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The BVI are islands that are located on the Caribbean Sea but they are part of the British territory. They are famous for their white sand beaches and serene environment. Since the British control the land, the British law applies. Registration of a company is stated under the Companies Act of the common law and it states that before a company is registered, it must meet a number of requirements that are set by the company regulatory authorities. Among the requirements that a company is supposed to meet are the business name and the registration of the same. This is done after the registrar of companies has approved the name. The name of the company does not have to be in English. The company can be registered with a name in any language. The entire process of registering a company takes an average time of one week. This depends on whether the company has met all the requirements that it is required to have.

Other requirements of a company before it is registered include a minimum of one director and one shareholder. This makes sure that there is a person who is answerable on behalf of the company and there is a beneficiary of the company. These two parties must be there for the company to be recognized as a legal entity as stated by the law of the land. Due to this reason, every company has to have a number of shares that are issued and the share certificates must be submitted to the authorities as proof that the company has met the share requirements. Share certificates also show that a company is capable of operating in the capacity that it has stated in its documents of operation.

In addition to the constitution of the company, the company management is required to submit a copy of the articles and the memorandum of association. These documents list down the procedures that are employed by the company in the running of the business. These documents also show the management structure of the company so that there is a point of reference at anytime that the authorities may want to confer to the company. A Physical address is essential in the registration of a company. This is because it assures the authorities of the place where they can look for the management of the company if the need to communicate with the company management arises.

The domicile of the company management does not have to be in the British territory. This makes it favorable for foreign investors. There are allowances for using an agent to register a company on behalf of an individual. This mainly happens for the individuals who seek anonymity. With these allowances, registering a company in the BVI becomes easy. The management should always ensure that they register with the income tax department. This avoids cases of tax evasion either by ignorance or lack of knowledge. This is why the company registrar requires a certificate of tax compliance.

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The British Virgin Islands became autonomous in 1967. They are former British colonies but are now British territories outside the United Kingdom. Within these territories, the head of state is the currently reigning monarch; Queen Elizabeth the Second currently, Long Live the Queen! The Monarch appoints a country representative to execute power within each territory. There are governors in areas of permanent populations and there are commissioners in areas of temporary populations. The governor acts as the de facto head of state and is responsible for appointing the head of government and senior political leaders. The governor also liaises with the government in the United Kingdom on matters pertaining to his area of representation and performs ceremonial duties. Commissioners also wield the same power as the governors but they also act as the head of state.

The U.K. provides assistance to these territories via the department of International Development. Within the BVI, the legal system is based on English common law though there are a few variations made to suit the local population. Any foreign affairs matters are handled by the foreign and Commonwealth office in London. Within the BVI, the currency ranges from the pound sterling, the Bermudan dollar to the Euro. These islands consist of Tortola, Jost Van Dyke, Anegada, Virgin Gorda, and another 50 smaller islands including the Cays. Of all these only 15 are inhabited with the capital known as Road Town in Tortola, which is the largest island. The total population of these islands is 22,000 people and 18,000 of these are located in Tortola.

The main language of the BVI is English with a quick Creole accent. Companies that are registered within these islands have the capacity to engage in a wide range of activities. These include project finance transactions and structural asset transactions. This is due to the introduction of The British Virgin Islands Business Act of 2004. This is the sole business act in the region. Since January 2007 legislation was drafted to ensure that businesses were conducted in a uniform manner (according to United Kingdom law) for all the over seas territories. This legislation ensures that the territory is fully compliant with European Union code of conduct for business taxation and savings tax directives.

Under the International Business Company’s Act 2003 established on December 31, 2004, all the international businesses within the BVI must meet the following requirements: Firstly, the company must have a register of directors and appoint a director within 30 days of incorporation. (There is no stipulated minimum amount for capital). Secondly, an account within the BVI is not required but if one is available, it must be open to audit. There are no returns needed from the shareholders, directors, or officers. Any meetings the organization conducts do not need to be done in the BVI but can be conducted over the telephone. Lastly one director and one shale holder are required for the company to begin operation and the memorandum and articles of understanding are the only things pertaining to the company that are available publicly.

