BRITISH VIRGIN ISLANDS
British Virgin Islands
is the world's pre-eminent offshore corporate domicile.
Services available from BVI:
Offshore companies. New or
ready-made companies available.
Bank Nominee signatories
BVI REGULATED PROFESSIONAL INVESTMENT FUND:
Business Companies Act and the International Business Companies (Amendment) Act.
REGULATED PROFESSIONAL INVESTMENT FUND.
This is a new and innovative regulated investment fund product, which has
been designed specifically for the fledgling investment managers who are
seeking to enter the international investment fund arena for the first time
and for new investment funds with
‘seed-capital’ of between $ 1 million and
$ 3 million.
Offshore company (IBC) Incorporations.
One person is enough to incorporate an offshore company.
Incorporation Fee: $799
Registered Office/Agent: $350 p.a.
Government Licence: $300+$50 p.a. (Standard capital)
Corporate Seal: $50 (required for bank acc)
Apostille: $150 (required for bank acc)
Corporate Nominee Director: $300 p.a.
Private individual Nominee Director: $1500 p.a.
Nominee Shareholder: $300 p.a. corporate or $1500 p.a. private individual.
Power of Attorney: $150 (only if you
have selected a nominee service)
Notarization of Memorandum & Articles of Association: $150
DHL/FedEx Courier: $100
Nominee bank Signatory: $1000 / year if the company is incorporated with
nominee service (read more here)
Bank account setup $700
Mail Forwarding from Tortola - US$400 - payable annually in advance,
plus the actual cost of postage. We take a US$50
deposit to cover and then invoice for a further sum when this is used up.
Annual maintenance fees
after first year:
Registered Office/Agent: $550 p.a.
Government Licence: $350 p.a. (you can check here BVI
(plus fees for nominee services if supplied)
The annual state fee of
a BVI company with an non-standard authorized capital (exceeding US$50,000)
See here a
sample of Incorporation documents.
New regulations about
The BVI law was changed in 17 April 2003, and the incorporation fee and
annual fee for a company that allows the issuance of bearer shares will
increase to $1000/year, from $350/year at the present, and the share
certificates will have to remain in BVI at the registered office.
We recommend to either get registered shares in your name, if privacy is not
an issue, or to use our nominee shareholder service ($300/year)
Also, as per the new legislation the shareholder and director would have to
be of legal age.
REGISTER OF DIRECTORS
All companies will be required to maintain an updated Register of
Directors at the office of the Registered Agent in the BVI. Existing companies
will have a period of twelve months to establish the register, which must date
back to the date of the enactment of the new Act.
The BVI Government fee increased Jan 1st 2005; for companies with capital
of $50,000 or less the fees will be $350 and above $50,000 will be $1100.
(this amount does NOT need to be ever deposited . You don't need to have
such an amount to open a company)
Bank Signatory service:
we provide nominee services for your company, we could assist you further in
facilitating the opening of a bank account for the Company. The normal
procedures include providing certified true copies of the records of the
Company to the Bank
If we establish the account and also act as signatory, we charge an
fee of $1000 to act as signatory and to establish the account including
all the necessary papers to the bank, we estimate $700 for a total of $1700
on the Account, we would only act on your instructions and such must be done
many options for your
Tax Free Offshore Company
and Offshore Bank Account:
European Banks, Caribbean Banks, Asian Banks,...
and together we'll decide
the best one to use for your particular situation.
of good standing (from June 2009 is) $850 (including courier).
Please check here our
diligence requirements for BVI incorporations.
For your convenience, we have included a
in the order form:
BVI Business Companies Act and the International
Business Companies (Amendment) Act.
The BVI Business Companies Act (the “BVIBC”) was enacted last year, and in
order to comply, our Memorandum & Articles of Association had to be
redrafted and all new incorporations would be done under the new legislation
before the beginning of 2006 year. To recap, please note that following:-
The British Virgin Islands will be operating under a new legislation which
continues to govern BVI Companies. Under this legislation, companies are
referred as BVI Business Companies and not International Business Companies.
It is the intention of the BVI Government to discontinue the use of the
first company law, "The International Business Companies Act" which was
designed exclusively for non-residents. Under the new Companies Act both
foreigners and residents will benefit from a zero tax on all business
companies, both local and international. To enable transition to the new
Act, clients may continue to incorporate companies under the old legislation
for a specified period of time (noted below) but are required later to
re-register under the new legislation which will then form one single
corporate law. This change will allow the BVI to continue to operate as an
Offshore tax-free jurisdiction. Below is a time-table for compliance:
1. 1 January 2005, the new BVI Business Companies Act came into force.
