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Why incorporate in BVI

Updated time: 08 Jan 2019 , 17:40 (UTC+08:00)

Reputable Regulatory Environment

The British Virgin Islands are leaders in the offshore regulatory environment. They have a distinct combination of oversight and a laissez faire approach which makes it both easy to do business – yet reputable with banks and other jurisdictions around the world. In other words – it’s not a cowboy country, but you are free to do as you please within reason, assuming your activities are legitimate and legal.

  • All of this makes it very simple and easy to bank with a BVI company.
  • Reputable compliance and regulatory body.
  • Clear laws and established company formation jurisdiction.

Why incorporate in BVI

Strong Asset Protection

Most IBC’s are used as asset protection vehicles, very often in combination with a trust as a holding company. The directors of the BVI IBC may protect the assets by transferring its assets to another company, trust, foundation, association or partnership; the directors can also merge or consolidate with any other company or can re-domicile the IBC to another jurisdiction entirely.

  • The ability to transfer domicile
  • Private and Secure
  • Offshore Asset Protection Trusts Common
  • Hybrid Legal Entities Common
  • Great for estate planning, holding companies
  • Very good for active business

Low Compliance Threshold

The International Business Companies (Amendment) Act 2003 states that all international business companies formed in BVI must establish and maintain a Register of Directors, whereby the initial director is appointed within 30 days of incorporation. Further statutory requirements are minimal and flexible.

No corporate secretary

No minimum capitalization required

No local director required

IBC’s can re-quire and re-issue their own shares.

Shares can be issued for a consideration other than cash, with or without par value, and be denominated in any currency.

Simple Corporate Maintenance

  • Annual Meetings in BVI not required
  • No Yearly Audits
  • Only one shareholder is required.
  • You are permitted to run a BVI as a single directorate.
  • Corporate Books, minutes and records can be stored anywhere.
  • You do not need to have meetings in the British Virgin Islands, in fact, there is no statutory requirement to hold annual general meetings.

Quick Incorporation

Incorporation can take place within one or two days. Shelf companies can be transferred even quicker as needed.

Private Incorporation

Nominee directors and shareholders are commonplace and can be used to further increase privacy at a slightly higher price, in order to ensure the utmost privacy and protection.

Corporate Taxes

BVI International Business Companies are exempt from local taxes and stamp duty, even if they are administered in BVI. Only registration and annual license/franchise fees will apply.

Stability

The British Virgin Islands have modern infrastructure and good telecom systems. They also speak English and use a legal system derived from English common law. The BVI Government is quite responsive to the needs of offshore companies and has fostered a pro-business environment. The legislation is flexible, with the goal being to entice legitimate offshore activities, and to keep out money-laundering and other criminal activity.

 

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