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BVI is a very old and very reputable financial center and the system has been proven to work a number of times and is now considered a benchmark in the world. This aspect is what most offshore tax havens tend to lean on and try to emulate.

The first step would be registering the company, which is very simplified, and some agent companies offer this service online. The order for the registration is very simplified and just amplifies the important issues. The companies are also very flexible and give an option of downloading the document and after completion to be sent via fax to the destination for processing. Most of the time the agent companies get in touch with you through email or a phone call to ensure that your details are in order. The same company also avails a list of off the shelf companies, which are very easy to manage as the paper work has been finalized for you. After the initial process has been managed, a confirmation is sent to the client to ensure that the details are as he/she required.

A memorandum of Association and other mandatory documentation are then prepared to register the BVI Company. If you are using an agent to do this, the initial company formation information will be prepared and signed by the registered agent on your behalf. After this process, the documents are meant to be filed with the BVI registrar of Companies. The agent company handling your project will be entitled to pay all the process fees at this point, still on your behalf.

All the documents for the intended BVI Business Company should be composed of the following list of items. These eight items must be up to date where applicable.

1. Original Certificate of Incorporation
2. Memorandum of Association
3. Articles of Association
4. The Minutes and Resolutions dealing with the appointment of Directors
5. Allocation of shares
6. Share certificates
7. Copies of the Registrar of Directors
8. The Registrar of Shareholders

In some cases, the agent company is advised to offer a professorial director or even a nominee shareholder service to the company as they are still setting up shop. In this case additional documents will have to be drafted which may include a she transfer form, trust declarations as well as the appointment of the agent company with the power of attorney. A corporate seal might also be included for the agent company to supply if the client needs it done.

As a norm the company documents will need to be certified, this is because the documents issued in one country can only be acceptable in that country alone. The Chief Registrar of Companies (CRC) will certify by a Notary or even by a Government officer your document in this particular case. After this is done, one needs to understand that this is just a certification only for use in a country where the document was issued, but almost useless abroad.

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To come to a central point of doing business, it was made possible that all companies who want to engage in worldwide business deals have to have a way of identifying themselves and so came the certifications, which act as a very key role in the business process of the BVIs. To ensure that a document is legally acceptable in another country by another company, the world has agreed on a uniform/one system of identification called the second-level certification, which seconds the validity of business documents and of all public documents. This is the Apostille legislation, or what people call the “The Hague Convention”, of the 1961 caucus.

What we call the Apostille process is actually not that complicated; a higher individual then additionally confirms the signature of the individual who had made the initial local certification (in this case the Notary or Attorney in the BVI). On a normal day and if all is in order, by a designated government office of the company of origin, in very big companies it is given by the foreign Office/Supreme Court. On getting this second certification, the document would be considered a legal document in all member countries of the Hague Convention. The Hague Convention is signed by almost eighty percent of the world so the document is applicable in all these countries. If the country you operate your business in is not a member of the convention, you will need to be certified by the Embassy of your country, this can also be the Embassy representing your country. The process is usually very time consuming and very expensive. In the long run, however it is worthwhile.

How is the certificate used in real life you may ask? This will give you a feel of all you can do with the certification:

1. Open a foreign bank
2. Securities account opening
3. Purchase of real estate
4. Register a branch
5. Show the company documents to a third party outside the BVI

Most agent companies offer this service to its client if it is clearly stated in the initial documentation. The company would normally arrange Apostille certification for one full set of copies of the main incorporation documents. As the business grows, more Apostille certifications would be required as this is usually arranged as the time comes. On the same note, we would also advise our clients to also Apostille-certify the original Certificate of Incorporation. This makes it a very strong document when finding business in another country even without providing the rest of your legal documents. Because the new BVI Business Companies Act of 2004 is very flexible and can be interpreted in many ways, any user’s specific needs are usually catered for. The wording of the documents can be manipulated to fit your needs so that the documents are satisfactory to the client and still legally binding in the eyes of the law. In case of such needs, however, the owner of the company must mention this in advance when the writing the documents.

