Cost of registration | The cost of the second year | Number of Directors | Corporate tax rates | Payment of Charter Capital | Financial statements |
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1195.00 USD | 1170.00 USD | 1 | 0.00% | No | No |
Company registration in the BVIThe British Virgin Islands (BVI) is a British overseas territory located in the Caribbean (the Francis Drake Channel), it is bordered by the east to Puerto Rico. The capital city of the British Virgin Islands is Road Town with a population consisting of over 30,000 people. The official currency of the British Virgin Islands (BVI) is the United States Dollar (USD) with the English language as its official language. The BVI Business Companies Act 2004 is the legislative framework regulating Company formation, regulation and other incorporation related activities in the British Virgin Islands. The government is a political democracy under a constitutional monarchy. Company formation in BVI is a solid source of annual revenue to the government of this jurisdiction as it contributes more than 50% obtained from licensing fees paid by the companies. The BVI is a reputable offshore regulatory jurisdiction. The BVI Financial services commission is an autonomous regulatory authority responsible for company activities and other related financial services on the Island. Benefits of Company Formation in BVI
Business in BVI: Types of Companies
The following are certain conditions that must be met depending on the type of business companies, they include:
Business in BVI: Taxes
Bookkeeping in the British Virgin Islands
Company Formation Requirements for BVI
It is important to note that the procedure for company registration in BVI is quite straightforward but the company legislation is constantly amended, it should be monitored and taken into account at all times. The last amended rules have been made stricter in the identification of investors coming to the jurisdiction. Now, to complete the registration of a company in the British Virgin Islands, the beneficial owners must provide bank statements (resident bank) dating at least six months. In addition, confirmation of the registered address of the founders and their personal data is required. Furthermore, The BVI’s Economic Substance (Companies and Limited Partnerships) Act, 2018 (BVI Substance Act) came into force on 1st January 2019. The BVI Substance Act is supplemented by the BVI’s Economic Substance Code (BVI Substance Code). This law applies to the following legal entities, they include:
The following legal entities are exempted from the act, they include:
An entity is a “non-resident company” or “non-resident partnership” if the company/partnership is resident for tax purposes in a jurisdiction outside the BVI which is not on Annex 1 to the EU list of non-cooperative jurisdictions for tax purposes. Entities Which are Subject to The BVI’s Economic Substance RequirementsThe BVI Substance Act imposes economic substance requirements on all BVI legal entities carrying any of the legalized “relevant activities” in its jurisdiction. A legal entity incorporated or registered in the BVI will have to adhere to the BVI Substance Act. The details of all “relevant activities” are defined in the BVI Substance Act with further clarifications seen in the BVI Substance Code. Economic Substance Requirements in the BVIEach legal entity which is not a tax resident outside the BVI (other than a pure equity holding entity) must, in relation to any relevant activity, carry out defined core income-generating activities in the BVI and demonstrate economic substance by reference to the following criteria with with regards to the nature and scale of the relevant activity:
Enhanced Substance Requirements for Intellectual Property (IP) Activities in the BVIA BVI entity engaging in the intellectual property business and possesses holding intellectual property assets like (but is not limited to) copyright, patents, technical know-how, trademarks, brands and goodwill. This applies to a broad range of businesses and is not restricted to IP businesses. The BVI Substance Act places enhanced requirements on entities involved in intellectual property businesses. BVI Pure Equity Holding EntitiesA BVI pure equity holding entities are entities that fall within the scope of the BVI Substance Act but have no other relevant activity other than holding equity participation in other entities earning dividends and capital gains. Pure equity holding entities are subject to reduced substance requirements under the BVI Substance Act. BVI pure equity holding entities have an adequate substance within the BVI if they meet the following conditions, they include:
All entities must file information related to their tax residency and activities, this ensures that the BVI International Tax Authority has adequate information to monitor compliance with the BVI Substance Act. They must be filed through the BVI entity’s registered agent in the BVI, who will then input the information to the BVI’s existing Beneficial Ownership Secure Search System. How to Register a Company in BVI: The Registration ProcessStep 1. Law and Trust works with the client to get the company’s name and activity approval from the Registry; Step 2. Law and Trust works with the client to secure the Memorandum of Association (MOA); Step 3. Law and Trust collects, prepares and files the necessary incorporation documents on behalf of the client to the relevant authorities for approval; Step 4. Law and Trust works with the client to open a corporate bank account in BVI; Step 5. Law and Trust deliver the certificate of incorporation personally to the client or via courier service. BVI Company Formation FAQsHow long does it take to register a company in the British Virgin Islands (BVI)? It takes from one week to complete the company registration in the British Virgin Islands. How much does it cost to register a company in the British Virgin Islands? The cost of registering a company is US$1195, the total cost includes the preparation of legal documents, company registration, payment of all taxes and fees at the time of registration and legal address for the company (a year). What are the minimum company formation requirements for setting up in BVI? A minimum of one director, one shareholder and the registered office address in BVI. Does a BVI company have to file accounts or financial tax return statements? There are no requirements to file account and financial tax return annually, nor is there the need for statutory audit. Does a BVI Company need a legally registered office and registered agent? A company in the British Virgin Islands must have a legally registered office and agent. Why Incorporate with Law&Trust International?Benefits of company registration, formation, and incorporation services with Law&Trust International in the British Virgin Islands includes: Full range of