2. A two year transitional phase for IBCs to the new BVIBCA was cited as
* Until 31st December 2005 clients can continue to incorporate companies
under the IBC Act.
* As of January 1 2006 all companies will be incorporated as BVIBC (under
the new Act).
* During the period 1 January 2006 through 31 December 2006 existing
companies will be permitted to operate under the existing IBC Act and
Companies Acts for one final year to enable them to prepare for transition
to the new Act.
* On 1 January 2007, any companies remaining on the registers maintained
under the existing Companies Act and the existing IBC Act will automatically
be re-registered under the new Act.
* By 2007 it is envisaged that all companies registered in the BVI will be
operating under the new regime.
There are many new changes and procedures to be noted. For example, a
Director must be at least 18 years old and must be appointed within 30 days
of the company’s date of incorporation. If you are interested in receiving a
copy of the new legislation, please email us.
Therefore, all new companies will now be incorporated under the new Act.
The British Virgin Islands are a British dependency located in the Eastern
Caribbean, about 80 kilometers East of Puerto Rico. English is the official
language and the official currency is the United States Dollar. The Government
is stable and promises to remain that way. There is good commercial and
professional infrastructure and the Government is actively encouraging the
development of the offshore finance business and has now upgraded the
Companies Registry by installing state of the art technology.
The International Business Companies Act was
passed in 1984 and created the International Business Company (IBC) which is
the preferred offshore company vehicle. In recent years the BVI has become
extremely popular, particularly in the Far East region, due to the extensive
marketing of the jurisdiction particularly by lawyers who moved from Panama
during the Noriega regime and set up offices in the BVI.
What information can be
obtained from the BVI:
Usually, only the basic
information, for example, the Registered Office/Registered Agent, authorized
capital, whether the company is in good standing, will be filed at the
Companies Registry in the British Virgin Islands ("BVI").
Information pertaining to accounts, lists of directors, lists of directors'
other interest, shareholders, etc. is not required to be filed as a public
the International Business Companies ('IBC') Act of the British Virgin
Islands, the only party in the BVI who would have information on the
shareholdings of an IBC would be the Registered Agent of the BVI IBC, as the
Act requires a copy of the share register to be maintained at the Registered
Office of the IBC. The Registered Agent may be aware also of the
directorships and business activity of the IBC. In any event, this is
confidential information which the Registered Agent does not normally divulge
unless specifically requested to do so by its client
Please read our
pages introducing the BVI
British Virgin Islands
General Introduction to the BVI
The British Virgin Islands is
the world's pre-eminent offshore corporate domicile. A B statement, but one
which we here at OffshoreSimple Inc. believe without reservation!
Since adoption of the pioneering International
Business Companies Act in 1984, almost 330,000 companies have been incorporated
in the BVI. This number of registrations is growing at an ever-increasing rate
and has exceeded 35,000 each year for the last several years. These figures
place the BVI very close to the top of the world's leading offshore
jurisdictions in terms of companies incorporated, a resounding success for their
company and other offshore legislation.
Other jurisdictions have introduced legislation
similar to the BVI's in an effort to compete in the international offshore
company formation market. However the BVI has maintained its leadership position
thanks to the flexibility of its legislation, the quality of its financial
services, its commitment to privacy and its integrity and stability as a
If you haven't already read
our pages introducing the BVI, we would
suggest you do so in order to obtain a better over-view of the Islands' position
in the offshore company 'business' together with some other general historical,
political and tourist information.
Why Incorporate In The BVI?
Because the British Virgin Islands is at the
leading edge of current Offshore Legislation, by incorporating your offshore
company in the BVI the company gains a wide range of highly competitive
- Exemption from all local taxes and stamp
- Asset security - the ability to transfer
domicile; protect assets from expropriation or confiscation orders from
foreign governments (eg. your 'home' country's tax authority); transfer
assets to another company, trust, foundation, association or partnership;
merge or consolidate with any other BVI or foreign company in an
- Maximum confidentiality and anonymity -
the availability of Bearer Shares; no requirements to file organizational
or financial information with the Registrar of Companies (except for a
generalized Memorandum & Articles of Association); share registers
available for inspection only by registered shareholders or by order of
the BVI Court (but bearer shares are totally anonymous).
