1.1. Characteristics of foreign companies in the BVI
- No minimum capital required.
- No income taxes.
- No annual report or audit is required with the help of JNT.
- Foreign companies are not allowed to do business in the BVI.
1.2. Key features of Company Limited by Shares – the most common type of company in the BVI
Your choice should enable you to manage the risk, liability, scaling of business, & brand image optimally. Most entrepreneurs wanting to register new companies in the BVI prefer company limited by shares due to the following reasons:
- Each company limited by shares is required to have at least one shareholder and at least one director, both of whom may be the same person.
- The company has the ability to issue shares, and its member’s liability is separated from the company’s debts and obligations.
- Foreigners can own 100% of its shares.
- Regarding the voting rights, for companies limited by shares, a shareholder has the total number of votes attached to the shares that he/she holds.
You can open a company in the BVI as a company limited by shares to manage your risk and benefit from the tax exemptions. Once you have chosen the business structure, you will need to meet the requirements in the next section.
2. Key requirements
To form a Company Limited by Shares, the main requirements include:
- Minimum 01 director (an individual or an organization). This director does not need to be residing in the BVI;
- Minimum 01 shareholder (an individual or an organization). The director and shareholder can be the same person and there is no limit to the number of shareholders;
- 01 company secretary. Both directors or shareholders can act as the company secretary;
- At least 01 share with par value in any currency. it is recommended to set up the company with a starting capital of 1,000 USD;
- Registered address at BVI;
- Certified copies of passports and proof of residential addresses of shareholders and directors.
* What do entities need to prepare?
The company needs to provide a copy of the certificate of incorporation and proof of registered address. For each legal representative of the entity, each person needs to provide a copy of their passport and proof of residential address, just like the Shareholder or Director.
*Proof of residential address can be a bank statement, utility bill or identity card/citizen identity card, as long as it is bilingual or English.
3. Process and procedure
Step 1: Check and reserve your company’s name
Please note that company names can be denied for a variety of reasons, the most common being the same name as previously registered companies or the company name containing sensitive or banned words in the BVI,…
Step 2: Prepare necessary documents
JNT will help the Client prepare the necessary documents and papers for submission to the competent agency.
We are the leader in applying Pandadocs electronic signature system to help customers complete documents quickly and conveniently. This innovation speeds up the business establishment process by more than 25%, saving time and effort for hundreds of businesses.
Step 3: Submit the application for establishment
Clients will need to sign documents via Pandadocs which are sent directly to their email.
Step 4: Receive the certificate of incorporation in the BVI
Clients will receive a soft copy of the enterprise registration certificate and other documents via email. If Clients need to get a hard copy, please contact JNT for further support.
The time to receive the enterprise registration certificate is about 02-03 weeks from the date of submitting the valid application.
4. Our service package
The annual company incorporation and maintenance service package include all that is needed to legally operate and manage a company in the BVI:
- Establishing a new business (Ltd.)
- Registered Address Service, 1 year
- Business Secretarial Service (Correspondence Person), 1 year
- Procedures & resolutions as requested by the government, 1 time
The following original corporate documents are issued with a new BVI company and are all included in the price quoted. These are all documents you need to legally run, manage and operate your BVI company.
- Unlimited number of resolutions for non-routine services
- AGM Preparation
- Annual Filing
- Annual Filing government fee
- Corporate Secretary submits Annual Filing and AGM Preparation