Welcome to the Caribbean!
BVI offshore. The Caribbean is one of the most beautiful places on earth! There you will find a jurisdiction of sixty small islands located within walking distance from Puerto Rico, this place is called the British Virgin Islands (BVI).
BVI is a British overseas territory and has the common English law system. Despite its dependence on the UK, the jurisdiction is located very close to the U.S., which has influenced the choice of its main currency. The official language is, of course, English. Even though that the BVI is a modern colony, it is still autonomous and has fruitful financial activities in the provision of offshore services.
The paradise island is so attractive today not only because of its magical nature, but also because of magically flexible tax system.
Changes in company registration in the BVI offshore
Offshore BVI has gained fame and popularity around the world due to the uniqueness of its offshore financial services and flexibility of its tax system. BVI offshore is a famous destination of many companies. It must be noted that the companies formed there are no longer classical international business companies (IBC), but business companies (BC). The closes company form to BVI IBC is the Nevis IBC with added benefit of asset protection.
Factors to consider before registering a company in BVI offshore
If you would like to register a company in BVI offshore you will need to consider a list of factors that can affect your business.
1. Confidentiality
Firstly, one of the most important factors is how much asset protection and confidentiality you require. The recent development of the process of deoffshorisation being implemented by UK will certainly affect BVI offshore. In case the confidentiality is not that important for you then BVI offshore is a perfect option. Otherwise, it is worth considering more independent and secure jurisdictions such as Nevis.
A company considering registering in BVI also has the opportunity to register BVI offshore bearer shares. Nominal services can also be used.
2. Tax benefits
Secondly, another important aspect when choosing a company registration is tax benefits. The BVI offshore is exempt from local taxes and state fees (except registration fee and an annual license fee / franchise). Offshore companies are tax exempt, including income tax .Taxation is considered on the territorial basis.
3. Financial reporting
Thirdly, it is often an important factor how much of financial reporting is required. In the case of the BVI offshore entrepreneurs are exempt from any reporting. However the company must maintain and preserve documents, reflecting the company’s financial condition. These documents must be provided upon request of the Department of Financial Services, otherwise the company faces a fine of $10 000 dollars.
******
If you wish to register a company in BVI Offshore our team will be happy to help you there and provide you with more detailed information, you can contact us at [email protected]
BVI Offshore
Related page: BVI Company Formation
