Company in The Virgin Island
Company in The Virgin Island
Company registration in the Virgin Islands
The company registration in the Virgin Islands can generally take place within 48 hours after the completion of the necessary documents. A company in the Virgin Islands must have at least 1 director and 1 shareholder, whereby the director and shareholder may be the same person. The person acting as director or shareholder does not have to be a BVI resident. There registration of a company in the Virgin Islands can take place without a personal visit. There are no annual accounting requirements in the Virgin Islands.
An additional advantage of the business in the Virgin Islands is the fact that the business can be run internationally, there is exemption from all local taxes and stamp duty and there is only one annual renewal fee required for a company founded on BVI. It is one of the oldest and most respected financial centres in the world. BVI is a British overseas territory located east of Puerto Rico in the Caribbean. To the north of the island lies the North Atlantic Ocean and to the south lies the Caribbean Sea.
The most popular type of BVI registration is International Business Company (IBC). IBCs are companies registered in the British Virgin Islands under the International Business Companies Act 2004.
Taxes in the Virgin Islands
The company in the Virgin Islands is exempted from all local taxes, stamp duty, no capital gains, no inheritance tax, no sales tax and no VAT. If you want to maximize your profits, BVI can be a very good place to start. BVI is one of the most attractive financial jurisdictions in the world.
Opening a company in the Virgin Islands is exempted from any stamp duty that relates to its assets or activities, except for land ownership transactions on BVI, in which case the stamp duty must be paid.
Establishing a company in the Virgin Islands does not require any tax return or any other report on foreign income.
Name of the company
Open buisness in the Virgin Islands involves choosing the right name. All words in the name should be in English. The name must end with a word, phrase or abbreviation meaning limited liability, such as Limited (LTD), Corporation (CORP), Incorporated (INC) or Societe Anonyme (S.A.).
Directors, Associates and Secretary
Company formation in the Virgin Islands requires the selection of at least one director and one partner, but they do not have to live in the British Virgin Islands and may be corporate bodies. It is also possible to open a company as a one-man company, which means that the director and shareholder may be the same person. The establishment of a company in the Virgin Islands can be fully anonymous as BVI is allowed to use the services of nominees.
The standard currency for BVI is USD, the minimum share capital is 50,000 shares of USD 1 each. If the shares exceed the standard 50,000, government fees will increase. This will affect the incorporation price and the bus renewal price.
Ready-made company in the Virgin Islands / Purchase of company in the Virgin Islands / Purchase of firm in the Virgin Islands
In practice, the sale and purchase of ready-made companies in the British Virgin Islands does not apply.
Are you interested in establishing a company in the Virgin Islands or do you want to talk about it? Entrust this task to professionals. Contact us.