British Virgin Islands(BVI) IBC Company is the preferential offshore choice for globally known financial institutions, holding companies and insurance companies.
The Business Companies Act based on the English law and is used, inter alia, to form various types of companies used by businesses trading in the BVI.
Companies formed under the Business Companies Act can be private companies limited by shares, by guarantee, or hybrid; or they can be unlimited, but that is rare. Public companies can also be formed under the Act. A Company limited by shares is the most popular type of company formed today with the liability of its members limited to the amount paid on shares they hold.
Foreign companies can re-establish themselves in the BVI without the necessity for reciprocal arrangements in the original country of incorporation.
BVI company names must end in one of the following words, or their relevant abbreviations: Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anonima. The following names to be used require licensing: Bank, Insurance, Assurance, Re-Insurance, Trust, Trustee, Savings, Royal, Asset Management, Fund Management, Investment Fund, Building Society, Municipal, Chartered. Names denoting any connection to local, state or national governments are generally prohibited.
MEMORANDUM AND ARTICLES OF ASSOCIATION
A company can be incorporated in the BVI by application made to the Registrar of Companies. Memorandum and Articles of Association must be lodged with the Registrar. Memorandum specifies the activities in which the company may engage and Articles of Association specify the rules governing the internal management of the company.
A minimum of one shareholder is required, which may be an individual or a body corporate. The details of company shareholders are not part of the public records.
There is no specific minimum capital requirement. The standard authorized share capital is US$ 50,000. The minimum issued capital may be one share of no par value or one share with par value. Registered shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights are permitted. Companies with an authorized capital up to US$ 50,000 pay the government annual license fee of US$ 350. The annual license fee for companies with an authorized share capital in excess of US$ 50,000 is US$ 1,100.
BVI Business Companies must have a minimum of one director, and corporate directors are permitted. There is no requirement to have resident directors.
The name and address of the director(s) of companies must be filed in Registry. This Registry will not be public and will only be available for inspection by a court order or written order from a competent BVI authority.