As is the case with most of the British offshore territories, company formation in BVI https://fastoffshorelicenses.com/offshore-company-formation/british-virgin-islands/ brings many advantages such as tax benefits and good privacy.
Country-Specific Tips and Tricks for a Proper Company Incorporation in BVI
There are practical tips that every BVI incorporator should follow in order to enjoy the advantages of incorporating in BVI to the maximum:
- Come Up with a Local Registered Agent: It is mandatory under the BVI law that every registered BVI company needs at least one BVI registered agent. In such cases, an infectious agent will prevent any hurdles during the registration and after registration.
- Know the Correct type of company: In majority of the cases, the international business company is the most opted by the businesses because of its versatility. However, it is also good to learn about various other company types such as Limited Partnership or Trusts so that one can pick the best suited type for their businesses.
- Think about Compliance as You Determine the Business Structure: Although the BVI is a very relaxed jurisdiction when it comes to reporting obligations, appropriate and timely record-keeping, payment of annual renewal fees, and compliance with the specific country rules will help avoid most problems.
- Take Advantage of the Easy Nature of BVI’s Regulation: BVI is ranked first in other requirements, as there are fewer bureaucratic barriers, but more jurisdictions should keep abreast with any modifications in legislation. Periodically check with your acting local agent.
- Use Foreign Banking Services: As far as BVI is concerned, clients can avail themselves of various offshore commercial bank’s services, however, opening a company’s bank account may prove to be a lengthy process. Commence this process early so that it does not hinder the operations of your business.
- Note the Advantages of Nominee Services: If anonymity is important to you, share confidential information, for example. Nominee directors and/or shareholders can be an effective form of anonymity. This approach does not contravene the compulsory legal framework of BVI.
Step-by-step Procedure for Setting up a Company in the British Virgin Islands
Let’s have a quick look at the steps of company formation in BVI:
- Before using a company name, check availability and the BVI standards for company names.
- Compilation of such documents as memorandum and articles of association and identification documents of all directors and shareholders is essential.
- Appoint a reliable local registered agent to take care of lodging every incorporation document that you have prepared.
- File the following documents with the BVI Financial Services Commission (FSC) for approval.
- Some companies do not require a license. However, the performance of certain activities may require the grant of additional licenses.
- Start this process as early as possible in order to avoid delays and ensure that all financial activities run smoothly.
Final Thoughts
Company incorporation in the British Virgin Islands is pretty much doable and profitable at the same time if it is done in the right manner. Bolstered by these tips, tricks, and key steps, one is now well prepared to meet the challenges of setting up their BVI company and should be well trained, backpack and forward thinking.
