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British Virgin Islands Company Formation Frequently asked questions (FAQs)

1. When should arrange for the annual renewal of BVI company after it is incorporated?

BVI company incorporated in or before June should be renewed before 31 May each year to ensure its legal status and recognition.

Whereas BVI company incorporated in July to December can be renewed before 30/ Nov each year

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2. Is there any other compliance rule for BVI company?
Basically, except for the annual renewal of the BVI company, the company is not required to submit any other form of annual return or financial statements to the BVI government, thus, this has greatly increase the simplicity of managing a BVI company.
3. Does the company have to file accounts or a financial statement?
There is no requirement to file accounts or a financial statement
4. Is the company taxed on profit?
A BVI company is exempted from all local taxes
5. Does the company have to maintain books and records in the BVI?
The company does not have to keep records in the BVI. If the company chooses to keep records they can be kept anywhere in the World.
6. Does BVI company need to file Register of Directors?

It is mandatory for a Register of Directors to be kept at the BVI registered office.

There is no need to file the Register of Directors with the Registrar.

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7. British Virgin Islands (BVI) Offshore Company Formation - How to setup BVI company?

How to incorporate a BVI company?

Step 1 BVI Offshore Company Formation, initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 3 working days or 2 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in the Registrar of Corporate Affairs system of BVI.

Step 2 You settle the payment for Our Service fee and official BVI Government Fee required. We accept payment by Credit/Debit Card Visa Visa Discover American , Paypal Paypal or Wire Transfer to our HSBC bank account HSBC bank account (Payment Guidelines).

Step 3 After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation in BVI, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full BVI Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).

You can open BVI bank account for your company in European, Hong Kong, Singapore or other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.

Your BVI Offshore Company formation completed, ready to do international business!

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8. Does BVI Company need Registered Office and Registered Agent?
A company shall, at all times, have a registered office and agent in the Virgin Islands.
9. What is BVI FSC’S roles?

The BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited partnerships and intellectual property

10. Do I need to comply with all regulations of FSC when opening BVI company?

Yes, BVI company formation need to be under all regulations of FSC and BVI Laws.

Registered agent will guide you in the first stage and update when there are any changes from these regulations

11. What is penalty fee If I fail to pay renewal fee in due course?

BVI Companies incorporated between January 1st to June 30th-

Fund must be credited to our account for payment to the Registry before 31/ May deadline to avoid penalties below

  • June 1st- July 31st-10% Penalty
  • * August 1st – October 31st – 50% Penalty
  • * November 1st- STRUCK OFF/ 50% Penalty+ Restoration fee $825 (Standard capital)
  • February 1st – RESTORATION FEE USD 1125 (standard capital)

BVI Companies incorporated between July 1st to December 31st 

Fund must be credited to our account for payment to the Registry before October 30th deadline to avoid penalties below

  • * December 1st – January 31st – 10% penalty
  • * February 1st- April 30th – 50% penalty
  • May 1st- STRUCK OFF/50% penalty + RESTORATION FEE $825 (standard capital)
  • August 1st- RESTRORATION FEE USD 1125 (Standard capital)

It is the responsibility of all clients to ensure that payments are made to us in a timely manner thus keeping the companies in good standing with the BVI Government 

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12. What are the advantages of a virtual office?

The first advantage of a virtual office is to offer phone numbers and phone answering services for the registered company.

Besides that, a message box, where the voice messages and faxes received by the registered company will be automatically sent through e-mail to the e-mail account allocated to the client.

The third benefit of this kind of office is to provide the facsimile number, automatic re-sending of the fax to the client via e-mail.

Last but not least, mail forwarding by airmail or by email (scans) from the virtual office. Register BVI virtual office has lots of benefits, such as low costs and expenses to maintain the physical space and employees.

These are the reasons why investment foreigners decide to open a virtual office in BVI.

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13. What are some examples of virtual offices in BVI?

The term “virtual office” is described as the working environment that has no fixed location. The virtual office in BVI includes:

  • A BVI registered office address: this is mandatory to register an offshore business.
  • Document mailing: the virtual office can also handle the process of mailing of documents.
  • Call handle and forwarding services: the calls received at the BVI can be redirected to a chosen number. That is useful for business owners as they will not lose important calls even if they are located outside the jurisdiction they incorporated their companies at. In addition, the BVI virtual office can receive the business owners’ email and then forward them as directed.

Our team of BVI registered companies offers you all of these services and the bargain box price.

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14. Which types of companies are suitable to register as a BVI virtual office?

Working via a virtual office is a new way for modern business. Any offshore companies are particularly suitable for operating via the virtual office. Most foreign investors would choose providers that offer international services to easily manage their assets such as virtual offices are the most commonly chosen office services for foreign investors and businesses.

The types of company in BVI benefits greatly from the uses of the virtual office, are the following:

  • Investment company: BVI business is investing or distributing funds to other countries.
  • Professional services: the individual is focusing on a specific field
  • Trading company: BVI company is exporting and importing activities
  • Holding company: Investment company is holding shares or assets

Moreover, a company set up in BVI must have the registered address and agents after they completed the company registration which is completed within 3 working days.

