25th Jun 2021
The British Virgin Islands are one of the most popular places to start an offshore business. The islands are a British overseas territory in the Caribbean. This is an important advantage for foreign investors because English is the main (official) language here. The two most important areas of business are tourism and financial services. The latter is primarily supported by a large number of companies registered in the BVI.
For many years, among the many tax havens, entrepreneurs around the world choose the British Virgin Islands (BVI) to strengthen and develop their international activities. This territory stipulates low state fees in exchange for practically an absence of taxation and preparation of the financial statements.
Nonexistence of income tax and loyal legislation — that is, in the first place, what attracts businessmen to the British Virgin Islands. BVI holds leading positions and remains one of the most profitable company registration destinations globally, despite the fierce competition. Together with Clevver, you can easily register a BC in the British Virgin Islands and enjoy a stable political system, impeccable reputation, and recognized authority of the jurisdiction. The process of the company set up in the British Virgin Islands with Clevver is simple and completely remote. Learn details here.
Commercial BVI companies are exempt from paying taxes, regardless of the source of income. Only an annual fee (duty) is mandatory — US$450 where the authorized number of shares is less than or equal to 50,000 and US$1,200 where the authorized number of shares is more than 50,000. Failure to pay this fee by the due date results in penalties on the amount owed, and then deletion of the company from the register. However, if the fee and penalties are paid, the company may be restored to the register.
In BVI, there is NO:
There are no reporting requirements to government agencies and mandatory auditing for BVI companies. However, BVIBCs are required by law to keep records of financial transactions and all related accounting documents at the registered address/registration agent of the organization.
Clevver experts will help register a company in the British Virgin Islands remotely. We provide the necessary legal support in the process of opening your business. Our specialists will set up a company in the BVI promptly and without your actual presence in the jurisdiction.
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Clevver legal team will register a BC for you in the BVI, reach out our team for more information!
A company in the BVI is not subject to income tax, has no requirements for the minimum authorized capital, its reports are filed only at the request of the Department of Financial Services. All this allows the BVI to occupy a leading place in the list of most popular jurisdictions for the registration of offshore companies.
Form your BVIBC Ltd. with us remotely, quickly, and without unnecessary hassle!