The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea located approximately 80 kilometers east of Puerto Rico. The BVI is a British Dependent Territory which became self-governing in 1967 and is a member of the British Commonwealth. Since introducing its International Business Company (IBC) legislation in 1984, the BVI offshore financial services sector has developed, and is now the world's most popular offshore centre with around 700,000 companies incorporated. The newly enacted BC Act should further enhance the jurisdictions popularity.
ADVANTAGES OF BVI COMPANIES
1¡¢BVI has very stable political, economical and trading environment.
2¡¢BVI has sound financial and juristic facilities and can set up the foundation and financial organization conveniently.
3¡¢The government protects interests of the shareholders, not publicizing the status of the beneficiary.
4¡¢In order to encourage economic development and absorb foreign capital, the local government allows one person to own a company completely.
5¡¢Low tax rate. Very few tax controls are granted to international limited companies in isles.
6¡¢Profits gained in other places of operation without paying tax and tax can be avoid reasonably by triangle trading mode.
7¡¢No need of reports of auditor and debt return.
FLEXIBLE COMPANY NAME
We are free to make a choice of companies¡¯ names which can include the wording such as international, group, industry, investment, college, association and so on. The company name must end with one of following word ¡°Limited, Ltd.£¬Corporation , Incorporated, Societe Anonyme ,Sociatedad Anonima¡±. In order to attract Chinese investors, BVI government allows applicant to register the Chinese company name. The Chinese name can be revealed in the Certificate of incorporation. We will charge RMB1,000 for the Chinese name including the name checking in advance.(name checking will need one day)
STANDARD REGISTERED CAPITAL
The standard registered capital is 50,000 shares according to the new corporation law which issued in 2006.
ONE DIRECTORS & SHAREHOLDERS
One or more than one directors and shareholders is required when establish the company in BVI. The directors and shareholders can be the same one person. The shareholder can be also acted by the natural person or the legal person. If the shareholder is acted by the natural person, the person must be more than 18 years old who has the passport or ID. Before incorporation, you must confirm the list of shareholder, director, chairman of the director and the proportion of their shares.
REGISTERED ADDRESS
The government stipulates that every limited company should have the registered address in BVI. The registered address can be provided by CHINAFLY if needed.
FREE BUSINESS SCOPE
In principle there is no limitation for the company business scope. The operation which enterprise can carry on includes finance and investment, the medical health care, the import & export trade, the real estate, the architecture, the information network, the clothing spinning and weaving, the traveling and so on.
ASSISTANCE IN OPENING BANK ACCOUNT
BVI company can open the bank account outside BVI. This kind of bank account is the offshore bank account. We can provide the professional service for opening bank account in HONGKONG, SHANGHAI, Malaysia and other areas. All the directors must go to bank to sign the documents in person. Our company can provide the whole set of opening bank service including: recommend the bank/ prepare for the opening bank document (certified true copies)/meeting minutes/application form/ arrange the introducer/ accompany to open the bank account.
Please prepare all the needed documents before opening the bank account and with cash about RMB8,000-10,000 to deposit in the new account.
LOW MAINTENANCE FEE
Every year about USD800 is required for the annual license fee. This fee will fluctuates according to the government fee. Because it is a offshore company which do not carry out actual business operation, the tax return is not required. The time of license renew is divided into two situations: the company registered during the January to June should carry out the annual license renew before May 1st while the company registered during July to December should submit before November 1st every year.
EASY PROCEDURE& DOCUMENT REQUIRED
The following documents are required to incorporate a BVI company:
Company name; information and identity certificate of director &shareholder (duplicate copy of passport or ID)
Fill in the application form¡úsign the agreement in person¡úpay the deposit¡útransact in the government
¡úfinish within 10-15 working days¡úAll the director sign the legal document in person¡úsubmit the document to BVI government to file¡úpay the spare money. (If you buy the shelf company only need 3 working days but will charge more RMB500 than the new company)
OUR PROFESSIONAL SERVICE
At CHINAFLY, we are able to prepare all the application forms and relevant documents and take care of all the procedures for you, and you get the following services at a fixed price of RMB7800.
(1) Certificate of incorporation;
(2) Memorandum and Articles of association of the company;
(3) Common seal and atomic seal;
(4) Share book.
FEE AND PAYMENT TERMS
For the foundation and other financial organization, the fee depends on the detailed information. Before registration pay 50% of the total fee as deposit and pay the spare money when finished. You can choose cash, T/T, check and transfer the account to our appointed mainland, HK and oversea bank account.
