The British Virgin Islands (BVI) is one of the world’s leading offshore financial centres, with nearly 41% of the world’s offshore companies located there. Offshore financial services sector contributes a very significant portion BVI’s gross domestic product therefore the local government takes profound interest in sustaining the competitiveness of BVI as a offshore jurisdiction and ensures that the legislations facilitate the international business companies to thrive in the territory. BVI Business Companies Act enacted in 2005 has successfully streamlined the already outstanding BVI offshore legislation.
Set Up Requirements
● 1 Director + 1 Shareholder + 1 Company Secretary
● Registered Address Directors
● Directors may be of any nationality and may reside anywhere.
● Only one director is required.
● The names of directors do not appear in public records.
● There is no requirement to appoint a local resident director.
● Nominee Directors are allowed. Rikvin Offshore do provide Nominee Director Service
● The director can be an Individual or a corporate.
Shareholders
● Shareholders may be of any nationality and may reside anywhere
● Only one shareholder is required.This can be the same person as the director.
● No upper limit to the number of shareholders.
● Nominee shareholders are allowed.
● The shareholder can be an Individuals or a corporation.
Registered Office
All BVI IBC’s must have a registered office. The registered office is where documents may be legally served on the company. The registered office must be a physical address in the BVI.
The main reason why most businesses decide to Incorporate a British Virgin Islands Offshore company it provides ease of operation, maintenance and control are facilitated by flexible corporate features. A BVI can re-quire and re-issue their own shares. Shares can be issued for a consideration other than cash, with or without par value, and be denominated in any currency. Only one subscriber and thereafter one shareholder is required. Single directorates are permitted.
Shareholders’ and directors’ meetings are not confined to the British Virgin Islands. Books of account, records and minutes can be maintained elsewhere. There is no statutory requirement to hold annual general meetings. No distinction is made between public and private IBC’s. Incorporations can take place within one or two days. Computerized access for Registered Agents to remotely reserve preferred names is now being finalized.
