Applying to register a company to operate in BVI remains attractive to many investors who intend to establish a business offshore. Nevertheless, people generally believe there are always difficult and challenging processes to register a company in another country. Ironically, BVI offshore company formation has one of the smoothest and exciting procedures to register a company. British Virginia Island is a territory owned by the United Kingdom known for its attractive tourist destination. It is equally known to be an outstanding business environment investors can consider when looking for where to register their company. In the following sections of this informational article, you will be learning useful approach to get your business a tag of BVI company.
WHY SHOULD AN INVESTOR REGISTER A COMPANY IN BVI?
The reason why we believe a BVI offshore company formation is a good idea is not simply because of tourists’ influx to the island. We consider it a good idea because BVI company enjoy a smooth business environment that generates good profit. Find out reasons why a BVI company formation can be a very good idea:
- BVI offers a healthy business environment for startups. It doesn’t take a long process to register a company in BVI. Additionally, BVI company may have a flexible structure in terms of organization and it doesn’t need a lot of conditions to fulfil for financial reporting.
- The Management of the BVI company is the responsibility of the directors. When we are dealing with a joint business corporation, the parties concerned appoints directors representing each of their interest, which is usually above that of the general interest including shareholders’.
- It is not compulsory to reside in BVI to register a business of own a share. From anywhere in the world, you can oversee the management of the company you register in BVI.
- The list of members and board of directors of a BVI company is confidential. Only founders and the company’s investors are entitled to access it whenever required.
- Director heading a BVI company gives permission for a sum of money to be distributed when required to people holding shares in a BVI company. This is because of the possibility available to BVI company to have its assets exceeding its liabilities after distribution has been made.
- A BVI company does not pay corporation tax.Â
- Company formation in British Virginia Islands belongs to the stock exchanges courting worldwide attention. That means if you register a company in BVI, you can also enjoy the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS).
- A founder of a BVI company has the liberty to make policies that gives assurance of security to their target market and shareholders. This is because there is no stipulation of registering with the authority overseeing data protection for BVI companies.
WHAT ARE THE NECESSARY REQUIREMENT TO MEET FOR BVI OFFSHORE COMPANY FORMATION?
There is a specific requirement a BVI company owner must meet to conclude the process of registration of a BVI company. There is a variation to this requirement based on the business being registered. They are:
- The choice registration name of an investor that wants to register a company in BVI must have a suffix giving information about its activities.
- Authorized capital should count up to $50,000.
- Shares that have been registered can be issued while bearers’ shares are not allowed to be used.
- When about to register a company in BVI, a shareholder and director are needed.
- It is not necessary to submit an annual report and also audit it.
DOCUMENTS REQUIRED FOR A COMPANY REGISTRATION IN BRITISH VIRGINIA ISLANDS
- The presence of at least a director and a shareholder.
- A legally registered agent.
- A legally registered office with BVI authority
- Certificate of shares
- Document showing proof that the BVI company is incorporated
- The company’s director(s) acceptance letter
- Articles and plan of consolidation
- Passport copies with notarization.
CONCLUSION
There are unique requirements to meet to register a company in BVI. In addition to these requirements are several other benefits. This is why knowing how everything functions for offshore business formation in BVI is non-negotiable. When you have read and understood everything required, the processes required to register a company in BVI is simplified.