BVI client case studies in 2023

• A blockchain technology entrepreneur establishes an international business company (IBC) in the BVI

  Background

  • Our client, a Swiss based Australian, engaged in blockchain technology consulting, advisory, management and support wished to establish an international business company in a tax and crypto friendly jurisdiction;
  • Having found Healy Consultants Group through Google, our Client sent us an email inquiry and later scheduled a call with our crypto-expert Mr Petar Chakarov to discuss potential optimum jurisdictions for their business;
  • After multiple calls, our Client confirmed they were interested to proceed with company setup in the British Virgin Islands and secure an international crypto-friendly corporate bank account;

  Engagement planning

  • Our Client then proceeded to complete and sign our engagement letter and settle the first instalment of our BVI company setup fee to commence the engagement;
  • Healy Consultants Group prepared the draft of the proposed corporate structure of the BVI company and emailed the same to our Client for review, input and approval;
  • Our Client then provided Healy Consultants Group with scan copies of all the due diligence documents of the proposed shareholders and directors as per our Firm’s KYC process requirements;
  • Healy Consultants Group then prepared a detailed project plan for the step-by-step process of company incorporation and crypto-friendly multicurrency corporate bank account opening from start to finish;

  Company incorporation

  • Our incorporation team submitted the proposed company names to Registry of Corporate Affairs for consideration. Within 1 week our Client’s preferred new company name was reserved;
  • Thereafter the team prepared the incorporation documents emailed the same to the client for review and submitted a quality incorporation application to Registry of Corporate Affairs. Within 1 week we secured the certificate of incorporation;

  Post-company incorporation

  • Healy Consultants Group supplied our Client with the corporate documents including i) certificate of incorporation ii) memorandum and articles of association iii) share certificates and iv) register of directors and shareholders;
  • Healy Consultants Group also filed the register of directors with the Registry of Corporate Affairs in accordance with the BVI Business Companies Act;
  • Our Client then proceeded to settle the last instalment of the outstanding Healy Consultants Group fees;
  • Healy Consultants Group Banking Team approached multiple global banks to secure their interest for our Client’s business. Within 2 weeks, we provided our Client with a list of banks interested in welcoming an application from their BVI company;
  • Once our Client settled for their preferred bank, our Banking Team advance the corporate bank account application with the bank. The bank’s compliance department requested for a conference call with the Client, following which they concluded their KYC process;
  • Within 2 weeks of the conference call with the bank, our Client received an email from the bank with the corporate bank account numbers and instructions on how to fund the account and activate internet banking;
  • Following engagement completion, Healy Consultants Group then collated all digital copies of the corporate documents including certificate of incorporation, share certificates, M&AA, register of directors and shareholders and emailed the same to our Client.

• A multipurpose BVI company focused on e-commerce and Gold Spot Trading

  Background

  Our Client provides multiple services to numerous international clienteles. Their focus is to create a one stop solution for all e-commerce services such as e-commerce setup, e-marketing, and digital content creation. Along with the e-commerce ambitions they also wanted to utilise the entity for Gold Spot Trading.

  Our Client engaged Healy Consultants Group to help establish their business in BVI. The specific services they enlisted were i) established a new BVI company, ii) locate a physical office premises, iii) register them for Tax v) open a corporate bank account.

  Engagement planning

  • Our Senior Clients Engagement Officer of Client Engagements, Mr Apurv Trivedi had a detailed discussion with our Client to understand their requirements in BVI, rationale behind setting up in BVI. Over the call, Apurv also explained the Client about the local legal registered agent and office requirements for BVI.
  • Our Client was interested to proceed with Healy Consultants Group, Apurv prepared and emailed our Client an engagement advancement proposal and the formal invoice including, i) assistance to locate physical office premises.
  • Our Client promptly provided the requisite due diligence documents and settled our professional fee. Thereafter, we prepared i) a detailed Engagement Project Plan mapping out steps to engagement completion and ii) a quality business plan to assist with corporate bank account opening.

  Company registration

  • Healy Consultants Group i) confirmed the corporate structure of the BVI Business ii) checked the availability of our Client’s preferred company name and reserved it for 10 days iii) Healy Consultants provided clients with individual person forms for their completion and signature and submitted it to BVI Registry.
  • After our Client’s company was pre-approved by BVI Authorities, our Team proceeded to obtain the necessary approvals from the BVI Registry.
  • Completing company incorporation was a very swift process. Overall, the incorporation process took less than a month to complete.

