Legislation
The IBC legislation was introduced in 1984 but was developing and subsequently amended taking into consideration the changes required by the industry.
Structure
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Only one director and one shareholder is required for company formation. |
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Shareholder(s) and director(s) may be the same person. |
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The shareholder(s) and director(s) can be a natural person or a corporate body. |
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There is no requirement for appointing local shareholder(s) and director(s). |
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There is no requirement for a resident secretary. |
Shares and Capital Requirements
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Shares can be issued with or without par value; |
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Shares may be issued in any recognizable currency or in more than one recognizable currency; |
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Shares may be paid up in cash or through the transfer of other assets or for other consideration; |
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The bearer shares may be issued but are discouraged; |
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The standard share capital is USD 50,000 or an equivalent in another recognizable currency; |
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The minimum paid in capital required is one share. |
Taxation
According to the IBC Act of 1984 the offshore companies are exempted from all taxes for a period of 20 years.
Meetings/Books/Records
IBC records and accounts do not have to be held or filed with the authorities. If the shareholders, directors or officers decide to maintain such records or accounts, these may be held anywhere in the world.
There is no requirement for any financial statements accounts or records to be kept for a BVI IBC:
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If it is found to be desirable or necessary by the director(s) or shareholder(s) these records may be held anywhere in the world |
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There is no requirement for meetings of shareholder(s) and/or director(s) |
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If meetings of shareholder(s) and/or director(s) are desirable these meetings can be held by telephone or any other electronic means of communication providing that all participants can clearly hear each other |
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Meetings if thought necessary can be held anywhere in the world. |
Confidentiality/Privacy
The incorporation documents do not carry the name or identity of any shareholder or director. The names or identities of these persons do not appear in any public record.
Shareholder(s) and director(s) nominee services are allowed to ensure the further confidentiality of beneficial owners.
Time Frame
BVI incorporation is very efficient and usually can be completed within four (4) working days.
Company documents are shipped via express mail and one to three days must be allowed for the package to arrive, depending on where the final destination is.
Annual renewals
Annual renewal fees are payable every year in January starting the year following the company incorporation and every January thereafter if the company was incorporated in the first half of the previous year. If incorporation was in the second half of the year, the annual renewal fee is payable on 1st July of the following year and every July thereafter. Annual renewal fees must be paid in order that the company remains in good standing.
Restrictions
A B.V.I. IBC is restricted from doing business with BVI residents or companies except where:
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It makes or maintains professional contact with solicitors, barristers, accountants, bookkeepers, trust companies, management or secretarial companies, investment advisors, or other similar persons or entities carrying on business within the BVI. |
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It prepares or maintains books and records within the BVI (if it decides to keep such books and records). |
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It holds within the BVI, meetings of its directors or members (if it so desires). |
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It holds a lease on property for use as an office from which to communicate with members or where books and records of the company are prepared or maintained (if so decided). |
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It holds debt obligations, shares or other securities in a BVI IBC or any other locally incorporated company. |
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Shares, debt obligations or other securities in the company are owned by any person resident in the BVI or by any BVI IBC or any other locally incorporated company. |
There are no restrictions on doing business outside of the BVI except illegal activities or such activities that require additional licensing such as: provision of banking services, services of the insurance and trusts.
Names
One of the following words must be used at the end of the company name "Limited", "Corporation", "Incorporated", "Société Anonyme", "Sociedad Auonima", or abbreviations thereof "Ltd.", "Corp.", "Inc.", "S.A.".
BVI companies are one of the best offshore structures on the market at present and BVI offshore company formation process is very straight forward. We can offer you BVI shelf companies list to choose from or set-up a BVI company in one working day.
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