status. It has imposed its own rules for businesspeople from other countries, including 0% tax rates. The economy of the territory is based mainly on financial services and tourism.
Individuals and legal entities can register a company, even if they do not have resident status. The main types of companies:
- Limited Liability Company;
- Company limited by guarantee;
- LLC with the issue of shares;
- Unrestricted entity with or without the issue of shares.
Entrepreneurs from other states most often register companies with limited liability. A fee is required only when registering and renewing the business. Tax may be levied when performing land transactions if they take place within the jurisdiction.
To register a business, it will be necessary to draw up the Articles of Incorporation and Memorandum of Association, provide identification documents of each owner and shareholder, director. The data must be certified at a notary's office. It is necessary to confirm the residence address of directors and shareholders, to make a unique company name. Bank statements of accounts are collected.
What you need to know about corporate data
Before registering a business, you need to familiarize yourself with all state regulations, including corporate requirements. Confidentiality of shareholders and owners is considered conditional. Information from a closed company registry is available to only a few - the agent and examining agencies.
Importantly, companies can only issue shares of par value. There are no rules and requirements for the smallest amount of share capital. A legal entity is required to register an office at the place of incorporation of the business. It is necessary to prove residency in another jurisdiction to maintain offshore status with zero taxation. Annual accounts are usually not required, but accounting and financial records must be kept.