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Since 1959, the official currency has been the United States dollar, which is also used by the United States Virgin Islands. The British Virgin Islands are highly dependent on migrant workers. Up to 50% of the island labor force is made up of migrant workers with 32% working within the government. There are 113 kilometers of roads that are quite steep and winding. The main airport and the main harbor are located in the capital city Road Town in Tortola (the largest of the islands). The airport is known as the Terrence B. Lettsome International Airport or Beef Island Airport. It is on Beef Island on the eastern tip of Tortola Island and is accessible using the Queen Elizabeth the Second Bridge. Ferries link the islands to each other and like the British, while driving always keep left.

International business companies are the most popular form of investment and majority of these companies are private companies that have a limited number of shares. To acquire the title of an international business company in the BVI, one needs to meet the following criteria. To begin with, the company is not allowed to transact business with the residents of the BVI. The company cannot provide registered services for a BVI registered company and it needs a license to carry out insurance or re-insurance activities within the BVI. Banking and trust businesses can only be carried out if the required licenses have been acquired. The international business company can also not own any property within the BVI and any space used must be for offices only and must be on a lease basis.

On the other hand, the international business company can own shares in a BVI company and it has the capacity to operate a bank account within the country. The off shore company can also employ locals to work in it and it is completely exempt from paying taxes by law. The company is however required to acquire the services of a government licensed and registered agent (of which there are about 70) to help in incorporating the off shore company in the BVI. The fee charged is based on the company’s authorized share capital. Incorporation does not take more than a day except for banks, trust companies, and insurance companies.

There are many other types of companies formed within the BVI depending on the interests of the individuals forming the company. There is the ordinary resident company formed to carry out local business and ordinary non-resident company limited. The number of shares available limits this one. Both are subject to the same rules. Firstly, they must have two or more members but these members must not be more than 50, they must restrict the transfer of their shares and must not invite the public to subscribe to its shares. On the other hand, a public company formed under the companies act is subject to the same rules as a private company limited by shares except that it must have five additional members.

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The British Virgin Islands

This is the overseas territory of the United Kingdom. There are fourteen different territories under the United Kingdoms’ sovereignty but they are not a direct part of the United Kingdom itself. They are referred to as the British Virgin Islands to distinguish them from the American territory. They were also formerly known as crown colonies or simply colonies.

Tax is defined as a financial charge or levy imposed on an individual or legal entity by the state or a functional equivalent of the state. Failure to pay the required tax is punishable by law either through civil or criminal penalties to the non-paying entity, whether individual or company. Taxes are either direct or indirect and they can be paid either in cash or in labor. Taxation is not voluntary for any company or individual but it is enforced to support the government as it undertakes the different functions required in running the country successfully. In this respect, the BVI’s are considered tax havens. A tax haven is defined as a country where taxation is either low or nonexistent. Different countries around the globe have different tax havens for different categories of people and or companies. This is largely market driven. The government of the day is responsible for coming up with the necessary legislation and incentives to attract their target market to invest off shore companies in their country.

An off shore company is a company that is established outside its principal area of operation. Sometimes, this company is also referred to as a non-resident company. This type of company is formed within an off shore financial center in the country of choice. As of June 2008, there were 823,508 off shore companies registered in the BVI. Since 2001, the Independent financial services commission has regulated financial services.

Tax havens generally have the following characteristics. Firstly, they self promote as off shore financial centers. This is a low tax, lightly regulated jurisdiction. This jurisdiction specializes in providing commercial as well as corporate infrastructure in order to facilitate off shore investments be they off shore funds or the creation of off shore companies. They have nominal or nil taxes and they have no requirement for any substantive local presence. They also do not have any effective or transparent exchange of taxation information with foreign tax authorities.

