- Company limited by shares;
- Company limited by guarantee not authorized to issue shares;
- Company limited by guarantee authorized to issue shares;
- Unlimited company not authorized to issue shares;
- Segregated portfolio company;
- Restricted purpose company;
- Private trust company;
- Shareless companies are also permitted.
The preferred type of company for international transactions is a company limited by shares.
What are the requirements for company formation?
- Capital requirements
There are no minimum paid-up capital requirements
- Compositional and structural
Each company must have at least one director and one shareholder. Companies limited by shares are the most popular and the company can be authorized to issue any number of shares or an unlimited number of shares.
- Annual meeting, auditing and reporting
Meetings may be held in or outside the BVI, either in person or via telephone, and proxy members are permitted. Other meetings may be held either when directors consider it necessary, on demand by holders of 30% of members votes, or upon order of the Court.
What length of time is necessary to open a company?
Incorporations can be done within 24 hours of submission of documents to the Registry
What are the fees associated with company incorporation?
The Registry registration fee is $350 per annum per company but increases to $1,100 per annum, if the Company is authorized to issue more than 50,000 shares.
What is the general taxation rate for incorporated companies?
BVI based companies, that is, companies operating in the BVI,pay payroll tax in accordance with the PayrollTaxes Act, 2004. Otherwise, BVI Business Companies not operating in the BVI and with no BVI based assets are exempt from the payment of taxes in the BVI.
Can the regulatory authorities request information about the background and identity of company officers, or company accounting information?
Yes, in circumstances where the regulator is satisfied that such information is required to assist with the investigation or prosecution of serious crimes such as money laundering, terrorism or fraud.
Can this information be shared with other jurisdictions?
The information can be shared with other regulators, provided that the strict requirementsset out in statutory regulatory gateway provisions are adhered to.
What laws apply to company formation?
BVI Business Companies Act, 2004 (as amended).
Are any changes to the current law anticipated?
No major changes.
Source: BVI International Finance Centre
