Go Global with Clevver Hand

Overview: 

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. The process of the company set up in the British Virgin Islands with Clevver hand is simple and completely remote. Learn details here. 

Basic Characteristics of Business Companies (BCs) of the BVI 

• BVI companies currently have a single status — Business Companies (BCs). As amended, the BVI Business Companies Act, 2004, governs the incorporation and operation of such companies. 
• Companies may conduct any lawful business activity. Some activities require a special license (e.g., banking and fiduciary services, insurance, investment funds, activities as registration agents, etc.). 
• BVI companies may open accounts with local banks, rent an office, use professional services, keep accounts and hold meetings of shareholders and directors in the islands. However, trading activities or real estate purchasing directly in the BVI territory by non-residents companies may require appropriate licenses and permits.
• The company name can be anything, except for the names of previously registered firms or very similar to them. It must contain an indication of its legal form (most often it is "Ltd."). 
• Companies must have a registered office and a registration agent in the BVI. 
• Shareholders of a company may be individuals or legal entities of any residency. 
• There is no minimum amount of authorized/paid-up share capital.  
• The company must have at least one director (natural person or legal entity of any residency). Meetings of the directors can be held at any location and any frequency. 
• Companies must have a corporate seal. An impression of the seal must be kept in the office of the registration agent. 

Taxation and Payments 

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: 

• Capital gains tax;
• Gift tax; 
• Sales tax or value-added tax; 
• Profit tax; 
• Inheritance tax or estate duty; 
• Corporation tax. 

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. 

Incorporation in the BVI  

Clevver experts will help register a company in the British Virgin Islands remotely. We provide the necessary organizational support in the process of opening your business.

APPLY TO RECEIVE:  

• The help of the highly-qualified specialists;
• Online support from Clevver;  
• An essential set of legal papers on the company incorporation in a digital format;  
• Great add-ons (additional shareholder, company secretary, registered office address);  
• Consistent customer support and individual approach to each client. 

Conclusion 

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. remotely, quickly, and without unnecessary hassle! The Clevver team will help you register a BC in the BVI, click here for more information! 

DISCLOSURE NOTICE: Any legal or tax advice in this communication (including any attachments) is for information purposes only and is not intended to be used, and cannot be used against Clevver or its Sender. The sender is neither an Accountant nor a Lawyer and cannot be made liable. Please, contact your tax accountant for individual consultation. Clevver does not provide any legal advice itself. Clevver works together with a network of lawyers and tax advisors that provide all necessary individual legal advice.