BVI Companies: Voluntary Liquidation vs. Strike-Off For winding down a British Virgin Islands (BVI) company, directors and shareholders typically face two primary options: voluntary liquidation or strike-off and dissolution by the Registrar of Companies. Each method has its own set of procedures, benefits, and potential drawbacks. Here, we compare these two processes to help you […]
Using BVI Companies in Global Tax Planning – Myths Debunked The British Virgin Islands (BVI) is the world’s most popular choice of jurisdiction for offshore corporate domicile. However, several myths and inaccuracies exist as it relates to using BVI companies in global tax planning structures. In this article, we aim to clarify common myths, misconceptions […]
Deadline Approaching to File the BVI Annual Financial Return As mandated by the BVI Business Companies (Financial Return) Order, 2023, all BVI-registered companies are required to file an annual financial return with their registered agent. This return includes a basic balance sheet and income statement. The first filing deadline for companies with a financial year […]
Overview of Crypto-Currency and ICOs in the British Virgin Islands In recent years, the realm of cryptocurrency and Initial Coin Offerings (ICOs) has witnessed unprecedented growth, with billions of dollars raised globally. The British Virgin Islands (BVI) have emerged as a pivotal hub in this new financial landscape, attracting numerous virtual asset issuers. This blog […]
BVI Annual Return Update Changes Effective from 1 January 2024 On January 1, 2023, it became mandatory for British Virgin Islands Business Companies (BVIBC’s) to file an Annual Return. The enabling legislation was the BVI Business Companies (Amendment) Act, 2023 (The BC Act) and it was further codified in the BVI Business Companies Financial Return […]
2023 Amendments to the BVIBC Act A number of key amendments were made to the BVIBC Act that became effective from January 1, 2023. Below is a recap and discussion of the major items. Key Amendments Annual Financial Return Legislation prior to 2023 required a BVI company to keep records and documents that enabled the […]
December 29, 2020 marks the date by which most companies and limited partnerships registered in the BVI are required to submit their first Economic Substance filing to the BVI International Tax Authority. The Economic Substance (Companies and Limited Partnerships) Act, 2018 (“TheAct”) came into force on 1 January 2019. The Act requires all BVI entities classified […]
The BVI is by far the world’s pre-eminent choice of offshore corporate domicile with well over 1 million companies formed and over 380,000 currently active on the register. On a practical level however, many persons wonder what some of the most popular uses of a BVI Business Company are. Below is a guide which provides […]