related services: Provision of a full range of legal, corporate, government, and business intelligence related services in BVI. A detailed overview of our services includes full legal support of the company registration procedure, obtaining a legal address, interaction with the official government authorities of the jurisdiction, state fees, legal address of the company for a year, production and registration of company stamps and advising the client as part of the registration process. Opening a bank account and the cost of these services are discussed during the consultation. Professionals and expertise of Law: Worldwide registration and legal maintenance of companies, accounting services, and audit, tax planning and optimization, trademark and patent registration. Law and Trust provide clients with the best company incorporation services. Domestic service: Law&Trust ensure our services cover every region in BVI. Be rest assured that no matter where the new company intends to incorporate in BVI, we’ve got the location covered. Free initial advice: Free consultation from the lawyers of Law&Trust International regarding strategies or the provision of services for analyzing and developing a legal position on an issue the client raises in BVI. Confidentiality: Law&Trust makes use of modern technological features to keep the records and details of every client safe. Efficiency and productivity: Strategically providing up to date personalized services to help your business succeed. Ready for Company Incorporation?If you are interested in registering and incorporating a company in BVI, contact Law & Trust International by simply sending an email or call now to take your business to the next level! |
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Square | 153.00 |
Population | 31 148.00 |
Capital | Road Town |
Unemployment | 3.60 |
State polity | Constitutional monarchy |
Telephone code | 1 284 |
location | Caribbean, between the Caribbean Sea and the North Atlantic Ocean, east of Puerto Rico |
Climate | Subtropical; humid; temperatures moderated by trade winds; avg. maximum temperature (August) +29°; avg. minimum temperature (January) +22° |
Literacy rate | 97.80% |
Ethnic groups | Black 83.4%, white 7%, other 9.6% (includes Indian and mixed) (2004 Census) |
National currency | USD |
USD exchange rate | 1.00 |
GDP per capita | 25 |
Official language | English |
Credit rating | N/R |
The judiciary | Eastern Caribbean Supreme Court, consisting of the High Court and Court of Appeal |
Executive authority | The Executive Council, headed by a governor appointed by the British Foreign Office, and consisting of a Chief Minister, three ministers and the Attorney General |
Legislative authorities | unicameral Assembly consisting of 13 elected members for 4 years and 1 incoming officio members (the Attorney General) |
Opportunity to purchase ready-made companies | Yes |
Legal system | based on English Common Law with local modifications and local statutes |
Terms of purchasing ready-made company | две недели |
The use of the Cyrillic alphabet in the name | Yes |
Local registered office | Yes |
Organizational and Legal Forms | 1. The company limited by shares; 2. Company limited by guarantee; 3. Hybrid company - limited by guarantee, with the right to issue shares; 4. Unlimited company, without the right to issue shares; 5. Unlimited company with the right to issue shares; 6. Companies with limited objectives of the (special legal entities); 7. Segregated portfolio company. |
Terms of registration | 1 - 5 days |
Indication of BPA in the name | «Limited», «Corporation», «Incorporation» or «Incorporated», and «Societe Anonyme», «Sociedad Anonima», «Gesellschaft mit beschrankter Haftung» or abbreviation «Corp.», «Ltd.», «Inc.» , «SA» or «GmbH». |
Prohibited expressions in the name | Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Trust, Royal, or other similar in meaning to the word, as well as any words implying the protection of the British royal family, government BVI or the UK, any other authority. |
Local registered agent | Yes |
The information required to be kept at the registered office | a copy of the register of directors, shareholders, bail bonds company, a copy of the memorandum of association and articles of association and the company's seal |
Standard currency | U.S. Dollar |
The minimum amount of the issued capital | 1 share |
Bearer shares | No |
Terms of payment of the issued capital | payment terms are defined in the memorandum of association or the company's charter |
The usual size of the authorized capital | 50000 |
Usual nominal value of shares | USD 1 |
Possibility to issue shares without par value | Yes |
VAT | No |
Basic corporate tax rate | 0.00% |
Capital gains tax | No |
Currency control | No |
The tax on personal income | Payroll tax for companies which involved local staff |
Government duty | Fixed annual fee - $ 350 |
Stamp duty | No |
Minimum number of directors | 1 |
The requirement for residency directors | No |
Director of legal entities are allowed | Yes |
The data reveals to the local agent | Yes |
Data field to the public registry | No |
Meeting / regularity / place | Place, time and method to be defined at the discretion of Directors may be conducted by proxy, by telephone |
The requirement for the presence of the Secretary | No |
Requirement to the residense of the Secretary | No |
Requirements to qualification of the Secretary | No |
Legal entity as the Secretary | Yes |
Minimum number of shareholders | 1 |
Data is entered in the public register | No |
Shareholders residency requirement | No |
Information about the beneficiary is disclosed | No |
Information may be disclosed to the local agent | Yes |
Shareholders-legal entities are acceptable | Yes |
Meeting / regularity / place | held with regularity, determined by the Director, or at the request of holders of not less than 50 shares, anywhere in the world; can be conducted through attorneys, by telephone or other communication |
The requirement for filing reports | No |
Open access to reports | No |
Statutory audit | No |
The requirement for filing Annual Return | No |
Open access to the Annual Return | No |
The requirement for reports | No |
Treaty on avoidance of double taxation (States which signed) | 3 |
Membership in the OECD | No |
Is it offshore according to Russian legislation | Yes |
TM Comprehensive Study | TM Registration Request | TM Registration Certificate | Total | ||||
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First Class | Additional Class | First Class | Additional Class | First Class | Additional Class | First Class | Additional Class |
306.00 | N/A | 1030.50 | 288.00 | 0.00 | 0.00 | 1336.50 USD | 288.00 USD |
«TRADEMARK» refers to «Wordmark», «Logo» or «Wordmark + Logo» | |||||||
Prices include all professional and official fees. If the change of official duties or exchange rates prices may vary. |