The registration of a BVI companies is controlled by the International Business Company Act that was brought into effect in 1984. Its financial service delivery sector is considered one of the most developed in the world. The registration of BVI companies has been simplified and can only take a period of 3 working days. The BVI government in dire need to meet the rising demand of both internal and foreign investment had the registration policies and rules formulated to make company registration cheap and efficient. The company registration has been made easy in terms of procedures followed and the documents required does not require long to process.
To register and incorporate a company in BVI, the following documents will be required:
• The document with the name of the company.
• The identity and information of the directors and shareholders each accompanied by a certificate.
• The passport or an Identity Card that will be used to identify all shareholders and directors meant to incorporate the company under formation.
• An application form which is very simple to fill.
After the above documents have been verified, the application form completely filled is submitted to the government of BVI for filing. This is after paying the filing fee to the government.
For registration to start, the documents presented must be verified to see that the company to be registered operates under the IBCs Acts. This is done in the following ways:
First, looking at the company name which in BVI must end with either, “Limited, Ltd, Societe Anonyme, Societadad Anonima or Incorporated”. The BVI in order to attract all investors including the Chinese businessmen allows those applying to register the Companies from China. Secondly, under the BVI corporation law, there is an amount of 50,000 capital shares that is the standard registered capital. This law was brought into effect I 2006.
Third, the BVI company registration requires that the minimum number of directors and shareholders is one or more than one. The role can be played by one person who can either be a naturally acquired person or a legally acquired person such as a lawyer. All these must be confirmed by presenting a list with the names of stakeholders, directors and their subsequent chairperson. The ratio of their shares must also be defined.
In BVI, the business operation is not defined in terms of areas to be covered. The BVI’s company can operate either in finance and investment areas, healthcare, the clothing and weaving, real estate etc. In addition to these, the BVI allows for the company registered under it to open offshore bank accounts. The government also gives any assistance that might be needed in opening and operating such type of accounts. The professional services needed in opening bank accounts in any given jurisdiction are given.
The BVI government requires that a renewal fee of USD800 be paid annually for the license. The fee varies with the government fee charged. There is no tax charges on income received. The licensing fee is the only payment that the government will need for filing and keeping of the documents which were used top register the company.
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