- Statutory flexibility in filing
Registers of Directors or Members at their option and in their
de-registering at any time. This facilitates a delicate and appropriate
balance combining anonymity with the need to file such business
information as determined by the business needs of the IBC from time to
time (register if you need to, don't if you needn't).
- Ease of operation, maintenance and
control - BVI IBCs can:
- Reacquire and reissue their own shares
- Issue shares for a consideration other
than cash, with or without par value, denominated in any currency
- Have only one Subscriber and
thereafter only one Member (Shareholder or Stockholder)
- Have a single director who can be of
- Have corporate Directors and/or
- Hold Directors' or Shareholders'
meetings, and maintain company books of accounts, records and minutes of
meetings outside the BVI
- Hold meetings by telephone, facsimile,
e-mail or any other means
- No statutory requirement to hold Annual
- Company names can end in:
- Corporation (Corp)
- Incorporated (Inc)
- Limited (Ltd)
- Societe Anonyme/Sociedad Anonima
- Excellent and flexible
post-incorporation follow-up services.
- Customized certificates and document
verification geared to meet the unique business needs of individual IBCs.
- No disclosure or minimal capital
- Highly competitive Government fees and
And of course OffshoreSimple's own
highly competitive fees.
What Can A BVI IBC Do?
BVI IBCs can perform all international
corporate activities except:
- Do business with BVI residents
- Provide Registered Office or Agent
facilities for other BVI incorporated entities
- Own an interest in real estate or other
property in the BVI other than office leases (but see below)
BVI IBCs may engage in all of the following
activities, which, although they may take place within the BVI, do not
constitute 'doing business' in the BVI:
- Make or maintain deposits with a person
carrying on a banking business within the BVI
- Make or maintain contacts with any or
all categories of professional persons or companies carrying on business
within the BVI
- Prepare or maintain books and records
within the BVI
- Hold meetings of its Directors and
Shareholders within the BVI
- Hold a lease of property for use as an
office from which to communicate with Shareholders or where books or
records of the company are prepared or maintained
- Hold shares, debt obligations or other
securities in a company incorporated in the BVI or owned directly or
indirectly by a company so incorporated
What Can A BVI IBC Do That Requires A License?
BVI IBCs can perform the following activities
requiring a license:
- Carry on a banking or trust business
- Carry on business as an insurance or
re-insurance company, agent or broker
- Carry on a business as a company manager
How To Establish A BVI International Business
The BVI IBC formation and registration process
is quick and easy. For most companies the documentation is simple and brief and
the official review and approval at Companies House are completed in
approximately 24 hours. To this must be added our own management and processing
time plus any time spent in finding a suitable company name, plus of course any
delays in the postal or courier transmission of application forms and company
'kits' and in the clearing of checks (cheques) through the banking system.
The Formation Process
When you wish OffshoreSimple Inc. to proceed
with the formation of your BVI IBC, please complete the
Order Form and return it to us. This can
be done directly by either e-mail or, after printing out and filling in the
form, by fax, post or courier, but we strongly recommend (and prefer) e-mail.
Please note however that we
only proceed with the actual incorporation upon receipt and clearance of full
Before completing the Order Form, please read
the following notes carefully. Incorrect or incomplete applications just waste
time and money - we try to be as competitive as possible and one way you can
help us maintain this is by doing things right, first time!
- Finding a company name which you like
and which is suitable to you is often the hardest part of the formation
process. If your chosen name is not available, we will undertake to find
the nearest possible alternative name based on your preferred choices and
reserve that name for you. We may have to add or remove words if necessary
to make a unique name - you may want "John Smith Inc", we may have to
register "J. Smith Trading (1996) Inc" - with close on 280,000 names
already on the Register this can be a difficult task. We will not go ahead
with registering an alternative name until confirmed by you as acceptable.
- Please remember that a BVI IBC must end
in: Corporation (Corp); Incorporated (Inc); Limited (Ltd) or Societe
Anonyme/Sociedad Anonima (S.A.).
