BVI Offshore Registration: All That You Need To Know To Get Started

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BVI Offshore Registration: All That You Need To Know To Get Started

The British Virgin Islands is one of the best places for a refreshing vacation. These islands are the vacation paradise of the Caribbean with beautiful white sand beaches, a breathtakingly beautiful sea, shops for buying souvenirs and fine restaurants to fulfill your desire of enjoying the best food available.

Doing business and establishing a British Virgin Islands offshore company is just as enjoyable as spending a vacation here. BVI offshore registration is being used by thousands of businessmen to avail the concessions being granted to them by friendly BVI offshore tax, laws and regulations.

Things to keep in ming for BVI offshore tax planning:
Although the government of British Virgin Islands has signed treaties with the European Union to impose certain taxes such as a with-holding tax whose initial rate was decided to be 15%, and a treaty with the United States which erodes the privacy available earlier, British Virgin Islands are still one of the best places in the world to establish an offshore company.

The British Virgin Islands IBC legislation was introduced in 1984 but it continued its development process. It was subsequently amended in 2006 taking into consideration the changes required by persons providing BVI offshore services.

BVI Offshore Registration Information:
This page provides you concise information about BVI offshore companies bvi offshore tax laws, to help you understand the process of formation of a British Virgin Islands offshore company and doing bvi offshore tax planning.

The process of bvi offshore registration can take a minimum of 6-8 working hours (subject to required approvals and the submission of all Know Your Client Documents) and usually under normal circumstances, BVI Corporations can be incorporated and registered within 3 working days once all paper work is completed. Banking in the BVI is perhaps the best developed of the major tax havens barring Switzerland.

Important points about the structure of companies incorporated in British Virgin Islands:

* Only one director or shareholder required for the company formation.
* Shareholder(s) and director(s) may be the same person.
* The shareholder(s) and director(s) can be a natural person or a corporate body.
* There is no requirement of appointing local shareholder(s) and director(s) for British Virgin Island Companies.
* There is no requirement of resident secretary.
* There is no requirement for any financial statement of accounts or records to be kept for a BVI Company;
* If it is found to be desirable or necessary by the director(s) or shareholder(s) these records may be held anywhere in the world.
* There is no requirement for meetings of shareholder(s) and/or director(s)
* If meetings of shareholder(s) and/or director(s) are desirable these meetings can be held by telephone or any other electronic means of communication providing that all participants can clearly hear each other.
* Meetings if thought necessary can be held anywhere in the world.

A BVI offshore company is usually formed to avail of the tax benefits available in the islands. A modified act was introduced in 2006 to keep the offshore benefits while still appeasing the Americans.

About the Author

Ramapati Singhania specializes in creating and managing web businesses. His latest website http://www.incorporation-offshore-saves-wealth.com focuses on helping you to incorporate offshore companies in Seychelles, Mauritius and BVI. You can also visit his blog, http://www.ramapatisinghania.com

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