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BVI

General Information

Area –153 sq. km

Population –25,000 people

Capital – Road Town

Official language – English

Official currency – US dollar (USD)

Key Aspects

No treaties for the avoidance of double taxation were signed. A special licence is required to provide banking and insurance services.

Company Type

The most popular company type on the British Virgin Islands is an International Business Company (IBC)

Corporate Legislation

International Business Companies Act 1984

Main Requirements for Company Directors and Shareholders

There should be at least one director and one shareholder in a company. Nominee directors and shareholders are allowed to be used. They may be residents of any country, both natural persons and legal entities.

Authorised Capital

There are no requirements as to the mandatory payment of the company capital. The authorised capital of a company is specified according to a resolution. There is no minimum or maximum authorised capital stipulation. The standard joint-stock capital is USD 50,000 divided into 50,000 shares at par value USD 1.00 each.

Taxation and Reporting

There is no need for maintaining accounting records if a company carries out its economic activity outside the British Virgin Islands. There is no need for the preparation and filing of annual accounts if a company carries out its economic activity outside the British Virgin Islands.

Questions that need to be answered to prepare incorporation documents

  • Information about the beneficiary (passport scan; in case a national passport is scanned – its translation into English).
  • Utility Bill (confirmation of the registration address translated into English).
  • Passport and Utility Bill in the agent’s name if it is not the beneficiary.

Documents required if the beneficiary is a natural person:

  1. A letter of recommendation from a lawyer
  2. Beneficiary’s phone number
  3. Beneficiary’s email address
  4. Type of activity (including the region where business is conducted)
  5. Document storage address
  6. The source of origin of the company’s initial funds * the bank’s reference must be drawn up on the special form specifying the bank’s data (address, phone, fax, etc), there must also be a seal.

Further, depending on the type of activity, region where business is conducted or beneficiary’s citizenship, the documents can be required as follows: bank’s reference regarding the beneficiary/ bank’s reference regarding a company / company’s account statement / beneficiary’s personal account statement / information about the client’s place of work and description of a company’s business (version of confirmation of the origin of funds) / register shareholders (or another similar document confirming that a company holds shares somewhere – this is the version for holding companies). In this case, the documents may vary; without precise data it is complicated to provide more specific information. Technically, these are the most popular versions.