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BVI Company Annual Renewal Guideline Note
A British Virgin Islands company is required to renew its registration, registered agent and registered office in the year following the year of registration and each year thereafter (all together known as basic annual renewal). The amounts of basic annual renewal fees are USD950 and USD1,850 for companies with a capital of 50,000 shares and more than 50,000 share respectively.
BVI Economic Substance (Companies and Limited Partnership) Act, 2018
If your company is a tax resident outside of the BVI (except for jurisdictions included in the EU list of non-cooperative jurisdictions), the economic substance requirements do not apply to your company. To prove the non-resident status in BVI, the government of the BVI may require you to provide the satisfactory evidence such as Tax Identification Number, Tax Residence Certificate and assessment or payment of a tax liability, etc.
Significant Amendments to the Seychelles Beneficial Ownership Act
Beneficial Ownership (Amendment) Act, 2022 has been enacted with effect from 30 December 2022 which replacing the original The Beneficial Ownership Act, 2020 for the purpose of ensuring the on-going compliance with international standards.
Information Obtained by a Third Party for a BVI Company
British Virgin Islands (BVI) has been an attractive place for incorporation a private company due to its high confidentiality. However, under regulation of BVI laws, there are some documents and information about a BVI company that a third party can obtain from public and third party sources.
BVI Company Registration and Maintenance Guide (1) Introduction to British Virgin Islands
Politically the British Virgin Islands enjoy the best of both worlds, having the ideal combination of responsibility for its internal self-government and being a dependent territory of the United Kingdom. It must be emphasized however that the administration of BVI Offshore Companies and Trusts and any legal matters so arising, such as claims against island based entities by foreign tax authorities, is solely within the jurisdiction of the BVI courts.
Why Go Offshore
Protect Wealth. Save Tax. Reduce Operating Costs. Individuals and corporations go offshore for a number of reasons: 1.Save tax ;2.Protect wealth ;3.Reduce risk ;4.Maintain privacy ;5.To avoid unnecessary regulations or bureaucracy.By interposing offshore companies into international trading transactions it may be possible to accumulate profits arising out of these transactions.
BVI Company Registration and Maintenance Guide (2) - The BVI Business Companies
BVI International Business Companies Act, 1984 ("IBC Act") provides for the incorporation and administration of the International Business Company ("IBC"). It is a requirement that IBC's have a registered office and registered agent in the British Virgin Islands where a copy of the share register and imprint of the corporate seal is kept.
BVI Company Registration and Maintenance Guide (3) Major Features of British Virgin Islands Company (BVI Company)
International Business Company (IBC) registered under BVI Business Companies Act 2004.The normal authorised share capital of a BVI company is 50,000 shares with all of the shares could have a par value or no par value, this being the maximum share capital for the minimum duty payable upon incorporation and annually thereafter. The share capital may be expressed in any currency.
Registered Agent and Registered Address of an Offshore Company
All offshore jurisdictions require that their international business companies (non-resident companies, offshore companies, Business Companies, etc.) have an address within the country. This is called the Registered Address. Formally it can sometimes be a PO Box, but usually it will be a full street address - for reasons, explained below.
Memorandum and Articles of Association of Offshore Company
an offshore company is an entity recognized by law as a separate limited liability, they are legally required to filing the Memorandum of Association of Articles when incorporated. Once completed and officially recognized, the document becomes a matter of public record. It combines memorandum of association and articles of association these two documents, which provide the legal skeleton of the company.