British Virgin Islands – BVI Offshore Company
Located between the Caribbean Sea and the Atlantic Ocean, the British Virgin Islands provide an excellent location for an offshore company. A BVI Offshore Company has rules that are not readily available within other offshore financial centres. A British Virgin Island Corporation provides the maximum asset protection available. Asset protection through BVI Company formation can be achieved by transferring domiciles. The shareholders / owners of the BVI offshore company move its assets to another trust, foundation, company or association of partnership. The directors then consolidate or merge with a foreign corporation or British Virgin Island corporation in the same offshore jurisdiction.
BVI Offshore Company Benefits
One of the major benefits of a BVI Corporation is that it is exempt from local taxes and stamp duty. BVI Offshore Company bearer shares provide maximum anonymity and privacy as the register of shareholders is only available for inspection by the Courts of the British Virgin Islands or by registered shareholders of the British Virgin Island Corporation. Bearer shares do not require any organisational or accountancy information to be filed with the Registrar of Companies (other than the memorandum of Articles of Association). British Virgin Island Offshore Companies are first for asset protection and complete financial privacy.
BVI Offshore Company
A BVI Corporation has many potential activities. These include trading, financial management, investment, property holding, and copyrighting and/or licensing. There are no prohibitive license fees pertaining to trust and trustee companies for application in private-label trust company, unit and mutual fund situations. In a British Virgin Island Offshore Company, there are no minimum capitalisation regulations or disclosure requirements, reinforcing the complete anonymity of the owners and the corporation.
The flexible company features of a BVI IBC facilitate control, maintenance and ease of operation, making them a desirable entity. BVI Companies can take their own shares and re-issue or require them. Additionally, shares can be issued in different ways, including with or without a par value, in any currency, and other considerations except for cash. As with other offshore financial centres, shareholder meetings can be done either virtually – using web conferencing, for example – or can be conducted anywhere in the world. Moreover, minutes and company records and accounts can be held an maintained outside of the British Virgin Islands. Currently there are no statutory requirements to hold annual general meetings.
BVI IBC’s are not permitted to be used for the following transactions:
- owning an interest in real property situated in the territory,
- transacting business with the public in the British Virgin Island,
- insurance and banking, (unless licensed under the Bank and Trust Companies Act, 1990) or, in the case of insurance, approved under the Insurance Business(Special Provisions) Act, 1991.
However, there are other types of BVI Companies that can be established for the purposes of these types of transactions.
British Virgin Islands Offshore Company Services
A British Virgin Island Corporation is terribly cost effective when compared with the more traditional centres such as the Cayman Islands, Luxembourg and Switzerland. The costs associated with a BVI IBC are similar to those of Liberia and Panama. Additionally, however, the British Virgin Islands offer greater asset protection benefits and the BVI government has far greater political stability.
1. BVI Corporation £795
2. Caribbean bank account £195
3. Swiss bank account £295