INTRODUCTION
The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. The BVI became an internally self-governing colony in 1967 and is a member of the British Commonwealth. The largest and most populated Island is Tortola, which has about 16,000 inhabitants. The capital, Road Town, is on the southern shore near Sir Francis Drake Channel. The economy, one of the most prosperous in the Caribbean area but is highly dependent on the tourist industry, which generates about 20% of the national income.
In 1985, the Government offered offshore registration to companies wishing to incorporate in the Islands.
LANGUAGE
The official and spoken language is English.
TYPE OF LAW
Common Law, based on English Common Law with local modifications and local statutes. REQUIREMENTS It is easy to form a limited company incorporated in British Virgin Islands (BVI). There are almost no restrictions provided that there are no existing BVI companies with identical names. It requires at least one director and one shareholder, a BVI registered agent and a BVI registered office. However, none of the directors nor shareholders are required to be BVI residents. Our Firm may provide the services of BVI registered agent and registered office, and Hong Kong correspondence address.
A BVI company''s name must end with the word "Limited".
Further, a BVI company may issue bearer or registered shares to its shareholders.
However, no audited accounts are required if the company does not have any operations in BVI. BEARER SHARES Bearers of the share certificates are the owners of the shares and the ownership cannot be traced by referring to any other records since title of the shares can be changed by physical delivery of the share certificates without involving other legal procedures.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
International Business Company (IBC)
TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words, or their relevant abbreviations - Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima.
The following names and their associated activities, cannot be used: Assurance, Bank, Building Society, Savings, Loans, Insurance, Reinsurance, Fund, Royal, Trust, Chamber of Commerce, University Co-operative and Municipal.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
Companies with an authorised capital up to US$ 50,000 pay US$ 350 per year. Additional incorporation and annual fees would be payable for companies having a higher share capital.
FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company. FORMATION COSTS Our fees for incorporating a BVI company with an authorized capital of not exceeding US$50,000 and that of exceeding US$50,000 are HK$12,500 (or US$1,600) and HK$18,500 (or US$2,380) respectively. Such fees include the first year BVI licence fee, BVI registered agent and office fee, but do not include Hong Kong correspondence address fee.
Some overseas banks may require a Certificate of Incumbency issued by the BVI registered agent for opening bank accounts purpose. We would charge an additional fee of HK$800 (or US$105) for such a Certificate.
Our fee for assistance in opening bank accounts is HK$1,000 or US$130.
Our corporate set includes memorandum & articles of association, a chop (i.e. stamp), a seal, share certificates, certificate of incorporation and all original formation documents.
|
