British Virgin Islands (BVI) The British Virgin Islands (also known as the British Virgin Islands) are a group of islands located in the Caribbean Sea, about fifty miles or eighty kilometers east of Puerto Rico. The British Virgin Islands is a British territory that became self-governing in 1967 and is a member of the Commonwealth of Nations. Since the introduction of international business company legislation in 1984, the British Virgin Islands' offshore financial services industry has grown rapidly and is now the most popular offshore registration location in the world, with approximately 800,000 companies established and registered there. .

Starting from January 1, 2007, the British Virgin Islands Business Companies Act 2004 became the only local business companies law. The revised Commercial Companies Act tightens the record-keeping responsibilities of businesses. However, the Act includes provisions for statutory mergers and amalgamations, allowing businesses to continue operating in the form of amalgamations. This makes the British Virgin Islands more attractive for corporate restructuring and capital restructuring. In addition, foreign companies can establish institutions in the British Virgin Islands through simplified procedures and do not need to apply for reciprocal arrangements with the local government. The new bill still retains the advantages of a zero-income tax.

Requirements for establishing a new/existing BVI company:

• Both Chinese and English company names are accepted;

• Authorized registered capital: US$50,000, US$1 per share, or no share capital

• Minimum of $1 equity distributed;

• At least 1 director and shareholder; and

• You can choose between registered and bearer stocks.

Advantages and features of establishment:

• No annual report is required;

• There is no need to declare taxes or pay any taxes;

• No auditor's report is required, only information is retained to reflect economic conditions;

• It has a high degree of confidentiality (the list of directors and shareholders of the company is not disclosed to the public).

• Company documents can be saved in any language;

• Allow company re-domiciliation to be carried out in a convenient and effective manner;

• The name of a Samoa company must end with the words "Limited, Corporation, Incorporated", while in Chinese it is "Limited Company".

The legal system of the BVI is based on British common law and local regulations. The BVI does not have a corporate profits tax, so the BVI government will not levy taxes on locally established companies, but every year the BVI government will impose a tax on companies with a statutory share count of more than 50,000. The company charges a license fee of USD 350*. If the company fails to pay the relevant license fee within 5 months after the due date, the company will be fined or removed from the company register. The BVI has no exchange controls and no restrictions on the outbound flow of currency. .

*Subject to the annual budget of the BVI government.

​Standard authorized capital and actual capital

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The standard authorized capital (nominal registered capital) is generally 50,000 shares, and the actual capital is generally one share with or without par value. The registered capital of 50,000 shares is the maximum registered capital allowed by the minimum annual license fee.

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Qualifications and number of shareholders

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Only one shareholder (Shareholder or Member) is required, and the shareholder can be a natural person or a legal entity, and can be a resident (or company) of any nationality. The personal information of shareholders does not need to be disclosed and is not available for public inspection. However, the Register of Shareholders (Register of Members) must be kept at the company’s registered office in the British Virgin Island (BVI). A company can issue registered or bearer shares.

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Qualifications and number of directors

Only one director is required, and a director can be a natural person or a body corporate, and can be a resident (or company) of any nationality. Directors’ personal information does not need to be disclosed and is not available for public inspection. However, the Register of Directors must be kept at the company’s registered office in the British Virgin Islands (BVI). ​

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Registered agent and registered office

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All companies incorporated in the British Virgin Island must appoint a registered agent. The registered agent is a trust company or registered service company registered in the British Virgin Island and holding an agency license. The registered office (Registered Office) must be located in the registered agent's office in the British Virgin Island (BVI).

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annual return

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Companies do not need to submit any returns or financial statements to the British Virgin Islands (BVI) government. The company only needs to pay the corresponding annual license fee (annual maintenance fee).

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Company name

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The company name must end with Limited, Corporation, Incorporated, Societe Anonyme or Societed Anonima or the abbreviation of the above words. The company name cannot use words such as Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal or Trust, unless specifically approved.

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secrecy

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Overseas companies registered and established in the British Virgin Island (BVI) enjoy a high degree of confidentiality, and the company's shareholder list is not fully disclosed to the public.

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Advantages of registering a company in the British Virgin Islands (BVI)

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● BVI (British Virgin Islands) is a place with a very stable political, economic and trade environment

● There are good financial and legal facilities to facilitate the establishment and development of various financial institutions or foundations.

● The government protects the interests of shareholders and does not need to disclose the identity of the beneficiaries.

● In order to encourage economic development and attract foreign investment, the local government allows one person to fully own a limited company.

● The government provides privacy protection for all companies, and directors’ information is kept strictly confidential.

● Low tax rate, Island International Limited is subject to very few tax controls

● No auditor’s report is required, just retain information to reflect economic conditions

● There is no need to pay profits tax on profits earned from operations abroad, thus achieving the purpose of reasonable tax avoidance.

● Businesses on the island can open bank accounts anywhere in the world

● Simple follow-up services, strong confidentiality, tax exemption, stable political and economic environment, and easy financing and listing

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Documents available to customers after the British Virgin Islands company is incorporated

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After the British Virgin Island company registration procedures are completed, we will send the following documents to the customer for archiving (customers need to provide the bank with some of the following documents before opening an account):

1. British Virgin Island Company Registration Certificate (British Virgin Island Commercial Company Registration Certificate Sample).

2. Three Memorandum and Articles of Association (Sample Memorandum and Articles of Association of a British Virgin Island Business Company).

3. A metal seal with the company name in legible form engraved on it serves as the company's steel seal to sign the contract.

4. An offset printing engraved with the company name and the words "Representing the Company". Senior officers of the company use this seal when signing business contracts on behalf of the company.

5. A set of statutory records, including shareholder records, director records, charge records, etc.

6. Stock allocation application form, one stock certificate with completed personal information and 10 blank stock certificates for each shareholder.

7. Appoint the first director and accept the appointment notice.