COMPANY IN THE VIRGIN ISLANDS

The British Virgin Islands is the #1 offshore with up-to-date conditions for setting up a company. If you want to enjoy all the benefits of a tax haven with updated legislation and maintain a good reputation for your business, then the BVI is a great option.

“Safe harbors” have long attracted many private companies, investors, and businessmen trying to escape the high tax burden. The British Virgin Islands is a modern offshore business leader that regularly updates its legislation and protects commercial activity from losses and pressure.

Strengths of the British Virgin Islands:

• strong privacy;
• minimum tax burden;
• up-to-date legislation adapted for holdings;
• no obligation to submit financial statements to the island authorities.

As a result, the Virgin Islands can become an advantageous location for startups and major projects that need reduced government pressure and freedom of action.

Which form of business is better to set up?

The most attractive form is a BC, which is similar to the IBC in Seychelles. The benefits of this organization are as follows:

• both individuals and organizations can be founders;
• no reporting is required;
• private register of beneficiaries;
• fast registration: 5 business days or more.

The bottlenecks include the need for a physical office on the islands and for the personnel. However, most resident companies do not even comply with the new requirements of the legislator.

All information about the beneficiaries is stored in a special BOSS registry with limited access. Only local authorities have access to the database, and only in certain situations.

What documents are required?

The following documents must be submitted to register a BC:

• Certificate of Incorporation;
• Memorandum / Articles of Association;
• Minutes on the appointment of the first directors;
• Certificate of the appointment of the director;
• Director's resolution in writing;
• Registers of directors;
• Registers of shareholders;
• Share certificate.

Cortax helps businesses significantly reduce expenses and time spent on translating documents and choosing the right management structure, as well as communication with local governments. We facilitate your access to the strengths of the British Virgin Islands and simplify the company registration in the popular offshore zone.

Specifics of taxation in the BVI

The British Virgin Islands is a modern offshore zone with the lowest tax burden. There is no undue pressure and regular inspections by government agencies. The following taxes are not charged in the region:

• income tax;
• capital tax;
• dividend tax.

Most of the existing tax liabilities are reduced and offer favorable conditions. That is why Cortax recommends to consider the British Virgin Islands first when choosing an offshore company — this is a modern region and a vivid example of a "safe harbor" for businesses from anywhere in the world.