A decade ago offshore company formation was considered to be something new and unusual. However, there are many success stories related to offshore businesses and this is the reason why more and more people are interested in opening such companies. One of the most popular destinations for this type of business venture is the British Virgin Islands or BVI. BVI offshore company formation is regulated by a special act called the BVI business companies act. This is the act that you will need to analyze in case you are interested in BVI company formation. There are many advantages of starting a company like this, but we will present the details after we explain the registration process.
First and foremost you need to choose a company name that must be approved from the Registrar of Companies. The name you submit can’t be obscene or offensive, cannot be used by another company that is already registered in the BVI and must be in English. Your company will also get a suffix depending on the type of company you have chosen. In case your company is linked to a trust company, banking organization, insurance or reinsurance industry, you will also need to get a consent or license. The Memorandum and Articles of Association that you create for your company must be filed to the Office of the Registrar of Companies. This is the act where you will explain the business activities in which your company will be engaged. In addition, you will need to get a registered agent which must be a resident of the BVI. There are two other optional activities – submitting the basic info of the members, directors and shareholders to the authorities and getting a company secretary.
It is good to mention that in case you want to start a BVI business company, you will need to choose the structure for your company. There are many different types of companies allowed in BVI and each of them comes with certain advantages.
The simplest forms of BVI offshore companies are BVI ordinary resident and non-resident company. They have very low annual registration fees and cannot have more than 50 members. On the other hand, BVI Company limited by guarantee comes without list of members when the time for the annual return comes and owners can manage the assets without the use of shares. A Hybid Cap 285 company is a company where the shareholders have complete voting power which is its biggest advantage. In addition, there are public companies and trusts which have the same advantages as trusts and public companies all over the world.
The most popular form of BVI offshore company is International Business Company. The British Virgin Islands allow this form of companies since 1984. There are many advantages associated with BVI international business companies and some of them include the possibility to start a company with only one shareholder, one director resident of any country in the world, reacquiring and reissuing shares and much more.
BVI offshore company is surely a good option for those looking for offshore solutions for their business regardless of their industry. More details how to register a company in BVI: BVI Business Company (BC) Formation.