Corporate Registration in the Britis h Virgin Islands (BVI)
Located between the Atlantic Ocean and the Caribbean Sea and to the north of the Leeward Islands, the British Virgin Islands are 100 km away from the east coast of Puerto Rico, and border the U.S. Virgin Islands.
Taxation System in the BVI
As a Commonwealth member, the BVI is a self-governing British colony that legislates through an independent legislative council and enjoys political stability. Its legal system is based on English common laws, and some clauses under the Delaware General Corporation Law are also incorporated, both of which are enforced along with the local statutes. As laws and regulations governing international business entities are simple, clear, and easy for enforcement, registration of a company in the BVI is very popular among the international community.
International business entities incorporated in the BVI are not required to pay tax to the BVI government on profits earned from the global market. As there are no restrictions on foreign exchange in the BVI, circulation of any currency is not subject to any restriction.
Documents and information to be provided by the client:
To determine the English name of a company registered in the BVI (which may also include the Chinese name)
To determine the number of shareholders and directors and to provide copies of their identification certificate or passports
To determine the certificate of residency pertaining to shareholders and directors (including utility bills)
To determine the registered capital (which in general is USD 50,000)
Procedures
Appoint an agent -> Sign agreements -> Pay registration fees -> Process all government-related formalities -> The directors sign legal documents by hand
Information will be provided to the client upon incorporation of a company in the BVI:
1: One certificate of BVI company registration
2: Memorandum and articles of association
3: Meeting minutes
4: One corporate chop and one common seal
5: One copy of the registry of shareholders and directors, and secretary certificate
6: One blank share certificate
Registration time:
The new registration of a company takes ten (1) to twelve (7) working days, and the purchase of a shell company normally takes only two (2) working days (excluding time of delivery by mail)
Note: When the client sets up a bank account for the BVI company, the opening bank will request a certificate of incumbency from the client in case of a newly registered company (which refers to any company that is incorporated less than one (1) year).
In case of an old company (which refers to any company that is incorporated more than one (1) year), the opening bank will usually request a certificate of good standing, a certificate of incumbency, and a certified true copy issued by any accounting company from the client.
Annual review of a BVI company upon registration: for any company registered in between January and June, an annual review will be conducted in March the following year.
For any company registered in between July and December, an annual review will be conducted in September of the following year.
Notarization of a BVI company:
In case of notarization by a lawyer of the BVI company alone, the BVI company upon registration shall deliver all information to a law firm for notarization purposes, the process of which will take two (2) weeks.
Certification by the Chinese embassy: For any certification by the Chinese embassy in London (the UK), notarization by a law firm is required before certification by the Chinese embassy, the process of which will take approximately four (4) weeks.
