The British Virgin Island (BVI) is a group of islands in Caribbean Sea and is a member of British Commonwealth and self-governing in 1967. And BVI adopt Common Law as her basic legal system and taking English as her official language. Since introducing its International Business Company (IBC) in 1984, BVI is one the most popular offshore center in the world.
With the advantage of having BVI companies such as no taxes levied, privacy on assets protection and identity of principals, it is more popular of using BVI companies to manage the assets. Besides this, BVI Company is easy to close, just stop to renew business license.
|Why choosing BVI?|
|Tax free system||No Audit and Accounting requiments||High privacy and confidentiality of company ownership||Easy to close process||Exempt from exchange controls|
SET UP REQUIREMENT AND PROCEDURE
Basic requirement for formation:
|Company Name||Company name should be English and unique in BVI government record. And Chinese Name is also adopted together with the English name|
|Director||Minimum 1 director who can be a person or a company. And person should be aged 18 or above.|
|Shareholder||Minimum 1 shareholder who can be a person or a company. And person should be aged 18 or above.|
|Registered Address||Register address should be in BVI.|
|Capital||Minimum 1 share or equivalent to USD1 to be issued and standard number of share is 50,000 shares.|
Procedure of set up
- Company name searching
- Full Name
- Residential address
- Number of Shares holding for each shareholder.
- Identification document (such as passport copy or Certificate of Incorporation)
- Collecting Information for Director and Shareholder
- Provide correspondence address
Processing Time: 3 working days for ready-made company and 8 working days for tailor-made company.
Audit & Assurance Service
The company maintenance of BVI company is simple with renewal of BVI government license.
No requirements for Audit and Accounting submission.
BVI government license schedule:
|Company anniversary date||License renewal due date||Penalty for late renewal(less than 60 days)||Penalty for late renewal(less than 120 days)||No renewal 120 days after renewal day|
|January to June||15 April||USD35||USD175||Company Struck off|
|July to December||15 October|
|Company anniversary date||January to June||July to December|
|License renewal due date(less than 60 days)||15 April||15 October|
|Penalty for late renewal||USD35|
|Penalty for late renewal(less than 120 days)||USD175|
|No renewal 120 days after renewal day||Company Struck off|