Company registration in the BVI in 2022: benefits
According to statistics, the British Virgin Islands (BVI) has 40% of registered offshore businesses. This politically and economically stable jurisdiction offers beneficial and favorable laws for business development. Among the advantages - quick company registration in BVI in 2022, corporate flexibility, absence of many taxes, high confidentiality. Plus - the jurisdiction is on the EU white list, so there are no problems with transactions.
Flexible legal system
The BVI welcomes investors, so the legislation provides them with maximum flexibility. Companies can engage in any legal activity and there will be no disadvantages.
There are no taxes in the BVI:
- income tax;
- capital gains taxes;
- wealth, etc.
The only charges for which fees are charged are payroll tax, stamp duty on real estate transactions, and import duties. All exports are exempt from duties. Most government revenue comes from company registration and license fees.
Requirements for opening an IBC
By law, the staff of international business company (IBC) must be 1 director, 1 shareholder and 1 secretary. All these functions can be performed by one person of any nationality.
Ease of registration
It is easy to register an offshore on the islands. All you need is to have a few thousand pounds, which will pay for public services and the intermediary. Company registration in the BVI is usually carried out by an expert agency, so the owner may not come to the islands.
To register a company, you need to follow these steps:
- Register a unique name with the Registry of the British Virgin Islands;
- Appoint a specialized agent (contact IT-OFFSHORE);
- Open a bank account prior to filing;
- Register for social security payments;
- Send Articles of Incorporation, information about the registered agent, business owners to the Registrar of Companies;
- After registration, submit an application for a license (if required) to the Financial Services Commission.
High confidentiality is one of the key features of the BVI that makes business owners want to open a company in the BVI. The jurisdiction has no tax treaties with other countries, which makes it possible to keep financial information secret.
Although it is necessary to give details about every owner, shareholder, and director when registering, information about them is classified. Data about owners and shareholders is kept by the registered agent, while information about the directors is given to the registrar. The only way to find out information about them is through a local court order, which the prosecution has to go the hard way to get.
Ease of operating the company
Offshore companies may not hold annual meetings of shareholders, convene the board of directors. It is enough to hire a representative to make sure that the day-to-day operations of the company do not conflict with local laws to operate effectively.
Ease of transactions
BVIs are on the EU's White List, so companies can easily open a corporate account with different banks around the world. All transactions are easy, with no freezes, no additional checks.
By law, IBCs are not required to prepare or file financial, annual or other reports. Nevertheless, we recommend keeping records of important financial information in case it needs to be verified (e.g., by court order). Such records do not need to be kept in the BVI and will not appear on any public platform.
How to incorporate a company in the BVI
To do business in the BVI, contact IT-OFFSHORE experts and we will help you.