British Virgin Islands Company Formation
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A group of approximately 40 islands and cays in the Eastern
Caribbean make up the British Crown Colony of the British Virgin Islands, the
principle islands of which are Tortola and Virgin Gorda, with the capital,
judicial and financial centre being Road Town on Tortola.
The Trident BVI is a British Overseas Territory, acquired in
1672, is a full member of the Commonwealth and is an associate member of the
European Union giving the ability to claim financial assistance from the EU but
allowing it to reject certain items of European legislation.
With a legal system based largely upon British Law, the BVI
first entered the International Business Companies world in 1984. Speedy,
inexpensive and relatively easy incorporation and statutory maintenance have
made this one of the most popular jurisdictions in the world.
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Fees for Registering and Maintaining Companies
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Purchase
& First Year’s Maintenance
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Second &
Subsequent Years’ Maintenance
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Formation / Provision of Company
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£490.00
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£130.00
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Company Secretarial Maintenance / Statutory Compliance
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£500.00
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£500.00
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Annual Return
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N/A
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N/A
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Annual Government Duties/Filing Requirements
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£200.00
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£200.00
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NET Total
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£1,190.00
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£830.00
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VAT (if applicable to invoicee)
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£173.25
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£110.25
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GROSS Total if VAT Applicable
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£1,363.25
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£940.25
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Optional Extras
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Nominee Director / Shareholder per annum
[NB, one nominee may act in both capacities for one
Beneficial Owner, and only one Nominee is used for each such Beneficial
Owner. Check Data Sheet for Minimum No. of Officers/Members]
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£500.00
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£500.00
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Certificate of Good Standing
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POA
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Government Certified Copy Memorandum & Articles
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POA
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[NB. Value Added
Tax is applicable to all items, except Government Duties, subject to rules on
VAT local to the person/firm/company A1 Company Services Limited raises its
invoices to]
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Information on Corporate Vehicles
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Statutes
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International Business Companies Act 1984 (Cap. 291) until 31st December 2005 and, from 1st January 2005, The Trident BVI Companies Act.
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Types of Company
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International
Business Company (IBC).
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Time to Incorporate
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24 Hours.
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Info required prior to Incorporation
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Directors
particulars and normal statutory information.
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Off the Shelf Companies
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Available.
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Company Name
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Approval
Required. Must end with “Limited”, “Corp.”, Inc.”, SA”, etc and there are
“sensitive” words which may require special justification.
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Members
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Minimum of
one. Corporates permitted.
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Directors & Secretary
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Minimum of One
Director; Secretary not required by law, corporates permitted; no restriction
on location.
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Share Capital
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Usual of
US$50,000.
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Bearer Shares
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Permitted but
required to be lodged with a Financial Institution.
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Registered Office / Agent
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Required to be
with local licensed trust company.
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Papers to be kept at Registered Office
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Registers of
Officers and of Members, copy resolutions.
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Public Information
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Registered
Office / Agent, Memorandum & Articles of Association.
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Corporate Books & Seal
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Usually kept
at Registered Office.
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Meetings
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No
restriction.
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Annual Return
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None Required.
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Annual Accounts
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None Required.
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Audit Requirements
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None.
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Exchange Controls
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None.
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Government Duties
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US$360.00 for
share capital of up to US$50,000.
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Taxation
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None.
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Double Tax Treaties
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None.
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Migration / Re-domiciliation
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Permitted into
and out of the BVI.
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Advantages of Jurisdiction
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Long
established and well respected; zero taxation; quick and inexpensive
formation and maintenance.
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Disadvantages of Jurisdiction
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Blacklisted
for a while by OECD due to insufficient anti money laundering regulations;
not recommended for commercial business practices.
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