If you interested in registering a company in the Caribbean, pay attention to the BVI.
The British Virgin Islands (BVI) is a region, where more than 5000 companies are registered. The British Virgin Islands is very popular because of its tax-free status, ease of administration and recognition in the international financial community.
One of the main advantages of the BVI is the government’s desire to improve its jurisdiction, due to which a reform was carried out in 2006, as a result only companies with many employees to pay taxes.
TO ESTABLISH A BUSINESS on THE BRITISH VIRGIN ISLANDS. THE POPULARITY OF THE BRITISH VIRGIN ISLANDS IS AS FOLLOWS:
- USD is the official currency.No problems with a currency conversion.
- The official language is English.
- The prestigious country, which is famous for its political stability.
- A country is under a protectorate of Great Britain.
- A business environment is one of the most developed and efficient.
- The country’s budget was constantly being replenished, which was a net gain that did not require additional investment. The economic and political aspects of the country have benefited from this development.
- BVI is an independent country with a high standard of living.
- The government has signed a double tax treaty with Japan, Switzerland.
- A confidentiality is regulated by the law.
- It is located about 60 miles from Puerto Rico.
To set up a commercial firm on the Virgin Islands. Features:
- When registering an enterprise in the BVI, a name must not contain such words: Limited, Corporation, Incorporated, etc. It is forbidden to use words, indicating a connection with the local, a state, a national government.
- To register a business on the Virgin Islands, only one person is required (an individual or a legal entity).
- A minimum capital is not established.
- Deciding to set up a commercial enterprise in the BVI, remember, that the company must annually transfer to the BVI budget a fixed fee: with a statutory fund of up to 50,000 USD pay 350 USD, if the authorized capital of more than 50,000 USD pay 1100 USD.
- Corporate directors are allowed. There are no requirements for resident directors. The director can be a non-resident of this jurisdiction.
- A trade name and the address of the director should be submitted to a state register.
- A registered office is mandatory.
- According to the law, it is not necessary to hire a secretary to open a BVI company.
- Annual meetings are not required.
- The ability to use bearer shares.
- Their main disadvantage is that it is impossible to change the owner of the firm anonymously.
- There are no requirements regarding a submission of annual reports, while the firm is obliged to maintain financial statements.
- For those, who plan to establish a firm in the Virgin Islands, it would be useful to know, that a company could be fined ($10,000 USD) for non-compliance with BVI laws.
- Every year, the company is required to pay a fee for the extension. In case of non-payment, the firm is deleted from the register (after a year). Moreover, directors/shareholders are responsible for all debts.
- The company registration period is 4-5 weeks.
YB Case experts offer you legal support services in registering a business on the BVI.