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The British Virgin Islands is the offshore territory of the British Crown. It is administered from North European Island. Although initially thought to be a colony, the British Virgin Islands has a separate legislature as well as jurisdiction other than that of Britain. But why is it such a hot talk among business enthusiasts in India and the USA? There are many reasons for it, which we will discuss in the following section.
There are various reasons why business aspirants from India, Canada, and the USA can opt for a company set up in the BVI. Some of them are detailed below for your reference.
The BVI Commercial Registry offers a highly favourable tax system to budding corporates. They employ none of the following taxes on the registered Corporates of Foreign Nationals:
Such major exemptions make the BVI an attractive destination for budding businesses where they can minimize their tax liabilities to the interim government.
The BVI Commercial Registry employs strong asset protection laws. Such legislation offers a high level of security as well as privacy for registered businesses in the archipelago. It is one of the striking features of the BVI corporations, which businesses lookout for to protect their assets from any legal disputes or risks.
The BVI Corporate Authority employs a straightforward Company Registration process. They require optimal processing fees and the least documentation needs. Such ease of manifesting an idea into a Business makes the BVI an attractive option for quick business incorporation. Also, the role of bureaucracy is minimal in such company formation procedures in the BVI.
The BVI offers a stable jurisdiction to the Corporate registrants. The BVI boasts of a well-established legal system. The island jurisdiction also has a reputation for transparency as well as reliability in its conduct. Such an arrangement makes it very conducive for Businesses to establish their presence in such a trustworthy jurisdiction.
With other factors also in mind, the BVI becomes an attractive destination for businesses seeking to establish their offshore company. But the aspirant must decide to register a company in the BVI after necessary consultation with professional advisors. They must also assess the specific needs of the proposed Business for registration.
If you are interested in applying for Company Registration in the British Virgin Islands, then you must observe the following prerequisites before applying for the Company Formation procedure in the BVI.
The Company registration aspirant must reserve a name for the proposed company with the BVI Registrar. The chosen name must not be identical to any existing company name registered in the BVI.
The registration aspirant must appoint an Agent authorized to represent the company in matters of court summons and official visits in the BVI. The applicant can appoint only a BVI national as a registered agent. They can also subscribe to Consultancy services licensed to provide such services.
The applicant must also appoint at least of the either for company registration in BVI:
The appointed director can be a shareholder as well and vice-versa. The BVI puts no restrictions on their nationality. Also, they mustn’t necessarily be the residents of the BVI.
The applicant must specify the share capital amount for the company. The BVI puts no minimum share capital requirement on any company aspirants. The aspirant can denominate the share capital in any currency.
The applicant must thereafter draft the company’s Articles of Association. The AoA must highlight the regulations for your company management.
Lastly, the applicant must carefully draft the BVI application form for company registration. After attaching the required documentation, the applicant must submit it to the Registrar of Corporate Affairs.
Such pre-conditions are susceptible to change depending on the company you choose for registration. The required eligibility may vary from Limited Liability Company registration and International Business Company. The sensible thing to do is seek professional advice from a reputed Consultancy such as Registrationwala, which will ensure meeting all the necessary prerequisites and compliance with regulations. Connect to know more.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
