BVI Business company or IBC – an International Business Company are most commonly named as an “offshore company”. BVI is the most sought out destination for opening an offshore company.The set up of a BVI company is a straightforward process and can be finalized within 1 to 2 working days.
The following are the advantages of opening an offshore.
1 Exemption from tax:
A BVI Business Company is exempt from the BVI income tax, the same exemption applies to all dividends, interest, rents, royalties, compensations and other amounts paid by a company, and all capital gains realized with respect to any shares.
2 Legal personality:
A British Virgin Islands Business Company has separate legal personality and the same powers as a natural person.
3 Secrecy :
Confidentiality is one of the key features of the BVI Business Company as details of the company beneficial owners, directors, and shareholders are not public records. Register of Members, Register of Directors and all Minutes and Resolutions by the Company are kept only at the offices of the Registered Agent in complete confidentiality.
4 Structural flexibility:
A BVI offshore requires a minimum of only one owner, one shareholder, and one director. All of them can be the same person. The shareholders, directors, and officers of a BVI Business Company may be individuals or corporations and of any nationality. The shareholder’s or director’s meetings need not be held in the British Virgin Islands and there is no requirement for an Annual General Meeting.
5 No reporting:
BVI Business Companies does not have an obligation to prepare and file financial accounts. However, records must be kept that are sufficient to show and explain the Company’s transactions; and will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.
6 Various types of incorporations:
A BVI Business Company may be incorporated as a company limited by shares, a company limited by guarantee (with or without authorisation to issue shares), an unlimited company (with or without authorisation to issue shares).