We guarantee to always comply with the rules and regulations of doing business in these jurisdictions.

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15. Can I open a bank account for my BVI company in Singapore? Which Singapore bank can I register a corporate bank account for my BVI company?

Yes, you can open a bank account for your BVI company in Singapore.

For those who own foreign companies, the owner needs to submit required documents to the banks including Certificate of Incorporation, Certificate of Incumbency, Memorandum of Association and Articles of Association. The authorities can be required to submit further documentary proofs. All documents submitted must be in English.

We can support you to register and open a bank account in Singapore for your BVI company through a number of reputable banks that we have partnered up with.

  • One IBC has associated and established a strong relationship with reputable local Singapore banks including HSBC Bank, DBS Bank, UOB Bank, OCBC Bank, Standard Chartered, and Maybank.

Opening a bank account for your BVI company in Singapore will help your business to manage transactions, as well as make any necessary payment, allow you easy access to new customers and business opportunities in Singapore.

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16. Could I open a Company in the British Virgin Islands (BVI) from Singapore?

Yes, you can form a company in the BVI and open the BVI company bank account from Singapore. BVI is known as the famous jurisdiction for offshore companies that will create business opportunities and enhance competitive advantages for companies. Therefore, many businessmen prefer to open and own a BVI company. No matter you are in Singapore, United States, Australia or elsewhere, we willing to help you open your BVI company through 3 simple steps:

Step 1: Preparation for your BVI company

  • If you are Singaporean, living in Singapore, you can contact our office via e-mail, phone, or website or simply click to the link: https://www.offshorecompanycorp.com/contact-us.
  • Our advisory team will advise you on a sufficient type of British Virgin Islands (BVI) company that fits your business activity and check the eligibility of your new company name as well as information about the United Kingdom’s obligation, taxation policy, financial year.

Step 2: Choosing type and services for your BVI company

  • Choose a suitable type of entity for your business purpose and the recommended services for your BVI company:
    • Bank account
    • Nominee services
    • Serviced office
    • IP & Trademark
    • Merchant account,
    • And Bookkeeping.

Step 3: Make your payment and own your favorite BVI Company

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17. What are the advantages of BVI Commercial Registry?

The British Virgin Islands (BVI) is one of the largest international financial jurisdictions and the oldest tax havens in the world. According to Transparency International, BVI hosted 430,000 offshore companies in 2016.

The main advantage/benefits of BVI commercial registry :

  • Total absence or minimum paid of taxation
  • No public the personal information on the public file
  • Easy for management - the meetings can be held anywhere.
  • No audits, tax reports, and financial information.

An offshore commercial company in BVI will have more opportunities in doing business. That is why almost foreign companies chose to open a company in BVI. Offshore destinations are not only offered tax advantages but they also frequently have fewer reporting requirements than other countries.

One IBC can support you with all services in opening the company in BVI.

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18. What information of a BVI Corporate Registry would be disclosed on?

If I have a BVI Corporate Registry, what information would be disclosed on the public record? Do I have to disclose the information of my BVI company’s Director and Shareholders as well?

For all registered BVI companies, some of the information would be disclosed for the public via the BVI Registrar of Businesses and depending on the situation, the court may access other information through the customers’ BVI registered agent. The disclosed information generally includes the company’s registered office, registration number, company status, date of incorporation, and authorized capital. Furthermore, the public record of a BVI registered company also contains the following information:

Company Incorporation Certificate:

is one-page certificate issued by the BVI government confirms the client’s company is properly registered

Certificate of Good Standing:

This certificate is for companies that are up-to-date and companies require this certificate when they pay the annual registry fee, also known as Company Renewal fee. Information such as registration and current status of the company is shown on this certificate.

Memorandum of Association and Articles of Association

Information of the directors and shareholders which are in the Register of members is required to disclose not to the public but must be uploaded to the Beneficial Owner Secure System (BOSS) Portal, according to the amended BVI Business Companies Act in 2016.

The reason for this is to assist the BVI government to manage and identify the directors and shareholders of all registered BVI companies. Only the BVI company’s registered agent and BVI authorities have access to this information.

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19. I live in the United Kingdom (UK) and have a question: How can I choose the name to set up a BVI Business Company?

Choosing a company name is the first step to set up a company in BVI from UK. The procedure to choose the name to set up a BVI company is simple but you need to take note some important following points:

  1. BVI companies must select a unique corporate name that is not similar to already existing corporation names.
  2. A company name must have one of the following suffixes: “Limited”, “Corporation”, “Incorporated”, “Société Anonyme”, or “Sociedad Anonima” or the abbreviations “Ltd.”, “Corp.”, “S.A.” or “Inc”
  3. The company name can be in Chinese (Mandarin - Mainland China language), as a result, the country is one of the most favorite countries for Chinese, Taiwanese, and Hong Konger investors.
  4. The company name cannot use a word in the name that connects with the patronage of Her Majesty, a member of the Royal Family, Her Majesty’s Government or with other local authority and body incorporated by Royal Charter
  5. The name for the special business which is required licenses, such as Insurance or Banking business. Therefore, some words cannot be used in the BVI in a company name: Fund, Mutual Funds, Assurance, Bank, Banker, Casino, Council, etc.

