The British Virgin Islands (BVI) is a classic offshore zone with flexible conditions for registering a company. Here you can open a company where activities will not be subject to various taxes. This is an excellent opportunity to conduct confidential business, promising to be very profitable in conditions of economic stability. The local government encourages the creation of offshore companies in the British Virgin Islands, placing deposits in local banks and carrying out credit and debit transactions on accounts. If this preview seems appealing at first glance, you can organize your presence in the British Virgin Islands in one of the following forms.
Main forms of legal and business presence
If the opportunity to establish a business in the British Virgin Islands seems favorable to you, it can be done in one of the following main forms:
Limited Liability Business Company - a legal entity whose financial liability of its shareholders is limited to the unpaid amount of the shares they own. Also, such an enterprise is legally separate from its shareholders. There are no restrictions on the citizenship of the founders. The enterprise is usually used for holding activities, trade. e-commerce, trusts, etc. To create this legal entity, at least one shareholder and one director are required (this can be the same person). There are no strict requirements regarding the authorized capital. However, the standard amount is 50,000 USD (50,000 shares, 1 USD each). At least one share must be paid. This legal entity guarantees a high level of confidentiality for its beneficiaries.
Partnership - a business option that unites two or more persons who jointly carry out business activities and are strictly liable for their results. Cooperation is based on the partnership agreement.
Limited partnership - a business option that is based on the partnership agreement and is not a legal entity. It is intended for carrying out legal business activities, provided that there must be one or more unlimited partners whose financial liability is not limited in any way, but who manage the joint activity carried out by this limited partnership, and one or more limited partners whose obligations are limited to the amount of contributions made or committed but not paid. Individuals, legal entities, and partnerships may be partners in a limited partnership in the British Virgin Islands. This limited partnership must have a registered agent at all times during its existence. Registration of the limited partnership is required by law.
Branches - an option applicable to a foreign company that intends to carry on its business activities in the British Virgin Islands (has its own "place of business"). This can only be legally done after registration is completed. Such an overseas company must have its registered agent in the British Virgin Islands at all times. Details of registered foreign companies are entered in the Register of Foreign Companies.
Registration Requirements and Steps
If you are going to establish a company in the British Virgin Islands, you may need preliminary steps to establish a business:
Identify the key business objectives that you will implement through the British Virgin Islands company.
Select, confirm and reserve a company name for future integrity.
Collect details of the future founders, beneficial owners, managers and agents of a legal entity that will be registered in the British Virgin Islands.
Organize a registered address for the company.
Formation of authorized capital for a future legal entity.
Preparation and formalization of regulatory documents for a legal entity.
Submit the package of mandatory documents of the civil status official.
Registration for tax and social security purposes.
Obtaining licenses and special permits (required for certain types of regulated business activities).
The specific registration procedure may vary slightly depending on the case. Our strata are ready to guide you on the specifics of such registration in your specific case.
Legal and Regulatory Framework
Local legislation is very flexible in terms of establishing and further maintaining a business. It is based on English common law. The registration procedure is quite simple and straightforward, without excessive bureaucratic formalities. According to the law, registering a company in the British Virgin Islands provides you with access to the developed infrastructure and building mutually beneficial relations with the OECD and FATF. A mandatory requirement is the presence of a registered agent in the BVI. Foreigners can rent the property, purchase is prohibited. The offshore zone of the British Virgin Islands provides for the appointment of a director and shareholder. These can be legal entities/individuals, different or the same person in two roles.
The main legal act regulating the process of creating and managing a business in the British Virgin Islands is the British Virgin Islands Companies Act and the Limited Partnership Act. The main state regulatory body in the field of business management is the Financial Services Commission, which includes the Register of Corporate Affairs.
Advantages of the jurisdiction
Establishing a company in the British Virgin Islands can be promising in view of these potential benefits that the jurisdiction offers:
Economic and political stability;
Good reputation;
High level of security and confidentiality;
Possibility of using nominee services;
Simple registration procedure;
Extremely favorable tax conditions;
No audit obligations;
Availability of various options for purchasing a ready-made company or creating a new one;
Possibility of re-registration of company in other offshore jurisdictions.
Tax System
Establishing a company in the British Virgin Islands can be beneficial, taking into account the following main tax highlights:
Corporate Tax – Not Applicable (None)
Personal Income Tax – 0%
Value Added Tax – None
Withholding Tax (on dividends, interest and royalties) – None
Capital Gains Tax – None
How Our Experts Can Help
Let’s say you are evaluating the formation or purchase of a company in the British Virgin Islands. In this case, the lawyers of "Smart Startup UK" are ready to put this option into practice by providing legal support for the following aspects of business registration in the British Virgin Islands:
Request and collect all the data and documents for opening a business in the British Virgin Islands;
Choose the name and in the interests of the client, all negotiations are conducted by us with local authorities and banks;
We arrange the legal address, accounts and employees, as well as all the necessary documents for applying for the future company;
We provide comprehensive legal support for the further functioning of the new legal entity in the British Virgin Islands.
The portfolio of "Smart Startup UK" specialists is formed by more than 8,000 cases in the field of registration and support of international business. Our lawyers will apply this experience to the goals of your project.
CREATE A COMPANY
Company name check and reservation
Company registration, including state fees
Obtaining an administrative identification number
Registering the company with state structures
Writing a company charter
Set of company charter documents in electronic form
Bank contribution for the company's authorized capital
Obtaining a foreign investment permit
Opening an account at: Banco Popular, CIBC Bank
Opening a personal bank account
Apostille and translated corporate documents
Obtaining a residence permit
Free consultation
Assistance with online trading and account opening at viva.com for online trading
Accounting services - 12 months
Accounting services
Annual renewal 3000 Euro (paid from the second year)
*Within 45 days
IMPORTANT! We can provide you with the initial share capital (if the amount is over 5000 Euro) for the registration of your company in the form of a loan from our company.
Please, if you are interested, make an inquiry to us.
What is the procedure!
1. You submit an application for company registration using the application form.
2. We check whether the company name for registration is available and eligible for registration.
3. Choose a bank that meets your company's needs from a list of Smart Startup UK partner banks.
4. We send you a proforma invoice for payment to be paid to our bank account + the amount for the initial capital of your company.
5. You receive all the necessary company documents for reconciliation.
6. You receive details of your newly opened bank account.
7. Within the specified period (for the British Virgin Islands it is 35 days) you receive all the services included in the package.
8. You can manage all the services included in the package through our platform, as our team works 24/7 and you can get help from us within up to 30 minutes. We have built an internal ticket system for our customers, through which we process each of your support requests.
All services such as management, accounting, bank account opening requests, licensing, tax return filing, tax payment and more are carried out through your account on our platform, making it easier to manage your business!
