Company Registration Requirements in British Virgin Islands

Primary Requirement / Key Points to note here

  • Minimum one Director and Shareholder
  • No Minimum Share Capital requirement, But standard says USD 50000/ 50000 shares
  • A Local Company Secretary
  • A Registered Office Address in Cyprus
  • No requirement to file accounts or a financial statement

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Why do companies register in BVI (British Virgin Islands)?

The British Virgin Islands are leaders in the offshore regulatory environment. They have a distinct combination of oversight and a laissez faire approach which makes it both easy to do business – yet reputable with banks and other jurisdictions around the world. In other words – it’s not a cowboy country, but you are free to do as you please within reason, assuming your activities are legitimate and legal.

  • Most attractive jurisdiction for an offshore business
  • Reputable compliance and regulatory body
  • Modern, flexible and commercially minded corporate legislation
  • Cost-effective and straight forward incorporation process
  • Offering a high level of privacy and confidentiality.
  • Minimum ongoing compliance requirements
  • Clear laws and established company formation jurisdiction
  • Exempted from income tax, capital gains tax, gift taxes, inheritance taxes and VAT
  • Leading offshore centre for offshore companies
  • Second largest source of international foreign direct investment globally, with upwards of US$125 billion invested through the BVI each year

All of this makes it very simple and easy to bank with a BVI company.

What is BOSS System in BVI?

BOSS System is the Beneficial Ownership Secure Search System which means that a register of beneficial owners of business companies was introduced in compliance with the Exchange of Notes Agreement entered into by the BVI and the UK. Since June 30, 2017, all registered agents in the BVI have to upload details of beneficial owners of each incorporated company into the System, which enables the relevant authorities to have a searchable database containing details of beneficial owners (i.e. persons who either hold 25%+ of shares or effectively control the company).

However, worth mentioning that the register of beneficial owners is NOT PUBLIC, access is allowed only to authorized persons and only for the purposes of implementing their duties under the Exchange of Notes Agreement with the UK (which strives to identify and combat corruption, money laundering, terrorism financing, and other illegal business operations).

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Some Key Points to Know about BVI Companies - Corporate Requirement, Taxation and Compliances

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