Success tips when doing business in BVI
- The business pace is relatively slow in BVI. Foreign investors are advised to be very patient when doing business here. If you want to contact a business partner or make enquiries, it is recommendable that you make arrangements well in advance since the person in charge may not be available immediately.
Interesting facts about BVI
- The British Virgin Islands (BVI) is an overseas territory of the UK with internal self-government;
- The economy of BVI is one of the most prosperous in the Caribbean, highly dependent on tourism which generates an estimated 40% of the national income;
- The islands belong to a group known as the Leeward Islands which are part of the Lesser Antilles island chain;
- Tortola is the largest of the islands in the British Virgin Islands;
- The highest point in the BVI is Mount Sage (521 m) on the island of Tortola;
- Most of the Virgin Islands are of volcanic origin;
- African slaves were brought to the islands to work on the sugarcane plantations.
Frequently asked questions
How long does it take to incorporate a BVI Company?Healy Consultants is capable of legally completing BVI Company registration in one week.
Are there any restrictions on foreign ownership of a BVI Company?There are no restrictions. A BVI LLC can be 100% foreign owned.
What is the minimum number of directors required for a BVI Company?To complete Company Formation in the BVI only one director and one shareholder are needed. They can be the same person, or corporate body. Neither shareholder nor directors need to be resident in the BVI.
What are the advantages of setting up a company in the BVI?If properly structured, a BVI company can legitimately conduct tax-exempt international business. In addition, a BVI company is quick, east and cost-effective to set up.
What are the main disadvantages of BVI company formation?A BVI company may be perceived as a tax avoidance mechanism.
What are the minimum capital requirements for a BVI company?There are no minimum capital requirements for a BVI company.
Is a BVI Company subject to an annual audit?No, there is no need for annual reporting, accounting, or auditing with BVI Company.
Is information about the company available to the public?The Memorandum and Articles of Association are the only documents held in the public record.
Does a BVI company need a resident company secretary?No. However, all BVI business companies must have a resident agent in the BVIs. Healy Consultants will provide a resident agent for all of our Clients.
Are there any restrictions on the business activities of a BVI company?There are very few restrictions. However, activities such as banking, insurance, trust management, or investment advice services require`a license.
What documents need to be filed with BVI Company Registrar?These documents need to be filed with the BVI Company Registrar:
- Original Cetificate of Incorporation by Apostille;
- Set of certified copies of primary documents by Notary and Apostille;
- Power of Attorney by Notary and Apostille (a professional Director has been selected);
- An original printout of the Certificate of Good Standing (CGS) from the BVI Public Register.