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Typical Uses for British Virgin Island Companies Worldwide
In 1984, BVI introduced the International Business Company (IBC) Legislation, allowing businesses to incorporate in the territory. Its solid regulatory structure, dependable government, modern legal structure, accommodating business procedures and opportune timing, attracted worldwide attention and catapulted the BVI to become the world most popular choice for offshore corporate domicile.
Since that time, BVI has upgraded and enhanced its laws, the most significant being in 2004 when it totally revamped the IBC legislation and introduced the BVI Business Companies Act. Among other things this act created a single corporate vehicle which removed the distinction between a local and offshore company.
The worldwide popularity continues and today the BVI still retains its leading position in the offshore company incorporation marketplace. Since the inception of the industry well over 1 million companies have been formed and today, there are approximately 500,000 active companies on the register.
Typical Uses of the BVI Company
BVI’s International Business Company Act essentially allows an incorporated company to participate in any type of business (of course, provided such is not illegal under local laws). Some of the most common uses include:
• Trading: a company that focuses on importing or exporting, sale and distribution of goods.
• Holding: an entity that acts as the overall holding company for real estate, investments or trading companies in a global corporate structure.
• Boat Registration: A vehicle under which to register an offshore ships and yachts operating globally.
• Investment Hedge Funds: Flexible solutions and low-cost infrastructure
• Crypto / Fintech Solutions: Despite a lack of specific regulations for this sector, BVI companies are very popular in this marketplace.
• Asset Protection: BVI is a popular trust establishment jurisdiction. Trusts protect assets and allow for effective succession planning. Trusts protect the settlors and beneficiary confidentiality, are not subject to probate, and are tax exempt.
These are just a few of the myriad examples of used of BVI Business Companies.
Minimal Incorporation Requirements
Minimal requirements to satisfy prior to incorporation include:
• Completion of an application form
• Certified or Notarized passport copy
• Certified or Notarized proof of address
• Provision of References
• Due Diligence Verification Process
• Can have a single director and single shareholder
• A company secretary is not mandatory
• There is no residency requirements for directors
• There are no stipulations as to frequency or location of meetings of directors or shareholders. In addition telephone meetings and written resolutions executed in counterpart are allowed.
• Audited financial statements are not required
• Low initial incorporation and maintenance cost compared to other jurisdictions
• Minimal corporate recordkeeping requirements and flexibility as to where the original corporate records can be maintained
A business or individual that seeks Company Incorporation service in BVI must utilize a licensed and regulated registered agent.
CCP Financial Consultants Limited
CCP Financial Consultants Limited (CCP) is a BVI based, multidisciplinary financial solutions firm dedicated to providing premium financial solutions including company incorporation in the BVI to a local and global clientele.
CCP can guide you through and assist you with the incorporation procedure for your very own BVI Company.
Please visit the website for more details of its full range of services and, if required, you can schedule a consultation for more information.