BVI: What You Need To Know To Start A New Business?

Have you ever decided to register an offshore company? Then, you must be taking a closer look at jurisdictions, which are commonly called havens of tax. British Virgin Islands are such kind of jurisdiction. The laws governing businesses in the British Virgin Islands (BVI) are characterized by some of the benefits that are most likely to attract you.

Some advantages of starting a business In the BVI

First of all, it is optimal taxation, asset protection, and confidentiality. Now let’s talk about the advantages that make you think about starting a business in the BVI.

According to the latest amendment to the 2007 law, there are no differences in BVI between local entrepreneurs and non-residents. As a result, all bvicompany incorporation is simply called “business companies”. One of the key advantages of forming a company in the BVI is:

·         The BVI has good relations with the OECD and other international tax organizations.

·        The initial and annual registration fees for companies in the British Virgin Islands are relatively low with other countries, and the initial state registration fees are determined based on the number of shares issued.

·         To register a company in the BVI, you need 1 director and 1 shareholder.

·         There are no requirements for the submission of accounting reports and audit.

·         The national currency on the island is the American dollar.

Conclusion

In order to register a company in the BVI, both a legal address and a registered agent are required, and the islands' reputation as a tax haven can lead to negative assessments in certain conditions. On the other hand, companies in the BVI are well known all over the world, and most large banking and financial institutions are familiar with the structure of the BVI business company. Do not rush to make a decision. Carefully weigh the pros and cons and consult with lawyers specializing in international law.