- Please also be aware that names
incorporating the following words are restricted. We will advise where
appropriate:- "Assurance; Royal; Bank; Trust; Building Society; Trust
Company; Chamber of Commerce; Trust Corporation; Chartered; Trustee
Company; Cooperative; Trustee; Imperial; Savings; Insurance; Savings and
Loan; Re insurance; Underwriting; Indemnity; Surety; Guarantee; Casualty;
Municipal", together with any words suggesting the patronage of, or any
connection with Her Majesty the Queen of England, any member of the Royal
Family, Her Majesty's Government or one of its departments, a municipality
or other local authority or a society or body incorporated by Royal
Charter, are also prohibited unless written permission is granted by the
Registrar. A very good reason would have to be presented for such a
request to be granted.
- Assuming payment has been made, once a
name has been reserved an approved by you we will proceed with the actual
incorporation. This process typically takes 8 to 10 working days allowing
for our own processing time. Once incorporation has been completed, the
company documentation, in the form of a company 'kit', will be sent to you
by courier to the address provided. Please note that whilst generally
good from within the BVI (or, as we often use for post, from the
neighboring US Virgin Islands), postal services from any island group can
be slower than from the mainland. This is especially true for items which
are heavier than allowed by airmail. For this reason we always use a
- A slightly faster service may be
available by the use of Ready Formed/Pre-Registered Companies, which may
be sent to you within 2 to 3 days of payment being cleared. Please
or fax us in US (+1 212 202-6468) for an up-to-date list of Ready Formed
Company Names. The names of these companies can of course be changed at
a later date (again subject to availability). Our Ready Formed Companies
have no previously appointed Directors nor have any shares been issued.
The companies have obviously never traded.
- A further service of note is the
availability of 'old' companies. These are Ready Formed Companies which
have been on our books for a number of years - we have, or can obtain,
companies up to 10 years old - and naturally the older a company, the
greater its cost, if for no other reason than we have had to pay several
years of annual fees. Please enquire for more details.
- Please complete all of the
sections on the order form and either submit it directly by e-mail or
print it off and send it to us by fax.
- Once the order form is complete, we
require payment in full before we can commence the actual formation of
your company. There are (currently) two ways of doing this:
- If sending your order by post (we
don't really recommend this), please enclose either a check (cheque),
banker's draft or international money order payable in US dollars
for the appropriate sum, made out to OffshoreSimple Inc.. Please note however that checks, especially personal checks or those
drawn on small, regional banks can take some considerable time to clear
through the international banking system. Up to six weeks has been
known. You have been warned!
- If ordering electronically or by fax
please arrange for your payment to be sent directly to our account by
wire transfer using the international SWIFT system. Our bank account
details and the exact transfer procedures are shown on our order form
and they must be followed exactly. We would recommend that you
print out the page, fill in the spaces as appropriate, then take the
page to your own bank for them to execute the transaction.
- Once we have both your order form and
full payment, we will immediately form your company for you.
- Please note that if you wish to open
your own bank account and require Apostilled corporate documents,
we can provide these at the time of ordering the company for an additional
US$150. (These documents are normally provided within the cost of any
corporate bank account we may open on your behalf). If you require such
Apostilled documents subsequent to any formation the cost (including
courier charges) will be US$250. As a matter of note, an Apostille is
essentially a certificate issued by a Government Official to the effect
that documents attached to the Apostille are true copies of those on file
in the Company Registry.
How Much Will My BVI IBC Cost?
Probably a great deal less than you think!
Here at OffshoreSimple Inc. we try to be as
competitive as possible. We do this in several ways:
- By being largely 'paper less' - our
company is highly computerized and we prefer it if you communicate with
us in a similar way
- By being highly efficient and cost
effective in running our company
But whilst we believe that we are one of the
most cost effective and lowest priced offshore company formation organizations
around, please don't just take our word for it, have a look at some of our
competitors and see what they will charge you for an identical BVI IBC.
The total cost of an offshore company is best
looked at as comprising of a distinct number of items and frequently shown as
such on price lists. These items are:
- Formation Fees and Disbursements (Costs)
- our professional fees and outgoings in the actual formation of your
company. These are 'once only'
- Domiciliary (Resident) Fees - the cost
of the Registered Office and maintaining statutory books etc in the BVI.
These are annual and must be paid for as long as the company is in
- Government Fees - registration and
filing fees. Again these are annual and must be maintained
- Nominee Fees - the cost of optional
nominee director(s). Again annual but only payable if the option is taken.