Lastly, off shore financial centers lack transparency as far as legal, administrative, or legislative provisions are concerned. Within the BVI’s, 51% of the government revenue is from taxation arising from the establishment of offshore companies. This revenue arises from the issuance of licenses for these companies in question and from the taxation levied on the company’s employees. Forty one percent of the companies within the BVI are off shore making this the largest proportion of off shore companies in the world. The per capita G.D.P as of 2004 was 38,000 dollars. The main pillars of the economy are tourism and financial services although financial services are more popular because of better pay for the employees.

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The move by the BVI to incorporate Offshore Business companies into their laws was made on July 1, 2007 but it had initially been introduced in 1984, hence making it legal to register and run an offshore company in the British Virgin Islands. This meant that international companies could incorporate their companies in the BVI for reasons ranging from paying less or zero percent tax on their business and for finance and asset protection from local governments.

The BVI is a part of the United Kingdom on certain aspects like defense but is self-governed by a Chief Minister. The main currency in use is the American Dollar meaning that doing offshore business is made much easier when it comes to foreign currency exchange. Under the 2004 laws, a new company can use a name of a company that is no longer in the BVI Company’s registry. According to the laws, you must be given a written consent or approval to run a BVI company. Your actual details and name do not have to be in the details but a location within the BVI must be put down. Regularly in the BVI, a local business must have two or more members. The business must ensure that shares are not constantly transferred and the company is not allowed to have more than 50 members. A local company cannot invite the BVI public to purchase shares in the company. With an international business company, you merely need one director and one shareholder and they do not have to be of BVI nationality. The common ground that the two types of companies have is the fact that there is an annual business registration fee of $250.

The registration of a BVI international business can take up to 3 days. In terms of the shareholders or directors, it does not have to be an actual person as a corporate body or company can be registered as any one of these. Shares can be purchased in any acceptable foreign currency and can be paid for in cash or transference of acceptable assets. There is no set minimum capital although the standard capital recorded has been $50,000. The newly registered company can have an office in the BVI but one cannot own residential property or any other form of real estate. The company does not need to have a secretary. The names of the actual directors or your company need not be on the registration documents hence promoting anonymity where needed. Once a company has successfully registered in the BVI, then you are entitled to pay 0% tax for a period of 20 years. Directors and shareholders do not have to meet physically in the BVI for meetings as this can be done electronically. Your company is also allowed to hold meetings and settle records within BVI territory.

The BVI laws do allow for asset and company protection for International Companies and charge no tax on any business in the BVI making this a very viable.

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Registering for an International Business Company or an offshore company the best legal way known thus far for asset protection and maximized profits. The top reason for these companies is that as an international company, you are not required or obliged to pay taxes in the country you chose. One such state that you can register and conduct an offshore company would have to be The British Virgin Islands territory or the BVI.

As we have seen, the top advantage of this type of company is that you do not have to pay the taxes imposed on all other BVI businesses, as you are not a citizen of the BVI. The only thing that you cannot do is actually own residential property or any other kind of real estate or do any direct transaction with a BVI national. You are allowed to hold meetings and handle your records and books within the state’s borders; you are also allowed to have shareholders and directors of BVI origin as long as they are approved. There is no minimum or maximum amount set on how much capital can be put down, although the standard capital is about $50,000. In addition, the requirements for you to register a company are minimal. All you need to do if fill out the online forms or the forms sent to you by the firm that is handling the registration for you and you must send in your passport as positive proof of identification and also utility bills not older than 3 months. In addition, you must send in your shareholder’s identification and contact details and their bank statements and of course, the necessary fees and you are all set.

Among the requirements that you must obtain to be good and ready to have a company in the BVI includes the Memorandum and Articles of Association which are basically the bylaws that your company will work by and also you must state what your company is all about and how much capital is being put in and so on. You also need a Certificate of Incorporation to prove that your company has officially been given the go ahead to exist and run. You also need a list of shareholders and directors. In as much as their names will not appear on the documents handed to the government or council, there needs to be a minimum of one of each to get a go-ahead to run the company. You also need a company Seal that is one of the local requirements to registering a company. Most of the times while the consultant or firm that you are creating the company through are registering the company for you, they will organize the Company seal for you upon request. In conclusion, if you want to pay less or no tax on your profits, have little or no scrutiny on your business activity (as long as it is legal) by the local council then registering an offshore company in the BVI.

