Nowadays, BVI companies are increasing in number and it’s the newest business trend in the international arena. BVI basically stands for British Virgin Islands and there are a number of places operating offshore company incorporation. These places can include Samoa, Cayman Islands, Bermuda, Bahamas, Singapore, British, Mauritius, Delaware, Seychelles and many others.
BVI is under the administration of the British Commonwealth. It is ruled under a legal system based on the English Common Law. English Common Law is operating along with local acts.
But, the question is, why BVI Company has become popular trend? The answer is simply lies on its great benefits. And what these benefits? To clear your mind form such question, take time to read the entire article as they are pointed out below:
- Low operating costs and tax- BVI companies are enjoying this benefit as they are exempted from stamp duty and local taxes.
- Security on assets- a BVI company owner can enjoy security on their assets from being expropriated by the foreign governments. Also, along with this benefit is the ability to transfer, merge or consolidate assets with other BVI company.
- Maximum protection on privacy- BVI company directors and other major personality in a company are highly regarded as confidential. Thus, all their information is protected and can’t be disclosed to any others.
- Easy operational process- since there are no statutory requirements like holding an annual general meeting as well as auditing of accounts, operating a BVI company be really easy.
- Other than those major benefits mentioned above, establishing a BVI company also involves easy and fast incorporations that can only take a day or two, doesn’t need minimum capital requirements, highly competitive fees and great and versatile post-incorporation follow-up services.
Now, if you think of establishing an offshore company with BVI, then you need to know some details like incorporation requirements. And to help on that matter, the requirements involved the following:
- A company must have at least one person to stand as company director and shareholder.
- A company must have only one local agent and must be a registered resident. He/she would act as a business representative.
- A company must have a valid and registered address in BVI.
- The documents to be submitted to the Companies Registry include: Certificate of Incorporation, Articles and Memorandum of association.
Establishing a BVI company is definitely easy, fast and straightforward. Plus, with those benefits mentioned, surely you’ll find greater success with it.