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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
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. What are the annual renewal fees?
The annual renewal fees are the annually recurring government and professional fees that You would pay in order to continue and maintain Your offshore company in good legal standing as per the laws of the state of registration, for as long as the company continues operations. In a way, You can compare these fees to taxes and the administrative overhead, only in the case of an offshore company the figures would probably be much less
4. Does the company have to file accounts or a financial statement?
There is no requirement to file accounts or a financial statement
5. Is the company taxed on profit?
A BVI company is exempted from all local taxes
6. 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.
7. What happens if I don't pay the annual renewal fees?
Non-payment of annual renewal fees will make the offshore company lose its status of good standing, the company will also incur severe late penalties and legal consequences.
8. 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.
9. British Virgin Islands (BVI) Offshore Company Formation - How it works?

How to Setup your BVI Offshore 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, 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 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!

10. 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.
11. 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
12. 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
13. What is penalty fee If I fail to pay renewal fee in due course?

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)

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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