Offshore Company British Virgin Islands
(1) Geographic Location
British Virgin Islands (BVI), officially the Virgin Island, are located in the Caribbean to the east of Puerto Rico.
British Virgin Islands are the most economically prosperous areas and one of the financial centers in Caribbean. The islands are having a fast economic growth due to its high dependence on the tourism industry and financial service industry. Main export products: machines, foods and fuels. Main import products: foods, live poultries, tobaccos, alco
(3) Tax System
British Virgin Islands promulgated International Business Companies Act in 1984. As the Act is concise, clear and easy to enforce, companies registered in British Virgin Islands are a favorite destination for foreigners to set up a company. Although banking licenses and branches of domestic banks are bounded by local laws, no restriction has been imposed on the islands’ flat money, the US dollar, with respect to foreign exchange and fund transfer. All offshore companies established in British Virgin Islands are exempt from tax as long as their income are not generated from local. Therefore, they barely have tax burdens and, by registering in BVI, they are able to save lots of taxes. This is also the reason that British Virgin Islands are widely known as the “tax haven heaven”.
＊To establish an Offshore Company in BVI, it is a must to provide anti-money laundering data (information of all shareholders, directors, employees, legal representatives and ultimate beneficiary) to the BVI registered agent for archiving. If the customer is monitored by PEP, the company will be put on the watch list by the government and registered agen
2. Conditions and Advantages of Establishment
- Scope of Applications Trading and holdings companies. Triangular trade and investment companies.
- Registered Capital Generally 50,000NPV (no-par value stock)
- Shareholders 1 (may be a natural person or juridical person)
- Directors 1 (may be a natural person or juridical person, shall be above 18 years old)
- Secretaries 1 (may be the same as the director)
- Stock Issues Registered: stocks are transferable.
Bearer: must be placed in a custodial institution.
- Company Information The register of directors shall record information of all directors and be archived by the BVI company registration agent.
- Annual Report and Income tax Declaration Not required
- Tax Burden No tax on foreign income
- Whether to mark its Chinese name. No
- Working days required to set up the company. (1) Listed company: 5 to 7 working days.
(2) Self-named company: 14 to 21 working days.