Offshore Company in BVI (British Virgin Island)
BVI Offshore Company Setup
A BVI Offshore company is a renowned jurisdiction for forming a company to conduct any lawful activity. As for any offshore jurisdiction in UAE, the BVI is a tax haven, with 0% tax on international business transactions. Over the years, the BVI (British Virgin Island) jurisdiction has been at the forefront of registering offshore companies in the world. BVI Offshore company is formed for the purpose of holding shares in other company, doing international trading and services and tax optimization based on tax treaty with different countries. A BVI offshore company setup is known for its legal and commercial reliability, they have maintained their reputation in the Offshore jurisdiction for the below mentioned reasons.
Advantages of BVI offshore company
- Total absence or minimal taxes in BVI offshore company.
- More Confidentiality as BVI authority keeps the names of the shareholders private and not open to the public domain.
- Less compliance and restrictions.
- There is no rule that the finance or commercial information of the company has to be disclosed to anyone/ any department at any point of time
- A nominee director/ shareholder is also allowed in a BVI company.
- No requirement of a paid up capital
- No auditing, accounts and books is mandatory for offshore company in bvi.
- BVI companies can also be listed on world’s leading stock exchanges.
- Can be use Offshore company as investment vehicle
BVI Offshore company cost
The cost of setting up a BVI offshore company varies on the services that the investor requires. The starting range is from $2,000 upwards.
There are costs in case the investor wants to have a nominee shareholder or director and in case legalization of the documents is required, there would be additional government costs.
Documents required for bvi offshore company registration
- Valid Passport Copy of shareholder , nominee and director
- Bank Reference Letter or 3 months bank statement
- CV/ Resume
- Proof of physical address /Utility bill
BVI company setup time frame
Time frame to open offshore company in BVI is 5-7 working days upon signature of all the applications provided for the Incorporation. Upon successful completion of the BVI Offshore company setup, one needs to pay only the renewal fees every year to keep the company live and running. In case the renewals are not performed on yearly basis there will be a penalty applicable as per the authority or may even lead to striking off the company name from the register by not allowing the companies to perform any kind of business.
Bank Account Opening
After the issuance of BVI offshore company license one can apply for the opening of bank account. To ensure opening of bank account for the bvi offshore company one needs to provide all the necessary documentations in detail regarding the personal and business information.
The Bank will need to verify the owner and their documents such as the utility bill, certified passport, proof of address, business plan. The document requirements may vary depending on the chosen banks. The best places for opening of the bank accounts are in the BVI, Mauritius, Hong Kong, and Seychelles preferably. The cost of a Bank Account Opening for the bvi offshore company will be Approx $1,500.
Flyingcolour will help you set up your BVI Company seamlessly. We can walk you through the detailed steps, procedures and rules. This blog post written by Ms. Florine, Business advisor at Flyingcolour Business Setup, Accounting & Tax Services in Dubai and UAE, emphasize in providing the best advisory and customer satisfaction to clients. Please send inquiry to info[at]flyingcolour[dot]com or call +971 4 4542366.
