GENERAL INFORMATION

Total area - 153 sq km
Population - 20,000
Political status - Member of British Commonwealth.
Capital - Road Town
Official language - English
Official currency - USA Dollar (USD)
Time zone - GMT - 4

Company type

Business Company (BC)

Directors/Officers

BVI BC companies require a minimum of 1 Director, who may be a natural person or a corporate body from any legal jurisdiction.
There is no statutory requirement for a Company Secretary to be appointed. Each BVI BC company must file a Register of its Directors with the Register of Enterprises of the BVI.

Shareholders

BVI BC companies require a minimum of 1 shareholder, who may be a natural person or a corporate body from any legal jurisdiction.
Each BVI BC company must file a Register of its Shareholder/s with the Register of Enterprises of the BVI.

Authorised share capital

Standard authorised capital = USD 50,000.
There is no statutory requirement for capital to be fully or partly paid on incorporation.

Company Names

The name of a BVI BC company must end with the words "Incorporated", "Corporation", "Limited", or suffixes such as "Inc.", "Corp.", "Ltd.", "S.A.", etc.
Company names containing restricted words such as "Bank", "Insurance", "Trust", "Assurance", "Imperial", "Royal" etc. will not be permitted unless an appropriate national operating licence has been obtained by the company.

Beneficial Ownership information

Information with regard to ultimate beneficial ownership must be disclosed to the Registered Agent of the Company in the BVI and is held by the agent on a confidential basis.

Filing of Annual Return

There is no requirement to file an Annual Return.

Filing of Financial Statement

There is no requirement to file Financial Statements in the BVI for BC companies.

Corporate Taxation

BVI BC companies are not subject to corporation tax in the BVI.

6/7 working days

Takeover of management & secretarial services for an existing BVI BC company

Possible, following verification of Beneficial Ownership and agreement with and discharge of liabilities to previous corporate service provider in the BVI.

Description of incorporation documents

1. Certificate of Incorporation, issued by the Registrar of Companies of the British Virgin Islands;
2. Memorandum and Articles of Association, signed by the Subscribers of the Company;
3. Appointment of First Director;
4. Resolutions of the Director - a document confirming appointment of the Nominee Director/s of the Company, and distribution of the shares of the Company;
5. General Power of Attorney, signed by the Nominee Director/s of the Company;
6. Agreement for the provision of nominee services and indemnification of the nominee; a document confirming ownership rights of the Beneficial Owner;
7. Resignation letter (undated), signed by the Nominee Director/s of the Company;
8. Share Certificates, signed by the Nominee Director/s of the Company;
9. A seal of the Company.

Also, the first year domiciliation and legal maintenance of the Company is included in its price, as described below:

1. Legal address of the Company on the British Virgin Islands - provided for 12 months;
2. Local registered agent and secretary services - provided for 12 months;
3. Payment of annual fixed Government fees for first year;
4. Nominee Director/s and Shareholder/s services - provided for 12 months.

Price of BVI BC company

1900 USD, including incorporation costs, full domiciliary (Registered Agent/Office) costs, Nominee services and legal support services for one year.

Cost of annual support services

1500 USD, including full domiciliary (Registered Agent/Office) costs, annual Government Duty, Nominee services and legal support services for each year.