All You Need to Know About BVI Offshore Company Formation

British Virgin Islands (BVI) is a favourable business jurisdiction that provides tax incentives, asset protection and privacy to entrepreneurs worldwide. Due to these benefits, setting up a company in BVI can be a lucrative option. BVI follows specific rules and regulations that you must adhere to. To proceed with your BVI offshore company formation, you must seek help from Business Setup Worldwide (BSW). Our experts will ensure that you comply with all these regulations by guiding you every step of the way. 

However, before we delve into the BVI company registration process, let’s quickly glance through its benefits.

Advantages of BVI Offshore Company Registration

Here are the benefits of registering a company in the BVI: 

1. Flexible Taxation

The British Virgin Islands does not tax income generated outside its home country. Thus, you can enjoy tax-free business benefits.

1. Privacy

This jurisdiction is commonly known for its strict privacy policies. Your information and the details of your company’s directors and shareholders are confidential.

1. Ease of Company Incorporation

Setting up a company in BVI takes 2-3 working days and includes a simplified incorporation process. 

1. Asset Protection

Setting up a company in BVI protects your assets from potential lawsuits or creditors.

1. Affordable Business Setup Cost

Entrepreneurs worldwide prefer this offshore location because of its affordable company formation cost.

Requirements for BVI Offshore Company

Before starting your company in BVI, ensure you know the following essential requirements.

• The minimum requirement of shareholders and directors in BVI is one.
• It is mandatory to have a registered agent, office and address for your offshore company.
• You don’t require a paid-up share capital for your BVI company.
• US$ is the official currency used in this jurisdiction.

Procedure for BVI Company Formation

You can set up your BVI company by following these simple steps.

1. Conduct a Thorough Research

Conducting thorough market research is essential for your offshore company formation. It helps you understand the trending market, competitors, and the business environment.

1. Draft a Business Plan

Draft a business plan to prepare your budget and know about the basic requirements for your offshore company.

1. Seek Assistance from a Business Expert

Getting assistance from a business partner will help you gain thorough knowledge about the jurisdiction and its regulations.

1. Choose a Business Name

Select a business name for your offshore company. While choosing the name, ensure you do not use offensive terms or hurt anyone’s religious beliefs.

1. Select a Legal Structure

An International Business Company(IBC) is the preferred legal structure for BVI offshore company formation. To learn more about it, get in touch with us.

1. Fill out the Application Form

Completing the application form is essential for moving to the next level. 

1. Submit Your Documents

Submit your documents on time to avoid any delay in your application process.

The following are the essential documents for your BVI offshore company registration:

• Notarised passport copy
• Notarised copy of proof of domicile (issued three months before the date of application submission) 

8) Pay the Initial Deposit

Deposit the initial amount required for your company setup. To learn the BVI company setup cost, contact our business consultants.

9) Wait for Approval

You must wait for approval from the BVI offshore authority. The approval time may get delayed because of your business requirements. Get BSW’s assistance to track your approval process.

10) Open an Offshore Bank Account

A bank account is necessary for conducting business transactions. Opening an offshore account requires some time. To learn about the banking process requirements, contact a business expert.

Misconceptions about BVI Company Formation

Certain misconceptions exist about BVI company incorporation. Here are some of those:

• BVI companies are used for illegal activities.
• It is meant for rich people.
• You can hide your money in BVI.
• Your business information is disclosed to the public.

These are the benefits, requirements and simple steps for incorporating a BVI offshore company. However, contact Business Setup Worldwide to seek assistance in starting your company easily.