The British Virgin Islands (“BVI”) are a group of 40 islands and islets located in the Caribbean 60 sea miles east of the Island of Puerto Rico. There is an estimated population of 21,000 and a land area of 153 square kilometers. The official language is English and its currency is the US dollar. The Island is an overseas territory of the British Crown Colony with a legal system based on English common law with local modifications. The United Kingdom is responsible for the defense and foreign affairs of BVI.
BVI Offshore Company Formation
BVI offshore companies can carry out the same types of business as onshore companies and the liability of its shareholders is generally limited to the amount of capital they have invested into the company.
The tax rate applied by the government in the jurisdiction in which an offshore company is incorporated is very low if not zero. In some jurisdictions, offshore companies offer a high level of confidentiality which onshore companies do not have.
Usually an offshore company cannot operate in the jurisdiction where it has been incorporated. An exception is Panama, where a Panama offshore company can at the same time operate offshore at a zero tax rate and onshore at the local tax rate.
BVI offshore company incorporation and BVI offshore company formation are quite simple, as well as its management and administration, but it requires some planning. In fact, a company does not need to be administered in the country of its incorporation.
What you need to think about is the objectives you want to achieve by setting up a BVI offshore company: Do you need confidentiality?; Do you need to operate freely in European countries?; Do you need to operate in countries which have a double taxation agreement in place?; or Do you need to protect your company assets from confiscation or expropriation orders or similar actions by foreign governments? In all these cases, ISOG BVI lawyer and BVI attorney at law can help you with BVI offshore company incorporation.
Highlights of BVI Offshore Company:
- Minimum 1 director
- Minimum 1 shareholder
- Bearer shares permitted with restricted mobility
- Confidentiality on directors and shareholders information
- Corporate seal required
- Minimum licence fee: USD 350
- Currency flexibility
- Based on English Law
- British dependent territory
- Neutral tax jurisdiction
- Allotment of Reserve Director
- Reserve Director