BVI offshore company
BVI Banking and Communications
There are several major commercial banks in the British Virgin Islands, which offer a full range of domestic and off-shore services. The US dollar is the official legal tender and the BVI does not exercise any exchange control. Telecommunications are modern and efficient with a full range of services. All major courier companies service the BVI.
British Virgin Islands - the Financial Centre
The cornerstone of the corporate legislation for BVI offshore companies, the International Business Companies Act was enacted in 1984.This legislation has proved so popular that the BVI now boasts one of the largest corporate registries in the world. Conscious of the need to meet the requirements of the international financial community, the financial services industry has encouraged a regular review and enhancement of its legislation. The present legislation reflects the effort constantly made by the Government to move on a timely basis to expand the range of financial services available while enhancing the integrity of the jurisdiction.
Why the British Virgin Islands?
- Regarded by professionals as one of the worlds premier offshore jurisdictions
- Strict confidentiality
- Commitment to integrity
- Proactive development of offshore financial legislation in close consultation with the private sector resulting in prudent and user friendly legislation
- Politically stable, common law jurisdiction
- Competitive pricing
- Exemption from local taxation
- Ease of incorporation and administration of companies
- US Dollar is the official currency
- Freedom from exchange controls
- Established professional infrastructure to support offshore financial sector
- Ease of transfer of companies to and from the BVI
- Modern, flexible mutual fund, insurance and trust legislation
Law and Taxation - Tax system facts in BVI:
Domestic corporate tax (15%) does not apply to international business companies provided all their business is offshore. The offshore BVI IBCs and all amounts paid by them to non-residents are exempt from all BVI taxes. There are no Double Taxation Treaties stipulating an exchange of tax related information with other countries.
The BVI has an independent legal and judicial system based on English Common Law, with a right of final appeal to the Privy Council in London. Policies and legislation are developed in close consultation with the private sector. Offshore business can be carried out in a tax-free environment.
The best offshore tool in BVI: International Business Company (IBC)
OUTSTANDING FEATURES
Providing of banking, insurance and re-insurance, trust services is subject to special license;
The name has to include the words Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Company, Limitada, Societe par actions, Aktiengesellschaft or abbreviations Ltd, Corp., Inc., A/S, AG, N.V., B.V., GmbH, S.A.
Words Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust Company, Trustee Company or other words with similar meaning may not be used in the name of IBC company;
- Minimum number
- Nominal shareholders
Permitted;
-about actual owner of the company
-about bank operations
Yes;
- minimum number
- nationality and citizenship
- status
No requirements;
All the powers apart from those falling into exclusive competence of shareholders (as determined by memorandum, articles of association and/or the law);
- registered office
- registered agent
Required;
Required;
Minutes may be kept at any place;
- keeping of accounting records
- annual account
- presentation of auditors conclusion
No;
No;
No;
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Asset Protection s.r.o. is not a law firm and does not provide legal advices or legal services. We recommended to consult licensed professionals with regards to local tax and legal matters.