The Virgin Islands can truly be called the capital of offshore companies. Among them are: the British Virgin Islands, the US Virgin Islands, as well as the Spanish Virgin Islands. If you decide to register a company in the US Virgin Islands (USVI), you will have a company with US jurisdiction. When choosing an American jurisdiction, you will be able to open a company in the US Virgin Islands, while being eligible to be exempted from paying taxes to a company flying the US flag, without being a resident of the country.
Since the US Virgin Islands are not governed by US state laws, a registered company in the US Virgin Islands is not subject to US taxation. Therefore, this is a profitable solution for entrepreneurs, who want to set up a company in the US Virgin Islands, as companies are partially or fully exempted from regional taxes and the U.S. federal travel tax. In order for a company to be completely tax-exempt, it does not have the right to conduct business on the territory of the US Virgin Islands. Such entrepreneurs, who want to register a company in the US Virgin Islands, can be attributed to the USVI Exempt Company (USVI corporations, that are tax-exempt). It is also worth noting, that individuals, who are residents of the US state or residents of the US Virgin Islands cannot own a company’s capital of more than 10%.
Registration of a company in the US Virgin Islands is possible, if any three legal entities decide to set up a corporation in the US Virgin Islands. The USVI Governor is presented with the Memorandum of Association, and only after that it will be possible to register the commercial firm in the US Virgin Islands. It should be taken into account, that the company's capital cannot be lower than $1,000. If non-residents of the country want to establish a commercial enterprise in the US Virgin Islands, the identity of the owners of the corporation is not disclosed. In order to register a company in USVI, which will have the status of an exempt corporation from paying taxes, you need to appoint a resident of USVI as one of the partners of the company.
If you need professional help in opening a company in USVI, contact YB Case lawyers. With our help, you can open an offshore in the Virgin Islands. Contact us in any way convenient for you.
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