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A GUIDE OF BVI COMPANY FORMATION
1. BVI OVERVIEW
The British Virgin
Islands (BVI) is a group of islands in the Caribbean Sea located
approximately *0 kilometers East of Puerto Rico. The BVI is a
British Dependent Territory which became self-governing in ***7
and is a member of the British Commonwealth. Since introducing
its International Business Company (IBC) legislation in ***4, the
BVI offshore financial services sector has developed, and is now
the world's most popular offshore centre with around **0,**0
companies incorporated. The newly enacted BC Act should further
enhance the jurisdictions popularity.
2. ADVANTAGES OF BVI
COMPANIES
1. BVI has a very
stable political, economical and trading environment.
2. BVI has sound
financial and juristic facilities and can conveniently set up the
foundations and the financial organization.
3. The government
protects interests of the shareholders, not publishing the status
of the beneficiary.
4. In order to
encourage economic development and absorb foreign capital, the
local government allows one person to own a company
completely.
5. Low tax rate. Very
few tax controls are granted to international limited companies
in isles.
6. Profits gained in
other places of operation without paying tax and tax through the
triangular trading mode.
7. No Requirement for
auditor and debt return reports
3. COMPANY NAME
It is free to make a
choice of companies’ names which can include the wording such as
international, group, industry, investment, college, association
and so on. The company name must end with one of following word
“Limited, Ltd.,
Corporation, Incorporated, Society Anonyms, and
Sciatica Anonym”. In order to attract Chinese investors, BVI
government allows applicant to register the Chinese company name.
The Chinese name can be revealed in the Certificate of
incorporation. An extra charge of RMB1,**0 is for the Chinese
name including the name checking in advance(name checking will
need one working day)
4. DIRECTORS &
SHAREHOLDERS
At least one shareholder, one
director and one secretary is needed for a BVI limited company. A
natural person aged above *8 years old is eligible for a
shareholder and director or both. Shareholder could also be acted
by legal person, as far as corporate structure is
concerned.
5. REGISTERED CAPITAL
The standard
registered capital is *0,**0 shares according to the new
corporation law of ***6.
6. REGISTERED
ADDRESS
The government stipulates that
every limited company should have the registered address in BVI.
The registered address can be provided by TANNET if
needed.
7. BUSINESS SCOPE
In principle there is
no limitation for the company business scope. The operation which
enterprise can carry on includes finance and investment, the
medical health care, the import & export trade, the real
estate, the architecture, the information network, the clothing
spinning and weaving, the traveling and so on
8. DOCUMENT REQUIRED &
PROCEDURE
The following
documents are required to incorporate a BVI company:
Company name; identity
certificate of director &shareholder (duplicate copy of
passport or ID); address certificate of director
&shareholder.
Procedure: Fill in the
application form→sign the confirmation letter
personally→pay the deposit→transact in the
government→finish within ****5 working
days→All the director sign the legal
document personally→submit the document to BVI
government to file→pay the spare money.
9. TANNET SERVICES
1: TANNET package
services include: Certificate of incorporation; Memorandum and
Articles of association of the company; Common seal and atomic
seal; Share book
2: Service charge:
RMB7,**0. (An extra charge of RMB1,**0 is needed if you choose a
Chinese name)
3: Terms of Payment:
The applicant can pay by cash, check or T/T to Tannet’s bank
account before the service begins.
*0. BANK ACCOUNT OPENING
BVI Company can open
an offshore bank account. Tannet can provide the professional
service of opening a bank account in HONGKONG, SHANGHAI, Malaysia
and in other places. All the
directors must visit the bank to sign the documents in
person. Tannet can provide the whole set of opening bank
service including: recommend the bank/ prepare for the opening
bank document (certified true copies)/meeting minutes/application
form/ arranges the introduction/ can accompany you to open a bank
account. Please prepare all necessary documents before opening a
bank account and deposit an amount of cash between
RMB8,*****0,**0 in your new account.
*1. MAINTENANCE
Each year RMB***0 is
required for the annual license fee. Because it is an offshore
company it does not carry out actual business operations,
therefore a tax return is not required. The time of license
renewal is divided into two parts: the company registered during
the January to June should carry out the annual license renewal
before May 1st. Whilst the company registered during July to
December should submit before November 1st each year.
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BVI company
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(Negotiable)
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