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British Virgin Islands is among the oldest and most reputed offshore financial centers in the world. Also called as BVI, it is widely considered as a benchmark, which offshore tax havens strive to emulate. Considered an influential offshore legal entity, around 41 percent of the world’s offshore companies have been instituted by BVI.
The British Virgin Islands (BVI) is an authorized member of British Commonwealth and self-governing since 1967. When it was introduced to The British Virgin Islands (BVI) is a member of the British Commonwealth and self-governing in 1967. Since introducing its International Business Company (IBC) legislation in 1984 enhanced the jurisdiction’s popularity. Flexibility has been a critical factor in explaining this phenomenal success.
BVI have a solid international presence and enjoys a reputation for cutting-edge, progressive, and user-friendly legislation with quality services. Here are some features and benefits of BVI that work in favor of the companies.
Registration Agent – Every BVI company must have a ‘registered agent’, who is located in the BVI. The registration agent will be responsible for incorporating the company. In fact, their job extends to appointing first directors for the company as well. If you want a BVI company registration, you must have a registration agent at all times. In their absence, you will be liable to pay a substantial fine and its registration can be revoked. One can change their registered agent at any time; however, one must notify the registrar.
Registered Office- Each BVI company registration must have a physical address. Note that the address should not be a post office box. A company is free to change the registered address at any point of time; the only condition is to notify the Registrar.
Incorporation- In order to incorporate the company, your registration agent must file with the Registrar the Memorandum and Articles of Association. It is essential for your company registration to fulfill the requirement of the Act. Consequent to fulfillment of the requirement, the Registrar will allot a unique number and issue an incorporation certificate. Certificate issuance and legal incorporation should take minimum of one day and maximum three to five days.
Directors & Shareholders: The first Director of the company will be appointed by the registration agent. This must be completed within six months of incorporation. Article of Association will decide on the number of directors. On the other hand, the registration agent will generally require details of the shareholders at the time of incorporation. The appointment of shares to shareholders is to be done once the director(s) have been appointed.