The British Virgin Islands (BVI) is a British overseas territory, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago. BVI consist of the main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke, along with over 50 other smaller islands and cays. Around 15 of the islands are inhabited. The largest island, Tortola, is approximately 20 km (~12 mi) long and 5 km (~3 mi) wide. The islands have a total population of about 22,000. Road Town, the capital, is situated on Tortola. One of the leading elements of the economy is offshore banking and offshore company formation.
BVI Offshore Company Formation – Requirements:
- DIRECTOR: Minimum of one Director. Corporations are permitted.
- SECRETARY: A Secretary is not required.
- SHAREHOLDER: Minimum of one Shareholder. Corporations are permitted.
- Shareholder(s) and director(s) may be the same.
- SHARES & CAPITAL: The standard share capital is USD 50,000.00 divided into 50,000 shares of USD 1.00 each. Shares can be issued with or without par value. Bearer shares are permitted, but now have to be deposited with an authorised intermediary, who must record the identity of the beneficial owner.
- NAME OF THE COMPANY: Must end with one of the following suffixes: Limited or Ltd.; Corporation or Corp.; Incorporated or Inc.; Société Anonyme or S.A.; Sociedad Anonima or S.A.; Besioten Vennootshcap or B.V.; Gesellschaft mit beschrankter Haftung or GmbH; Naamloze Vennootschap or NV.
Other Information About BVI Companies:
- Status of the company: BVI Business Company (BBC).
- Incorporation of the BVI company takes 48-72 hours.
- BVI companies are exempted from all taxes and stamp duties.
- There is no requirement for filing annual returns or audited financial statements with the BVI authorities.
- The BVI incorporation documents carry the name or identity of the shareholder(s) or director(s).
- Provision of services of nominee directors and shareholders for purposes of confidentiality and protection of anonymity nominee services are available.
- The object of the Company is to engage in any act or activity that is not prohibited under any law. A Company in the BVI is restricted from doing business with BVI residents or BVI companies.
BVI Incorporation Package Includes:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Appointment of First Director
- Share Certificate
- Register of Members
- Register of Directors
- First Minutes