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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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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 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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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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Formation of a BVI company is like formation of any other company except for a few things here and there, which will be clarified here. To begin with, there must be clarity as to why the BVI companies are formed in the first place. The main reason why business people do it is because they want to maximize their asset gains including in terms of the preferred transfer domicile. International companies are also exempt from tax, stamp duty as well as there being maximum anonymity for BVI bearer’s shares.

The flexible corporate features make operation needs very flexible and easy to handle. Shares of the company can be issued for a consideration other than cash with or without par value and be denoted in any currency. In these companies, single directorships are permitted. Annual general meeting are not compulsory like in other companies. There is no distinction between public and private international businesses. One can invest in many items without fear that they might be ordered to declare their investments and the like as there are no disclosure requirements with a BVI company.

Before the BVI Corporate act came into being it was possible to incorporate a company under at least three statutes. Now the BVI companies can be incorporated in three working days; that is less than can be said for the other companies. When the company is open, there is no requirement to appoint local shareholders, as is the case with the other company registrations. There is also no requirement for a resident secretary. There is secured privacy if you do not want too many inquiries as the BVI incorporation documents do not carry the name or identity of the shareholder or directors, in this case, the names of the individuals do not appear on the public records, and thus privacy is guaranteed. It is also in this light that shareholder nominees or director nominees are guaranteed confidentiality, especially of beneficiary. In a BVI IBC, the minimum capital may be one share, which is paid for in full.

BVI books and accounts do not have to be filed with the local authorities. If the business decides to hold such accounts, they may be held anywhere in the world. There are some business restrictions of doing business with other BVI businesses except when it has a personal interaction with the company which can’t be avoid such as leasing of the property or office they are staying in, if they hold a debts obligation or something in that line.

Essentially, there are no business restrictions in the BVI on any business activities outside the BVI. This is in exception of illegal activities or such activities that would require your company to add additional licensing for activities such as banking, insurance and items in that line. It is thus encouraged that companies incorporate BVI companies and to get the best out of the benefits. This can be weighed and judged by inquiring from the other companies that came before.

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When considering to setup a new business and if the business will conduct business online, it is common for many to just register a company for instant in the BVI (British Virgin Islands) once this company is registered the hunt for a bank account start and often also a merchant account to accept credit card payments. What people will face is that it is often complicated to become each or the other for the company in the British Virgin Islands, often a BVI company will be rejected by the banks and without any reason.

Now you wonder why?
A company in the British Virgin Islands is often very difficult to track down the ownership of, furthermore it don’t fit in any jurisdiction where it is of benefit to open a bank account or even a Merchant account to accept credit cards, it is possible to become both for the company in the British Virgin Islands, but often the fees and rates which apply are high and even if you have the benefit of 0% Tax that the company in the British Virgin Islands pays, then it will kill your cash flow and you are left over with a solution that not really work.

How can I setup the perfect solution for my British Virgin Islands company?
It is recommended that registering the company in the British Virgin Islands is done as a Holding company and at the same time as a International Business Company, once the BVI company formation has take place the British Virgin Islands Company is registering a company in an European country for instant Cyprus which gives you many of the benefits a company in the British Virgin Islands also have, but it tops up with the many possibilities to open a Bank Account for instant in Cyprus which comes with a high level of banking secrecy and also important it is possible to become a merchant account for your company in Cyprus.

Why should I have both a company in British Virgin Islands and Cyprus?
The reasons are many, but one of the reasons are secrecy, privacy and assets protection, you will have the best setup for all three factors mentioned by creating such a company structure. Also if you later on will extend your business venture with some different business activities you will be easily moving forward to separate this in another company and can move all dividend on profits free of tax to your company in the British Virgin Islands.

For more information on how to register a company in the British Virgin Islands or in Cyprus, please visit our website, we have specialized to setup professional offshore companies and bank accounts in Cyprus further to open Merchant Accounts with the trusted banks in Europe.

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BVI / British Virgin Island Company formation:
Documents and Possibilities available upon completed company formation:

About British Virgin Island:
The British Virgin Islands (BVI) is a British overseas territory, located in the Caribbean to the east of Puerto Rico. The islands make up part of the Virgin Islands archipelago, the remaining islands constituting the U.S. Virgin Islands. Technically the name of the Territory is simply the “Virgin Islands”, but in practice since 1917 they have been almost universally referred to as the “British Virgin Islands” to distinguish the islands from the American Territory.[1] To add to the regional confusion, the Puerto Rican islands of Culebra, Vieques and surrounding islands began referring to themselves as the “Spanish Virgin Islands” as part of a tourism drive in the early 2000s.

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The British Virgin Islands consist of the main islands of Tortola, Virgin Gorda,Anegada and Jost Van Dyke, along with over fifty other smaller islands and cays. Approximately fifteen of the islands are inhabited. The largest island, Tortola, is approximately 20 km (approx. 12 mi) long and 5 km (approx. 3 mi) wide. The islands have a total population of about 22,000, of whom approximately 18,000 live on Tortola. Road Town, the capital, is situated on Tortola.

For more information please visit our web site at British Virgin Island Company Formation

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Ever wondered what the different is between a Offshore Incorporation or a BVI Company Registration? If so here we will quickly explain the difference.

Actually the two terms are almost the same meaning.

BVI Company Registration:
BVI is a corporation in the British Virgin Island and is covering the same benefits as any other Offshore jurisdiction, Companies in the British Virgin Island ( BVI companies) are located in a Tax Haven which means almost no TAX of net profit, assets protection and optional Anonymously company incorporation.

Offshore Company Registration:
Means to incorporate a company within a TAX Haven which covers no TAX on net profit, assets protection, anonymously corporation of an LTD company and in some jurisdictions also the possibility for Bearer Shares.

CCLOGIC LLC is able to help you with the full scale of business formation in for instant Cyprus, we are a company formation agent with many years of experience in the fields of company formation services.