Uses of BVI Business Companies
Holder
of bank accounts, fixed deposits, investment plans and any other
financial or commercial title.
Owner
of the shares of other companies or legal entities.
Owner
of apartments, houses, buildings, vessels and any other movable or
immovable property or goods.
Manager
and promoter of business transactions.
Leasing
of vehicles, machinery, vessels and others.
Borrowing
or lending money, paying or receiving commissions’, royalties or
others.
Marketing
and promotion of products and services.
Other
commercial and financial activities.
Features of BVI
Business Companies
GOVERNING LAW
BUSINESS TRANSACTIONS
-
BC’s may
engage in any lawful business in any country and may
carry on transactions in whatever currencies they
choose.
-
Any business
activity or transaction carried out by a BC outside the
British Virgin
Islands
is fully exempt from taxation.
COMPANY
NAME
-
The name of a
BC may comprise the expression “BVI Company Number”
followed by its company number in figures and the ending
required.
-
A BC may have
an additional foreign character name approved by the
Registrar.
OBJECTS
-
There is no
requirement to specify the purposes of the BC in the
Memorandum and Articles of Association.
SHARES
-
There is no
authorised capital or authorised share capital in the
BC.
-
An unlimited
number of shares is acceptable.
-
The par value
of shares is not required.
-
Bearer shares
are allowed, but subject to custodian services and to a
higher governmental licence fee.
DIRECTORS / OFFICERS (SECRETARY) AND SHAREHOLDERS
-
Shareholders,
directors and/or officers can be either corporate
entities or natural persons.
-
Initial or
ongoing changes in directors and/or officers need to be
updated on the Register of Director(s) and Officer(s),
of which a copy must be kept at the Registered Office.
-
The directors
may grant special or general powers of attorney.
-
Companies are
allowed to have a sole director.
-
Where a BC has
only one member who is an individual and that member is
also the sole director, such sole member/director may
appoint a reserve director to act in his place in the
event of his death.
-
The acceptance
and resignation of director(s) is mandatory.
-
Neither the
directors nor the officers need be shareholders.
-
Shareholders,
directors and officers may be of any nationality and may
be residents of any country.
-
Shareholders
and directors may hold their meetings in any country and
may attend such meetings by proxy or by any electronic
means (phone, fax, etc).
ANNUAL
FILING
-
No requirement
to file annual returns or financial statements; no
requirement to hold annual general meetings of
shareholders or directors.
INCORPORATION AND ADMINISTRATION
-
Excellent
availability of company names for incorporation.
-
Familiarity of
incorporation documents (Memorandum & Articles of
Association, Certificate of Incorporation) because the
British Virgin
Islands belong to the British
Commonwealth.
-
The words
"Limited" may be used in a company's name.
-
Incorporation
documents may be drafted in Spanish or any other
language and submitted together with an English
translation.
-
Speedy
incorporation procedures and simple ongoing
administration.
-
Incorporation
procedure takes from
5
to 6 days.
-
The BVI
Registry is equipped with modern sophisticated computer
equipment, which heightens speed and efficiency in the
processing of documents in a timely manner.
-
Shelf
companies available.
-
Registration
of mortgages on vessels and aircraft available.
RECORD
KEEPING
-
The accounting
books, records and minutes of the company may be kept in
any place or country at the directors’ choice.
-
Where a BC
keeps a copy of the Register of Members and/or the
Register of Directors at the Registered Office, it shall
within 15 days of any change in the register notify the
registered agent, in writing, of the change, and provide
the registered agent with a written record of the
address of the place or places at which the original
Register of Members or the original Register of
Directors is kept.
-
Where the
place at which the original of the Register of Members
and/or original of the Register of Directors is changed,
the BC shall provide the registered agent with the
physical address of the new location of the register
with in 14 days of the change of location.
-
Annual
accounts are neither required nor need be filed.
REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION
-
Registered
Office in the British Virgin Islands required.
-
Corporate
seal mandatory.
-
Use of
Apostille should documentation need to be legalised.
DOCUMENTS KEPT AT THE REGISTERED OFFICE
-
Memorandum
and Articles of Association and its amendments.
-
Copy of
Register of Members or Share Register.
-
Copy of
Register of Directors and Officers.
-
Impression
of the Corporate Seal.
-
Register of
Charges (if any).
REDOMICILIATION
RE-REGISTRATION OF IBC’S AS BC’S
