BVI Offshore business Setup (British Virgin Island)
The British Virgin Islands were among the first in the world to implement offshore company legislation and has been considered by many offshore professionals as the best of its kind. To date, the BVI evidently is the number one jurisdiction for offshore incorporation of tax free companies: more than 900,000 BVI Corporations, BVI IBCs and newer type Business Companies (BVI IBC), have been incorporated by the BVI Registrar.
BVI business companies are considered to be very popular and widely used offshore companies due to their administrative ease, flexibility, no taxation and known to be widely accepted by the international financial community. Business companies in BVI do not need to own any real property and do no need to carry on banking. They are able to engage in any activity that is not illegal under the laws of the BVI.
Main benefits of BVI offshore are:
- Tax efficiency
- Minimum ongoing compliance requirements
- Exemption from capital gains tax, inheritance tax and death duties
- Confidentiality, no sensitive personal information available on public record
- Foreign ownership
- Standard Share Capital: 50,000 SHARES OF NO PAR VALUE
- Minimum reporting – no audits, no tax reports, no financial information for public file.
- Ease of management – shareholders’ meetings can be held anywhere, including by electronic means, flexible decision making process
- No longer requires a company to have a share capital
- No financial assistance restrictions
- Shareholder protective provisions
- No Annual return filing requirements