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The BVI (the British Virgin Islands archipelago) is on the Caribbean to the east of Puerto Rico with the Atlantic Ocean to the north. There are sixty tropical islands and most of them are of volcanic origin. The islands enjoy a tropical climate with a regular hurricane season running from June to November. The population is made up of mostly afro Caribbean peoples. These were slaves brought in by the British during the colonial era as their ancestors. The islands that boast of a stable economy and little or no unemployment have a thriving international off shore industry that includes banking.

Under the new constitution, the head of government is the premier, who is elected into office during a general election held at regular intervals of 4 years. The constituents in the different electoral districts also elect all members of government into office. The governor is in charge of appointing the cabinet nominated by the premier. The house assembly or the legislature, the arm of government with the power to make, amend, and repeal laws, consists of 13 elected members, a speaker, and the Attorney General.

The area is divided into administrative districts, civil districts that are divided into A-F as well as nine electoral districts. Tourism forms 45% of the national income and most of the tourists are from the United States with there being 825,603 tourists flooding the islands in the year 2006. They come for the white sandy beaches, and for sailing, which the islands are renowned for among other activities.

The British Virgin Islands Company Act (No. 16 of 2004) is a law relating to company formation that anyone interested in doing business in the BVI’s would be interested to know. It was changed from the previous International Businesses act to make it harder for different countries to copy and enact as well as to modernize it to meet the demands of today’s’ companies. Any company that is formed under this law is referred to as a BVI company. This act brought new agendas in the process of company formation. It introduces the aspect of minority shareholders for each company that was to be formed within this jurisdiction. It also increased the number of companies that could be formed within this territory which has greatly increased the number of off shore companies operating within these islands.

It also abolished financial assets in relation to the company shares. This new act also restricted the requirement that company directors exercise their power so that the company and its members could benefit financially. Restrictions for dividend declarations were also abolished. This act requires that all companies in BVI be governed under one statue. There is also A Private Trust Company regulation that families can make use of. This type of company allows for the administration of family trusts. A P.T.C can be formed from an already existing BVI company. It is advisable to get legal advice on how to transform a BVI company to a PTC company as it still retains some procedural requirements to effect.

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How you can achieve a good and stable asset and equity protection by forming a Offshore Company in the
Seychelles, Belize, BVI or Cyprus.

What is important to know is to have the right company structure to protect your assets and equity in the
case something goes wrong and you will need to relay on the shield you build.

Asset Protection Offshore, the light waight Guide.

We will not enter into a deep explanation about how to achieve a 100% asset protection with an offshore
company, since it is a “hot topic” in the times of an recession, however, basically you just need to register a
company, rather a holding company in a offshore jurisdiction which didn’t signed any Tax Treaties by now,
since those countries a providing the best layer of privacy protection and confidentiality.

Some of those countries are the Seychelles and Belize, there are others, now, it is important that the Offshore Holding
Company is registered with nominees (nominee director and shareholder) in that way the beneficial owner
is protected from any leaking of information to any authority, further it is easier to prove that the company
not belongs to you! Forget all the fluff which many local lawyers and auditors scream about in regards to
who holds the rights and who can act on behalf of the company, the well established offshore company
formation services will never act on behalf of the company without written permission from the client.

Now for the perfect asset protection you will register another company this can be for instant also in the
Seychelles or if you do business in Europe we recommend it to be in Cyprus, this company will be used only
for trading, all assets and equity which this Cyprus company will have or get in the future will be moved to
the Seychelles Offshore company this with legal documents from a lawyer and notary service.

You can download the entire brochure about Asset Protection Offshore