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Companies registration in British Virgin Islands

British Virgin Islands (BVI) - a group of 60 islands and cays, located in the north- east from US Virgin Islands. The largest islands are Tortola (with Beef Island), Virgin Gorda, Anegada and Jost Van Dyke. Capital - Road Town. The population  is about 12 thousand people.

The British Virgin Islands, part of a volcanic archipelago in the Caribbean, is a British overseas territory. Autonomy was carried out since 1967. Executive board is a governing body of the BVI islands, led by governor, who is appointed by The Ministry of Foreign Affairs of Great Britain. English is the official language.

Main characteristics of the company of BVI

BVI companies legislation is defined by Business Companies Act 2004 (amended in 2007) and the Companies Act. These are the basic laws of British Virgin Islands, regulating business activities and operations of the BVI companies, who have the authority in engaging in any lawful activities without additional permits.

BVI  Business Company do not have the right to conduct business with residents of the BVI, to work as a bank, trust or insurance company.

BVI Business Company may open domestic or foreign bank accounts, use professional services, hold shares, bills of exchange and other securities, keep the accounts and hold meetings with shareholders and  directors in the British Virgin Islands territory.

International Business Companies are free of foreign exchange control, companies can move their assets freely and make transactions in any currency.

The company name must contain the words:  Corporation, Incorporated, Limited and etc. Chinese names with English translation can also can be registered. The name should not include these words: Bank, insurance, warranty, Trust, Royal, Chamber of Commerce, Foundation and a number of others, with some exceptions, when there is a written approval of the Registrar Office and the licensing Agencies.

The company's capital can be formed in any currency. Companies, which are responsible for shares allotment, from the 1st of  January 2005 should pay annual fee of $ 1100 for a license. In practice, there is being issued registered shares.

BVI Business Company must have a registered office and registered agent in the BVI.

BVI Business Company is exempt from all taxes on profits, trade, inheritance and dividends. However, there is an annual state fee.

 

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