• British Virgin Islands IBC

  • GENERAL

    Legal Framework

    British Virgin Islands IBCs are governed by the BVI Business Companies Act 1984 (as amended).

  • SHAREHOLDERS

    Liability of Shareholders

    The liability of the shareholders of a British Virgin Islands IBC is limited up to the unpaid amount of the shares they hold.

    Minimum Number of Shareholders

    The minimum number of shareholders of a British Virgin Islands IBC is 1 and the maximum is unlimited.

    Restriction on Nationality/Residency of Shareholders

    There is no restriction on the nationality or residency of the shareholders.

    Corporate Shareholders

    The shareholders can be individuals and/or legal persons.

    Nominee Shareholders

    The use of nominee shareholders is allowed.

  • DIRECTORS

    Minimum Number of Directors

    A British Virgin Islands IBC should have at least 1 director.

    Restriction on Nationality/Residency of Directors

    There is no restriction on the nationality or residency of the directors.

    Corporate Directors

    The directors can be individuals and/or legal persons.

  • SHAREHOLDER MEETINGS

    Shareholder Meetings

    There is no requirement for annual shareholder meetings.

    If the shareholders of an IBC chose to carry out shareholder meetings then such meetings need not take place in the British Virgin Islands and the shareholders can even participate by telephone.

  • CAPITAL

    Minimum Capital Requirement

    There is no minimum capital requirement for a British Virgin Islands IBC.

    Currency of Capital

    The share capital can be denominated in any currency.

    Non-par Value and Bearer Shares

    Both par and non-par value shares are allowed.

    Bearer shares are also allowed but should be kept by an approved or authorized custodian.

    Capital Duty

    There is no capital duty on the issuance of shares of a British Virgin Islands IBC, provided that it does not hold any land in the British Virgin Islands.

  • REGISTERED OFFICE

    Registered Office

    It is a legal requirement for every company in the British Virgin Islands to have a registered office in the British Virgin Islands, which may be used as the business address of the company. This could be the office of the resident agent.

    Company Secretary / Registered Agent

    All British Virgin Islands IBCs should have a local Registered Agent, who is licensed to provide such services e.g. local trust company.

  • FOREIGN INVESTORS

    Restrictions on Foreign Investors

    There are no restrictions on foreign investors investing in a British Virgin Islands IBC except for investments in real estate situated in the British Virgin Islands.

  • FORMATION

    Time Needed for Incorporation

    It usually takes between 1 to 2 working days to register an IBC in the British Virgin Islands.

    Shelf companies are also available to purchase.

  • CONFIDENTIALITY

    Beneficial Owners

    The details of the beneficial owner are disclosed to the service provider and are not available on public record.

    Registered Shareholders

    The details of shareholders are not available on public record.

    Directors

    The details of directors are not available on public record.

    Financial Statements

    The accounts are not publicly accessible.

  • FILING REGUIREMENTS

    Filing with the Registrar of Companies

    There is no requirement to file annual return or accounts with the Registry of Corporate Affairs.

    Filing with the Tax Authorities

    There is no requirement for the filing of a tax return to the Tax Authorities since British Virgin Islands IBCs are exempt from taxation.

  • RECORDS

    Accounting Records

    British Virgin Islands IBCs are required to maintain accounting records for a period of 5 years. Such accounting records may be maintained outside the British Virgin Islands and in any currency.

    Financial Statements

    Companies in the British Virgin Islands are required to maintain records and underlying documentation that are sufficient to show and explain the company's transactions and, will at any time, enable the financial position of the company to be determined with reasonable accuracy. Such records include annual accounts.

    Such accounts can be prepared under IFRS.

  • AUDIT

    Audit Requirement

    There is no requirement for an audit of the accounts of a British Virgin Islands IBC.

Compare BVI to other jurisdictions and see the difference in corporation tax rates, tax residency requirements, VAT rates, capital gain taxes, etc.

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