There exists a number of steps that you can follow to begin your business in BVI. First, you have to consider asking for professional help. There are more than enough experts in business in the BVI who can help you with your business. There are companies that can handle the entirety of the process of establishing your company. With these companies, you can focus on your business instead of having to dive headfirst into the confusing world of tax and legal matters.
The second step is preparing and submitting the required paperwork. It’s not as hard as you might think. Even without the outside help, chances are you could work your way through the necessary steps within this step. The next step is waiting for approval and/or working through the obstacles. You might be required to provide some additional information or address any concerns with the regulator, all of which can be addressed within the process. Then, you will have to reward your advisor (If applicable) and open an offshore bank account. That’s the briefest and most abridged description of the process of company registration in BVI. In reality, each step is way more complex than it appears. It might be best to check out an expert to see if they can take the pain off your hands.
What documents are needed to register a legal entity in the BVI?
The list of documents required to register your company in the BVI is fairly long. You can see the most up-to-date version of it on the respective government website. At the time of writing, the list of required documents includes the following: certificate of incorporation, articles of association, memorandum of association, stocks certificates, notarized copies of government-issued IDs, and more. With the full list of documents, you should not have any difficulties in registering a legal entity in the BVI.
The only complications that people report from time to time are due to simple mistakes that are usually fixed on the same day. Real difficulties only arise when the information that you provide is either erroneous or incomplete. Either way, if you’re following the above steps carefully, you’ll have no problems gathering and submitting the right documentation and, ultimately, registering a legal entity in the BVI.
What do you need to open a company in BVI?
In order to open an offshore company in BVI, you must meet a certain set of requirements. Here’s what hat you need to open an IBC (International Business Company):
- One director
- One stockholder
- One secretary
Note that all three roles can be filled by one individual. Although you will be expected to nominate one person for each position, it’s not necessary. There are also no nationality or residency requirements. In general, the BVI, as a jurisdiction, is one of the laxest in the world in terms of its requirements. Even though all offshore jurisdictions don’t have stern regulations, the BVI’s low-barrier-to-entry has helped make it popular with the offshore industry. Be aware of the fact that there might be additional requirements depending on the type of company you plan to create. For instance, crypto companies might be required to submit additional documents that might complicate the process. In general, however, offshore companies can be created in the BVI with minimal effort.
Is it possible to register a company in the BVI online?
It is possible to register a company with the BVI online. In fact, it’s the most popular way of launching a company in the BVI. There are no major downsides to the online approach, especially if you choose to reap the benefits of hiring an advisor to make the process less cumbersome. You must know that the IBC registration is not a complicated process but there are certain challenges that may have to be addressed in the process.
What taxes are there in the BVI?
The tax system in the BVI is rather attractive and that’s the reason why this country earned a reputation of being a “tax haven.” It is characterized by a zero tax rate for income if you choose not to carry out any business dealing within the BVI. In order to enjoy this tax regime, you need to properly structure your business.
Despite the mounting challenges and risks, offshore companies are still a popular and trusted business model. Also, despite the pressure from the EU, the BVI continues to be a favorite jurisdiction of many in the industry. The good news is that the government has no plans of adjusting its business regime any time soon.
What are the most popular companies in BVI?
Many businesses choose the BVI as their home base. With a no-taxation policy, the BVI is the most desirable jurisdiction for investment. There are many industry leaders that picked the BVI as their jurisdiction, including AquaVenture Holdings, Mangazeya Mining, and Bradda Head. Throughout the recent years, the BVI has become somewhat of a hotspot for crypto ventures as well. The country is home to several well-known projects.
Deadlines for registering a company in the BVI
Due to its status as a tax haven, the BVI government has a tendency to work at a very leisurely pace. Even with that in mind, the process of registering a company in the BVI should not take more than one week. The first step of the process is preparation and planning and it usually takes four to five working days or less if you choose to seek the assistance of a professional. Once you have a clear-cut plan of action and you are done with all the preparations, you should only need one or two business days to submit your documents to the government of the BVI. From that point forward, you’ll be dealing with the respective government agencies. It should not take more than a week to get a green light on the final documents. In total, the entire process, from beginning to end, should not take more than two to three weeks.