The term IBC (International Business Company) commonly denotes offshore companies, forming the foundation of offshore financial services. British Virgin Islands (BVI) company registration isn’t the sole option; Belize, Seychelles, and Nevis also offer IBC registration. BVI now treats local and international companies similarly, offering identical tax advantages. Hence, BVI IBC resembles a regular company, differing only in name from IBCs in other jurisdictions.
BVI company registration doesn’t necessitate choosing between local or international status; both enjoy the same benefits, including tax exemption and robust data security.
BVI registration is appealing due to its flexibility, favorable taxation, simplified accounting, and data security. BVI aligns with EU, OECD, and FATCA requirements, helps comply with international standards and avoid blacklists.
Legislative changes effective January 1, 2019, impact companies eligible for local residency in specific business sectors, including the following:
- Financial services
- Distribution
- Protection of intellectual property
- All types of insurance
- Asset management
- Freight traffic
- Holdings
- Leasing activities
- Running headquarters
- Banking services
Companies in these sectors must demonstrate economic substance by maintaining offices, employing staff, and operating within the BVI.
Enforcement of these rules remains unclear, but violations will incur fines. However, given the limited population and infrastructure in the BVI, meeting these requirements presents challenges for all the affected companies.
Best ways to name your business registered in the British Virgin Islands.
When establishing a company in the British Virgin Islands, it is crucial to select the appropriate name. We only charge once we can issue an invoice for a business company bearing your desired name. Additionally, we reserve names for our clients during the BVI company registration process. Discussing the company’s purpose and type with our expert is essential because the name ending plays a vital role in the registration process.
BVI limited company names must end with “Limited,” “Corporation,” or “Incorporated,” or their abbreviations, such as Ltd, Corp, Inc, or S.A. Add “Unlimited” or “Unltd” at the end of the name for unlimited liability companies.
Special-purpose BVI company names should end with “(SPV) Limited” or “(SPV) Ltd.” Segregated portfolio companies’ names must include phrases like “Segregated Portfolio Company Limited” or “SPC Limited.”
Business companies’ names in the BVI may include the company registration number, such as “123456 Ltd,” with characters between the number and the “Ltd” abbreviation. However, this naming convention is unique to the British Virgin Islands.
For guidance on whether a classic offshore jurisdiction, such as the British Virgin Islands (BVI), is suitable for your needs, including a free consultation, email us at [email protected].
Our fees start from 2,550 USD for registering a company in the BVI; the service takes about five business days.
Our fees for annual maintenance of a business incorporated in the British Virgin Islands (BVI) start from 2,550 USD.
Getting company registration with a complete set of documents with apostilles takes eight business days and comes at a fee of 2,950 USD.
Please note: detailed information about the services is available from our experts.
Many banks we partner with accept certified copies of documents from a BVI registered agent.
To open a bank account in Hong Kong or Singapore, you need an apostilled Certificate of Incumbency. European banks may also require this document, which is why we advise you to get it right away.
Obtaining a seal for your BVI-registered business is mandatory and costs 60 USD. It is not included in our package, but you can order it from us or get it locally.
The fee for the full package including company registration, all the necessary documents with apostilles, and nominating a professional shareholder or a professional director is 5,850 USD; the service takes eight business days.
In the BVI, the annual renewal of the company registration costs 2,550 USD. This price covers the following:
- Payment of the renewal state fee
- Services of the registered agent in the BVI
- Provision of a registered office (registered address)
- Maintenance of registers
The services of a professional director add an extra 2,400 USD and a professional shareholder – an extra 1,750 USD to the annual fee.
Additional expenses to keep in mind when registering and operating a company in the British Virgin Islands (BVI)
Additional costs to consider when registering and operating a company in the British Virgin Islands:
- Consultation with expert is crucial to ensure you understand the necessary elements for registration and explore potential cost-effective options. During this consultation, you may also opt to select a bank account, which can streamline the process and potentially reduce overall expenses.
- Choosing a suitable name for your BVI company is an essential step. It is crucial to ensure that the ending of your company name reflects the legal structure with an appropriate abbreviation such as Limited, Corporation, or Incorporated.
- Submitting a scanned passport copy and contact details is essential for invoicing and arranging courier delivery, ensuring prompt processing.
- Completing and submitting the registered agent form designates a representative for your company in the British Virgin Islands.
- A recent utility bill is required as proof of residence, validating your address and identity.
- Providing a bank reference or lawyer’s recommendation enhances your application’s credibility and expedites the registration process, showcasing financial stability and trustworthiness.
Once we receive the required documents, we will start the registration process. Corporate documents will be dispatched upon receipt of originals, ensuring regulatory compliance. If the registration process seems daunting or costly, we can assure you that we can offer alternative, more budget-friendly options that may be a better match for your business requirements.
Please, note: As per amendments to BVI legislation (Section 5A* of the Mutual Legal Assistance (Tax Matters) Act, 2003), registered agents are now required to retain all information about the location where BVI companies’ books and records, including financial reports, are stored in hard copy format.