Offshore company BVI
The British Virgin Islands are closely compared to the economies of the United States, the United Kingdom, Canada, Germany and France and has become a safe jurisdiction for financial activity. It has signed many different tax agreements and offshore companies enjoy a regime where many taxes are abolished. The most common form of business in the BVI is a company limited by shares. Lands are taxed by the acre and the value of this fee is 50 USD whilst the annual rental income is taxed at 1.5%. Employers pay a 4.5% social security tax and employees pay only 4%. This gives foreign investors ample opportunity to make their businesses grow.
Furthermore, there are no capital gains, corporation, profit, value added, gift, estate duty and inheritance tax. There are also no withholding taxes to nonresidents who receive dividends or royalties.
Company formation process in BVI
The first step of incorporation entails the company to register the Memorandum of Associations and the Articles of Association at the Registrar. The following information must then be provided: the name of the company, address of the company, the names of the shareholders and how many shares each own, and the name of the director of the company. The information will remain private and confidential. The license fee must then be paid which can be from 350 USD to 5,000 USD per year depending on the company.
It takes about 3 days to successfully incorporate an offshore company in the BVI. Offshore companies are also not subject to submit annual returns or financial statements.
Requirements for offshore company BVI
No minimum share capital is required at the incorporation of such a company. An IBC must have a registered BVI-resident agent and a registered office on the islands. A minimum of one shareholder/director is required and it can be a natural or legal entity. A bank account must be opened. IBCs are allowed to own shares in other companies situated in BVI and employ locals.
We will be able to assist you in the drafting of the Articles of Association as well as any other pressing paperwork needed for successful company formation. We can provide you with a registered address for your office and we can set up a bank account in your name. Contact us today to find out how we can assist you further.