The BVI

Juristiction In The BVI

BVI jurisdiction - Image 1
LocationEastern Caribbean; east of Puerto Rico
Legal systemEnglish common law
Language(s)English
Exchange controlsNone

Company acquisition time

Shelf companiesAvailable on request
New formations1–2 days

Typical incorporation costs for International Business Companies

Registration/statutory feesUS$350.00 – US$1,100.00

(dependent on the number of shares the company is authorized to issue)

Typical professional costs for formationRanges between US$850 to US$1,000 (for a standard company)

Annual charges for International Business Companies

Statutory feesUS$350.00 – US$1,100.00 (on the number of shares the company is authorized to issue)
Registered agent feesUS$850.00 – US$1,400 (but depends on time spent on administration)

Shareholders

Minimum number1
Residency requirementsNo requirement for shareholder to be resident in the BVI

Share capital

Minimum authorisedNo minimum requirement
Minimum issued1 share

Beneficial ownership

DisclosureNot required to be disclosed to the Government, but must be disclosed to the registered office and other service providers as part of anti-money laundering and “know your client” requirements

Directors

Minimum number1 (one or more Directors are appointed for practical purposes only as there is no legal requirement for Directors to be appointed)
Residency requirementsNo requirement for directors to be resident in the BVI
Corporate directorsYes, corporate directors are permitted

Local presence requirements

DirectorsNo resident director requirements. Local directors may be provided by agreement with service providers
Annual general meetingNot required for IBC companies.
Audit requirementsNo requirement for an audit.
Annual accountsA company shall keep records that (a) are sufficient to show and explain the company’s transactions; and (b) will, at any time, enable the financial position of company to be determined with reasonable accuracy.
Migration possible?Yes — companies can migrate to and from the BVI

Tax rates

Offshore companiesNone