New Due Diligence Requirements
- see bottom of page
Proform Offshore can incorporate offshore companies in the British Virgin Islands (BVI), either formed to order with the client's choice of name or can supply from a shelf list. Full services available including nominee directors, registered office and agent and all government fees.
Location
The British Virgin Islands are located in the West Indies and are approximately 60 miles east of Puerto Rico. The largest of the 60 islands which comprise the BVI is Tortola, which has a population of 9000. The capital, Road Town, is located on this island and is the seat of the Government and the commercial centre.
Government
The British Virgin Islands are a British Crown Colony and are therefore very stable politically. The BVI are nevertheless self governing, in many respects, under the 1967 constitution. The official currency is the United States Dollar.
Types of Company
Although there are two other types of company available, Resident and Non-Resident companies, the most important is the International Business Company (IBC). This type of offshore company was introduced under the International Business Companies Act 1984 especially aimed at the offshore industry. The only restrictions are that an IBC cannot carry on business with residents of the BVI (apart from dealings with professional firms/banks or other IBC's) and cannot own property in the BVI.
Taxation /Accounts
The IBC has no liability to tax of any kind in the British Virgin Islands (except payment of the US$350 annual duty which is included in our fees). Accounts neither need to be audited nor filed with any government offices.
Advantages
- Politically stable
- Excellent communications
- Shelf companies available
- Reserved company names available
- Fast incorporation service
- No exchange control
- No disclosures necessary
- Legal system based on UK common law
- No requirement to show registered office on letterheads
- IBC's not subject to taxation if no activity in the BVI
Shelf Companies
These are BVI offshore companies which are already formed and are ready for shipment, some located in the UK and others in the BVI. There are however premiums to be paid for most older companies as these have been kept in good standing by filing annual returns each year and paying the annual government duties.
Shelf Company Pricing
Companies incorporated in 2002 UK£5500 (US$11000)
Companies incorporated in 2003 UK£4500 (US$9000)
Companies incorporated in 2004 UK£4050 (US$8100)
Companies incorporated in 2005 UK£3600 (US$7200)
Companies incorporated in 2006 UK£2500 (US$5000)
Companies incorporated in 2007 UK£1850 (US$3700)
The above pricing includes 2008 renewal fees paid.
Shelf companies have not previously had any directors appointed, shares issued, or conducted any trading.
Note: There is no aging premium for companies formed in the current renewal period.
Shelf List
Click here for the current shelf list |
Fee
Schedule
Total
first year's costs (see note
below)
includes incorporation of a BVI offshore company,
registered office and agent, company seal and government licence
fee of US$350 |
UK£845 US$1690 |
Annual
costs (see note below)
includes registered office and agent, filing returns and government
licence fee of US$350 |
UK£635 US$1270 |
Nominee Director and shareholder (per year)
We would appoint a nominee to act on your behalf as a director and shareholder to ensure your anonymity. We appoint individuals not corporate nominees. This includes a non-apostilled Power of Attorney.
|
UK£295 US$590 |
Assistance
with opening bank account
Proform Offshore can assist with opening accounts with
a bank in Cyprus |
UK£250 US$500 |
Apostilled Documents
Proform Offshore can arrange for a power of attorney and/or company documents to be issued, certified and apostilled - per document |
UK£130 US$260 |
Courier
Fees
we forward company documentation by express airmail
however if speed is paramount then a courier service
is available |
UK£50 US$100 |
XE.com
Personal Currency Assistant
Note: The first year's annual fees (registered office, registered agent, nominee services and Government Duty) become due on 31st December in the year of incorporation where the company is formed between 1st January and 30th June and on 30th June in the year following incorporation where the company is formed between 1st July and 31st December.
New Due Diligence Requirements
The BVI goverment now require the following to be held for each beneficial owner, director, company secretary or shareholder (anyone involved in the company) :
- a personal bank reference from a major international bank.
- a professional reference, typically from a firm of lawyers, accountants or other similar persons.
- a notarised/certified photocopy of the photograph and signature pages of the client's passport.
- an original or certified copy of a utility bill in the clients name and showing their residential address
- a statement explaining the exact nature of the business the company will be engaging in.
- confirmation of residential address and telephone number for each person.
Without these the company cannot be incorporated.
Return to Proform
Homepage
offshore, british
virgin islands, , BVI Companies,
BVI Company, BVI IBC, Incorporate in
BVI
|
