Company Incorporation - BVIBC
The British Virgin Islands Business Companies Act, 2004, which came into force on January 1, 2005 (as amended) (the “Act”) governs the incorporation and management of companies in the BVI. The companies often referred to by the acronym “BVIBC” replaced the very popular International Business Companies “IBC” and are renowned worldwide for providing a corporate vehicle that is cost effective and which provides safety and security to investors. It is a fact that the British Virgin Islands are the world’s leading offshore corporate domicile and as such, BVIBC’s are the premier vehicle used for thousands of simple as well as complex international corporate structures and transactions on an annual basis.
The process to incorporate a BVIBC involves the following steps:
Download, complete and submit the incorporation application package
Complete all required due diligence information
Make arrangements for payment of fees.
The incorporation process usually takes on average between 1 – 3 working days depending of the volume of incorporations at the Registry. On completion we provide you with the complete incorporation package including the Memorandum and Articles of Association, Share Certificates, Company Seal and other documents as required.
Some of the advantages a BVIBC are:
BVIBCs are generally not subject to any income, capital gains, dividend withholding, estate, or gift taxes in the BVI.
There is no specific capitalisation requirement for the incorporation of a BVIBC. However where a BVIBC intends to engage in regulated business activities such as banking, insurance and trust business a minimum capital may be required to be issued and paid up and the company will require licencing under the relevant legislation.
Although not standard practice if expressly authorised in its Memorandum and Articles of Association a BVIBC can issue bearer shares. It can also issue multiple classes and series of shares, shares with or without par value, as well as shares with variable voting rights, and companies are allowed to acquire their own shares and exchange and convert registered shares to bearer shares.
The corporate books and records are confidential and there is no requirement to file any information with the Registrar of Corporate Affairs relating to shareholders, directors, mortgages and charges, accounts, deeds and other instruments.
Our fees for the incorporation of a BVIBC will vary depending on the structure of your company. For guidance you can check our schedule of fees, however please do not hesitate to contact us for a definitive quotation or if you require any additional information on the incorporation process in general.
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