If you are struggling with choosing a name for setting up a BVI company from UK. Our advisory team will help you to choose a suitable name that fits your business activity and check the eligibility of your new company name.

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20. Can I open a bank account for my incorporated BVI company in the UK? Do I need to travel to BVI to open a bank account?

If you are living in the UK, BVI is not an ideal choice to register for a bank account unless you are physically living on the BVI. You need to travel to BVI and arrange a personal visit to the bank and a face-to-face meeting to comply with the strict Know Your Customer (KYC) requirement for opening a bank account in the BVI. Moreover, BVI has less than 10 banks that serve the entire territory which limits the option of choosing suitable banks for the customers.

For that reason, we highly recommend that you should open an offshore account in other jurisdictions which allows you to open and maintain your account without a face-to-face meeting and more available options to choose for your incorporated BVI company

One IBC has associated and established a strong relationship with reputable banks in other famous jurisdictions such as Singapore, Hong Kong, etc. We can select and support you to register and open a bank account for your BVI company from the UK without traveling to the bank.

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21. What are the main advantages to register a company in BVI? How do I register a company in the BVI?

Although the British Virgin Islands (BVI) are The British Overseas Territories, BVI is a well-known offshore location and the procedure to register a company in BVI is easier than the UK.

The main advantages to register a company in BVI:

  • Modern, flexible and commercially minded corporate legislation
  • The cost-effective and straight forward incorporation process
  • Offering a high level of privacy and confidentiality
  • Minimum ongoing compliance requirements
  • Exempted from income tax, capital gains tax, gift taxes, inheritance taxes and VAT

A registered BVI company is simple and does not need to fulfill too many requirements. Typically, the process including three steps:

  1. Choose a corporation name and structure
  2. Fill information on your application form and submit documents required
  3. Open bank account for your BVI company

You are still considering which jurisdiction is the best choice to register your offshore company? Wherever you want to register your business: Cayman, BVI, UK,... One IBC will help you to choose and support you to register an offshore company through an easy process and competitive price. Contact us via the link: https://www.offshorecompanycorp.com/contact-us.

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22. I live in the United Kingdom (UK) and have a question: How can I choose the name to set up a BVI Business Company?

Choosing a company name is the first step to set up a company in BVI. The procedure to choose the name to set up a BVI company is simple but you need to take note some important following points:

  1. BVI companies must select a unique corporate name that is not similar to already existing corporation names.
  2. A company name must have one of the following suffixes: “Limited”, “Corporation”, “Incorporated”, “Société Anonyme”, or “Sociedad Anonima” or the abbreviations “Ltd.”, “Corp.”, “S.A.” or “Inc”
  3. The company name can be in Chinese (Mandarin - Mainland China language), as a result, the country is one of the most favorite countries for Chinese, Taiwanese, and Hong Konger investors.
  4. The company name cannot use a word in the name that connects with the patronage of Her Majesty, a member of the Royal Family, Her Majesty’s Government or with other local authority and body incorporated by Royal Charter
  5. The name for the special business which is required licenses, such as Insurance or Banking business. Therefore, some words cannot be used in the BVI in a company name: Fund, Mutual Funds, Assurance, Bank, Banker, Casino, Council, etc.

If you are struggling with choosing a name for setting up a BVI company. Our advisory team will help you to choose a suitable name that fits your business activity and check the eligibility of your new company name.

23. How do I pay an annual renewal fee for my registered BVI Company? What will happen if I cannot pay the fee on time?

Renewing your BVI company is an important step to maintain your operation. Renew your registered BVI company on time is necessary as it is not only to maintain your company’s Good Standing but also to make sure to comply with local regulations.

According to BVI regulations, business owners need to pay annual Company Renewal fee starting from the second year to BVI Government and depend on the period of company incorporation date, the company renewal date due at 2 different renewal periods:

  • The fee is due before 31st May, for all companies incorporated between the 1st of January and 30th of June;
  • The fee is due before 30th November, for all companies incorporated between the 1st of July and 31st of December;

The owners cannot pay directly the annual renewal fee to the Government, the Government will only accept the fee through a Registered Agent according to the BVI Business Companies Act 2004.

If you cannot pay the fee on time, your BVI company will lose its status of Good Standing and can be strike-off from the Registry for non-payment of fee. Striking-off a company means your BVI company is unable to continue trade or enter new commercial agreements, and its directors, shareholders, and managers are by law precluded from any operations or transactions with the assets of the company until the company is restored in Good Standing.

Moreover, late penalties will be applied for non-payment of an annual renewal fee.

  • A 10% penalty fee is applied if the payment is up to 2 months late.
  • A 50% penalty fee is applied if the payment is over 2 months late.

Business owners can restore a company after it has been struck off, but owners need to pay substantial fees to the Government including all past-due renewal fees depending on the number of days overdue after strike-off and penalties fee.

Therefore, paying in full and on time your renewal fee is essential for your registered BVI company. Paying renewal fees after the expiration date will cause many problems that can affect your operation.

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