Overview – BVI
The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea located approximately eighty kilometers east of Puerto Rico. It is a member of the British Commonwealth with a legal system based on the English Common Law.
Benefits of setting up a company in BVI: -
- Absence of foreign exchange controls
- Can be listed on the Hong Kong Stock Exchange
- Company can adopt Chinese names
- Ease of identifying legal support professionals
- High privacy protection with minimal disclosure requirement
- No tax reporting in BVI
- Not required to prepare annual audited financial statements
|Legal System||English Common Law|
|Standard Registered Capital||50,000 shares|
|Minimum Number of Shareholders||1|
|Minimum Number of Directors||1|
|Local Company Secretary Required||Optional|
|Local Registered Agent Required||Yes|
|Local Registered Address Required||Yes|
|Disclosure of Beneficial Owners on Public File||No|
|Disclosure of Shareholders on Public File||No|
|Disclosure of Directors on Public File||No|
|Filing of Register of Director to local government||Yes (but not open to public)|
|Annual General Meeting||No|
|Filing of Annual Return to government||No|
|Preparation of Audited Financial Statement||No|
- A company may be registered with an English name or an English name and a Chinese name.
Share Capital and Shareholder Requirement
- The standard authorized share capital is 50,000 shares and company can decide the par value per share (e.g. USD 1 per share).
- Must have at least one shareholder who may either be a natural person aged over 18 years old or a corporate body.
- There are no nationality restrictions for shareholder(s).
- Must have at least one director who may either be a natural person aged over 18 years old or a corporate body. There are no residency restrictions for director(s).
- A person who is an undischarged bankrupt must not act as director.
- There are no nationality restrictions for director(s).
- Appointment of Company Secretary is optional in BVI.
BVI Company Formation Procedure
Step 1 - Select company name
- Propose an English and Chinese name if required
- Select an existing “Shelf Company” from our BVI Shelf Company List
Step 2: Provide shareholder and director information
- Original / Certified copy of ID or passport of each Shareholder and Director
- Original / Certified copy of latest residential address proof of each Shareholder and Director
- Please specify the number of shares applied by each shareholder(s)
- Please specify the paid-up share capital for each shareholder(s)
Step 3 - Submit application via any one of the following methods
- Email to [email protected]
- Tailor made company registration – 7 working days
- Shelf company registration – 2 working days
Our representative will contact you within one working day after we received the above information.
Annual Maintenance – BVI Company
To ensure that the BVI Company is in good standing, it must carry out below basic annual renewal work: -
Renewal of Annual License
Each BVI company must arrange payment for its Annual License Renewal Fee based on below schedule: -
|Company anniversary date||Renewal due date|
|January to June (1st Half)||April 15th|
|July to December (2nd Half)||October 15th|
Consequences of Non-Compliance
If company failed to settle its annual license renewal fee on time, late penalties will apply with higher renewal fee and the company will be struck off by the local Registrar. A struck off company still bear its obligations, clients are highly recommended to arrange proper dissolution of the company should they decided not to retain the company.