BRITISH VIRGIN ISLANDS (BVI)

 

Law

BVI Business Companies Act 2004

 

Incorporation

Incorporation normally takes 3-5 working days, though an “off the shelf/ready made” company could be quicker.

 

Company Name

The company name must end in “Limited (Ltd)”, “Incorporated (Inc)”, “Corporation (Corp)”, “Society Anonyme (SA)” and “Sociedad Anonima (SA)”.  There are also restrictions on the use of certain words or business descriptions, such as Royal, bank, insurance.

 

Directors

The minimum number of directors is one.

The Director does not have to be resident

Corporate directors can be appointed

 

Secretary

A secretary is mandatory

The secretary does not have to be resident

 

Share Capital

The minimum number of shareholders is one

Companies can issue bearer shares.

Shares do not have to be held by residents

Where some shareholders are nominees, the ultimate beneficial ownership does not have to be declared.

Authorised share capital normally US$ 50,000

 

Meetings

No requirement to hold an Annual General Meeting (AGM). 

Director meetings and the AGM may be held anywhere

 

Seal

A company seal is mandatory

 

Accounts/ Financial Statements

Accounts do not have to be filed

 

Records to be kept

There is no requirement for records to be kept in the jurisdiction

 

Registered Office/Registered Agent

A registered agent is required in the jurisdiction

 

 

Annual return

An Annual return is not required.

 

        Price

First year costs                 £1000

Annual renewal fee            £750 (includes Registered Agent, Government fee)