British Virgin Islands Company Formation
British Virgin Islands Offshore Company Incorporation
The British Virgin Islands consist of 60 separate islands, situated to the North West of the American Virgin Islands, 60 miles from Puerto Rico. The population is approximately 17 000 and the official language is English. It is a colony of Great Britain, with autonomous local government and its own constitution. Legislation is based on the English Law.
The procedure and requirements to incorporate an International Business Company in British Virgin Islands Company Formation are set out below:
- Three proposed company names.
- A brief description of the planned activities.
- Name, address, nationality, passport number and occupation of the Director(s) and Shareholder(s).
- The number of shares to be issued to each Shareholder
|Total cost of incorporation
British Virgin Islands Company Formation Features
The BVI Business Companies (Amendment) Act, 2015 (the "Amending Act"), which amends the BVI Business Companies Act, 2004 (the "2004 Act"), is expected to come into force in the coming months.
The Amending Act is part of the BVI Government's continuing process of modernisation of the companies regime in the jurisdiction. The Amending Act is complemented by amendments to the BVI Business Companies Regulations, 2012.
- Only one director required - can be an individual or corporate
- Only one shareholder required - can be an individual or corporate
- A director can be a shareholder and vice versa
- No requirement for British Virgin Islands residency for shareholder(s) and director(s)
- A secretary is required - can be an individual or corporate
The names of the Shareholder(s) or beneficial owner(s) of the Company are not filed with the Registrar of Corporate Affairs in the British Virgin Islands, the names of the Director(s) are filed but this is not publicly accessible.
Nominee services are permitted if required.
- Standard share capital is US$50,000 divided into 50,000 shares of US$1 each
- Shares may be issued with or without par value
- At least one share must be issued
- Bearer shares are permitted, but they must be held by an authorised custodian approved by the BVI Financial Services Commission
- From 1 January 2024 BVI Companies will be required to file a summary Financial Statement
- Meetings of shareholder(s) and/or director(s) are not required.
- If a meeting is held it need not be in the BVI and participants can attend by telephone.
A BVI BC can carry out any legal business and/or investment activity worldwide, they may not offer bank, insurance or trust services without prior authorization from the BVI Financial Services Commission.
Generally BVI BC´s cannot do business with BVI residents or corporations without losing their tax exempt status.
- First year government filing fees
- Certificate of Incorporation
- Memorandum and Articles of Association
- Letter of appointment of first director
- Nominee shareholder details (if required)
- Declaration of Trust from the nominee shareholder (if a nominee shareholder is required).
- Minutes of the first meeting of the founders
- Share Certificates
- Register of Shareholders
- Register of Directors
- Registered agent services, (first year)
- Registered office, (first year)
- International express delivery by FedEx or DHL
As per the BVI Business Companies Act of 2004, Business Companies not carrying on business in the BVI are exempt from all taxes.
It is not possible to use a word (or words) in the name that are calculated to suggest:
- The patronage of Her Majesty or that of a member of the Royal Family;
- A connection with Her Majesty's Government; or
- A connection with a municipality or other local authority or with a society or body incorporated by Royal Charter.
Names must end with one of the following suffixes or an abbreviation thereof:
- Societe Anonyme
- Sociedad Anonima
The following words and their associated activities can not be used:
- Building Society
- Chamber of Commerce
- Mutual Fund