  Corporate bank account opening

  • Healy Consultants Group created a detailed business plan for our Client’s business and used it to secure interest in our Client’s business from a number of banks.
  • Healy Consultants Group received multiple rejections from both multiple local and International banks due to client’s activity (Gold Spot Trading).
  • Healy Consultants Group re-wrote the plan and made it more comprehensive and limited the multiple activities in order to increase the chances for approval.
  • After numerous months negotiating with the various banks and providing all requested due diligence to them, only one (EQI Bank ) was interested in receiving a final account opening application from our Client.
  • The corporate bank account opening process was extremely long and arduous process due to the company being a BVI registered entity and the client’s activity creating risk of money laundering causing the bank to perform strenuous due diligence checks. There were also delays in issuing the account numbers due to bank’s internal technical challenges. The delay due to these challenges required the process to be only completed over the course of 3 months.
  • The corporate bank account numbers were released by EQI Bank within 5 weeks of them timeously receiving the requested original signed bank account opening application forms within the stipulated timeframe.

  Engagement completion

  Completion Email was shared and client showed interest in additional jurisdictions.

• US NFT (non-fungible tokens) company establishes company

  Background

  • In July 2021, a US-based Client and his UK-based business partner approached us to set up an offshore LLC in the BVI. They were against a strict deadline and intended to start operations as soon as possible. The Client did not initially require a bank account.

  Engagement planning

  • The company was formed to engage in crypto-currency investment and trading, proprietary funds, and NFT minting and trade.
  • Healy Consultants Group and the Client discussed the simplest corporate structure, licensing requirements, and other country-specific requirements. After deliberating the options available to them, the Client decided to set up a company in the BVI.
  • We then prepared and emailed our Client an engagement advancement proposal, a formal invoice, re-engagement letter, and a due diligence checklist.

  Company registration

  • Within one week, Healy Consultants Group prepared the BVI incorporation forms and KYC documents for our Client’s review, notarisation and legalisation in the US and UK.
  • Immediately upon receiving scanned copies of the documents, we submitted a complete incorporation package to the BVI Registry.
  • Within three weeks, the Client was given a fresh incorporation for their start up, rendering them a legally registered entity in the country. From this date, the Client could sign contracts.

  Engagement completion

  • Our team ensured our Client had a complete set of electronic company documents from both their entities, and requested our Client to complete a feedback survey and review us online.

• BVI business set up

  Background

  Our Client engages Healy Consultants Group to register a BVI company. The company plans to provide mileage integration services and provide advertisement services.

  Engagement planning

  While Healy Consultants Group is happy to assist with BVI company registration, our Firm believes that tax neutral companies are not long term solutions for our Clients, because they are negatively perceived by international banks, Governments, investors and customers. As such, Healy Consultants Group recommend alternative legally tax exempt offshore solutions such as Singapore and Hong Kong. After discussing internally, our Client decided to proceed with BVI company registration.

  BVI company registration

  Healy Consultants Group provides our Client a list of KYC documents required prior to company registration. Once our Firm receives the documents, we provided our Client with pre-filled incorporation forms. Upon confirmation, Healy Consultants Group submits the same to the Registry of Corporate Affairs of BVI. Within 7 working days, the company is successfully incorporated. Healy Consultants Group sent a courier comprising of i) certificate of incorporation ii) Memorandum & Articles of Association iii) Shares certificate and iv) company seal to our Client’s preferred address;

  Challenges and Solutions

  Effective 1 January 2020, BVI requires new and existing companies with relevant activities (trading companies, holding companies, fund management companies, financing and leasing companies, IP holding companies, shipping companies and banking and insurance companies) to state whether they are tax resident in the BVI.

  If the company decides to be tax resident, such business required to have i) active directors / or ii) staff and physical office in BVI, and iii) submit an annual financial report to the BVI Government re local turnover, profits and expenses incurred within the BVI. If not tax resident, the company will need to confirm jurisdiction of tax residency and provide supporting documents including i) tax registration certificate and ii) tax return confirmation;

  Conclusion

  Within 1 week upon receiving required KYC documents, Healy Consultants Group successfully registered our Client’s BVI company. We wished our Client all the best in his future endeavors and business expansions!