Referring back to the prices charged by many of
our competitors, please note that frequently the price quoted in adverts,
especially in newspaper/magazine adverts, is just the
formation fee alone! As we're writing
this, we have a newspaper right in front of us, and there is no way any
formation organization, however efficient, can actually form
"BVI Companies -
From US$500" as quoted in their advert. OK, their basic formation fee less
any Disbursements (costs) may be US$500, but the end
price.....US$1,500.....2,000? Check it out for yourselves, don't just take our
word for it, there are several such companies on the internet, so take a look -
we know pretty well what they all charge so we've not worried by your having a
When we quote a price,
it is always fully inclusive and always incorporates the first year annual
charges. Also, because we invoice you from offshore, you will pay no sales or
value added taxes on top of our price. What you see is what you pay!
You will have seen several references to annual
fees made above. Regrettably there are such things to be paid in order to keep
your company operational, and they cover items such as:
- Domiciliary Fees - the cost of the
Registered Office and maintaining statutory books etc.
- Government Fees - registration and
- Nominee Fees - the cost of optional
nominee director(s) (as before). Again annual but only payable if the
option is taken
The annual fees for the first year of your BVI
IBC's life are included in the initial cost of buying the company, however the
annual fees for the second and subsequent years are payable on or before the
anniversary of your company's formation.
We will invoice you for these fees shortly
before the 'quarter' in which your incorporation took place and will expect
them to be paid fully and promptly. Failure to do so will result in your
company being struck off the company register and any bank or VISA accounts
maintained by the company becoming frozen. We do get the odd client company
which thinks it needn't pay its annual fees, but they don't last long!
We will advise you well in advance should there
be any changes in our annual domiciliary fee, nominee director's fee or in the
government registration and filing fee.
What Your Company Is & What You Will Receive
Once we have formed your new British Virgin
Islands International Business Company for you, we will immediately send the
'company kit' on to you by courier. As we've already mentioned, we always use a
courier and we are geared to dispatching 'company kits' on this basis unless we
are otherwise advised on the order form. If, for security/privacy reasons, you
do not wish to give us a street address for delivery, you
must advise us
of this prior to dispatch to enable us to make arrangements with DHL for them to
hold the company kit at their nearest depot to you. We will then provide you
with the anticipated delivery date and the airway bill number - from this point
on it will be your responsibility to contact DHL and make your own arrangements
for either delivery or personal collection.
What our formation fee covers and what you will
receive from us is:
- Our professional fees in taking your
instructions, which cover:
- Reserving and registering a company
- Preparing and registering the
Memorandum and Articles of Association
- Preparing share certificates
- Preparing all associated documentation
- Alternatively our fees associated with
a Ready Formed Company
- Maintaining the Registered Office and
statutory books for the first year
- Paying the Government Registration and
Filing fees for the first year
- Optionally, preparing and issuing Bearer
- Optionally, preparing a General Power of
- Optionally, appointing a Corporate
Nominee Director for the first year
- Assembling and dispatching your full
'Company Kit' containing:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Share Certificates
- Copies of all other documentation
Now, as the beneficial owner of a brand new offshore company, ready to trade in
any legal service or commodity in any country of the world except for the BVI
itself, you can use it to minimize or eliminate your 'onshore' taxation, protect
your 'onshore' assets and reduce or eliminate the pervasive and invasive
government bureaucracy which abounds. Enjoy and prosper!
Corporate Banking Facilities
Of course, now you finally have your company,
you will surely need some form of bank account to go with it. OffshoreSimple Inc. will be pleased to assist you in the opening of an
offshore corporate bank account
and an associated corporate or personal
ATM Debit or
Secured Credit Card.
Depending on circumstances, we may also be able to assist you with obtaining an
Offshore Credit Card Merchant Account.
Please read full details of these associated
Mail Forwarding Services
We are also able to offer the owners of our
IBCs a mail forwarding service. This can be either from your Registered Office
address in the BVI (PO Box #), from an address provided in Switzerland or from
an inconspicuous UK street address. For more details check our
virtual office page.
For your convenience, we have included a
in the order form:
FIND/BUY RELATED BOOKS!
Whilst every effort has been made to ensure that the details contained herein
are correct and up-to-date, it does not constitute legal or other professional
advice. We do not accept any responsibility, legal or otherwise, for any errors
Please go to our
Uses of offshore Companies Page where you
will find interesting information on the benefits of using offshore companies
and trusts for business and personal use, links to information on other
locations and details of our products and services.