The company registration on BVI
The offshore company registration on British Virgin Islands
The offshore company registration on British Virgin Islands is a very attractive and popular variant for those who decided to register an offshore company. By estimation of a number of economists, almost half of the total amount of world offshore companies is registered on BVI.Such popularity of BVI is due to the extremely liberal legislation of this state.
The first law on commercial activity on BVI was passed on 1984. And quite recently, in the beginning of 2005 it was replaced by renewed law on commercial company’s activity. According to this act, the requirements for the foreign companies, registered on BVI, are very low, as well such companies are completely dismissed from any taxes.
Advantages of registering offshore companies on British Virgin Islands
It is not surprising that this offshore zone became so popular, and this popularity keeps increasing. Except for the lack of taxes, there is also a number of other advantages:
- Quick and simple registration;
- Complete confidentiality of the company documentation;
- Lack of necessarity of keeping and providing any records;
- No limitations on minimal charter capital.
BVI have the most flexible legislation among all offshore zones in the world. With the purpose of attracting finances many of them even try to copy or create similar normative base, but BVI remain the leader. Therefore, this offshore zone remains the most active and biggest financial center, while also having a good reputation.
Despite friendly legislation for offshore companies, the governement takes action against “money laundering” and cooperates with various international financial organizations in this area. However, such governement position has its negative sides for offshore companies. Thus, for foreign compnies it became impossible to use bearer shares, which is one of the main offshore companies’ advantages. Only registered shares are allowed for usage.
Peculiarities of registering offshore companies on British Virgin Islands
The current BVI legislation concerning commercial activity provides a number of conditions for commercial foreign companies. Foreign companies must pay annual fixed charge. Offshore company is not allowed to do any commercial activity on the BVI territory, but during offshore company registration there are no restrictions on their type of activity. The offshore company is dismissed from having any shareholders’ meetings, the directors or shareholders of the company may be not only the individuals but also a legal entity and not necessarily a BVI resident.
The procedure of registering an offshore company on BVI is standard. The company name is checked in the register, registration fees are payed, the company is incorporated in the company register, and all registration documents are sent to the establisher via mail. It is not necessary to visit BVI in person for offshore registration and the registration process takes few days only. Despite the simplicity of the whole procedure, an enterpreuner may face certain challenges due to the lack of knowledge of registartion order or paperwork. Our company Goldblum and Partners will offer you full and qualified support and assistance in any questions concerning offshore registration on BVI.