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Why You Should Register a Company in the BVI

BVI company formation is relatively uncomplicated with currently many taxation and privacy benefits. Kendall BVI has been delivering dynamic and bespoke company management services in the British Virgin Islands (BVI) for many years and can provide you with a complete portfolio of such services, from incorporation, preparation and maintenance of company records, assistance in bank account opening and obtaining director and nominee shareholder services, and liquidation services. Here are some facts you need to know about BVI company formation.

WHO CAN BENEFIT FROM A BVI BUSINESS?

The BVI Business Companies Act benefits primarily persons who need a presence in a well-regulated and recognized jurisdiction in order to conduct international business with the benefit of privacy in relation to the owners of the companies.

WHAT IS BVI COMPANY FORMATION?

BVI company formation is the creation of a BVI business company or limited partnership that is domiciled in the British Virgin Islands (BVI) and which is governed by BVI law.

ABOUT THE BVI COMPANY REGISTRY

The BVI Registry of Corporate Affairs is an arm of the BVI Financial Services Commission that is responsible for creating and maintaining the register of companies and partnerships and all publicly available documents with respect to these entities.

WHY DO BUSINESSES CHOOSE TO INCORPORATE IN THE BVI?

Businesses choose to incorporate in the BVI because the government is stable, it has a strong domestic infrastructure and a robust, recognised Commercial Court with a final appeal to the Privy Council in London as well as a modern arbitration centre with a distinguished international panel of arbitrators. The official language is English and initial registration and annual fees are low. BVI companies are flexible in their operation with very few formal requirements so that the owners can go about getting business done without spending too much time on the formalities of company ownership and management. BVI companies are recognized by all major international markets and jurisdictions, are listed on several international stock exchanges and are able to conduct business in any country in the world.

WHAT ARE THE BENEFITS OF FORMING A COMPANY IN THE BRITISH VIRGIN ISLANDS?

The benefits of forming a company in the British Virgin Islands are numerous. There are no corporate or capital gains taxes, inheritance taxes, withholding taxes or taxes on dividends.  There are no resident director requirements, except for certain relevant activities under the Economic Substance Act 2018, and confidentiality is guaranteed as there is no requirement to file information on shareholders or directors on a public register. BVI companies can have as few as one shareholder and director and the filing of annual returns and audited accounts are not required.

HOW TO INCORPORATE A BVI BUSINESS

A BVI business can only be incorporated via a registered agent in the BVI. Incorporating a BVI business includes completion of an application, accompanied by the relevant incorporation fee. The agent will then search for the availability of names and if available, reserve such names. The application to incorporate is then submitted to the BVI corporate registry.

HOW MUCH DOES A BVI COMPANY COST TO SETUP?

The cost to set up a BVI company should be clarified with the registered agent used as it can change periodically.

HOW LONG DOES IT TAKE TO INCORPORATE IN THE BRITISH VIRGIN ISLANDS

Once all required documents are returned to the agent and the fee paid, it takes approximately one to two working days to incorporate a company in the British Virgin Islands.

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