British Virgin Islands Company
About British Virgin Islands ("BVI")
The British Virgin Islands ("BVI") is a British Overseas Territory and became autonomous in 1967. In 1984, An International Business Company legislation ("IBC Act") was enacted in BVI which enhanced the Islands’ popularity for offshore company formation.
Effective 1 January 2005, the IBC Act was replaced by the Business Companies Act ("BC Act") which brings the legislation in line with the modern world. Since its enactment, BVI registered companies are now accepted to be listed on leading Stock Exchange worldwide, including the Hong Kong Stock Exchange.
The BVI has established a solid international presence and enjoys a reputation for cutting-edge, progressive and user-friendly legislation with quality services.
General Information
- Official Language: English
- Legal System: English Common Law
- Currency: United States Dollar (USD)
- Time Zone: GMT -4
Features and Benefits
- No taxes levied on Business Companies
- Exempt from exchange controls
- Privacy and asset protection
- Privacy of identity for principals
Setup Requirement
Set up a BVI Company is fast and easy. There are no restrictions on nationality of Shareholders or Directors.
Company Name
- English name; or
- Both English and Chinese name
Shareholder(s) and Director(s)
- No nationality restriction;
- Minimum one shareholder and one director;
- Corporate shareholder and director is acceptable; and
- A copy of passport and residential address proof are required for company registration.
Company Secretary and Registered Address
- A registered address is required in BVI;
- A correspondence address is required; and
- Client should maintain an alternative address for operation; and
- Company secretary is optional under BVI regulation.
Capital Requirement
- Minimum 1 share to be issued (equivalent to USD 1);
- Par value per share are normally USD 1; and
- Standard number of shares is 50,000 shares.
Key Corporate Features
Below is an overview of key corporate features of BVI Company. ATRIX strongly recommends that applicable professional advice be taken prior to purchasing a company or establishing any corporate structure.
General Information
| British Based Legal System | Yes |
| Type of Company | BC |
| Business Act / Ordinance | Business Companies Act |
| Migration of Domicile Permitted | Yes |
Registration Requirements
| Authorised / Paid-up Share Capital | 50,000 shares (standard) |
| Minimum No. of Shareholder(s) | 1 |
| Minimum No. of Individual Director(s) | 1 |
| Corporate Directors Permitted | Yes |
| Local Registered Office/Address | Yes |
| Company Secretary Required | No |
Disclosure
| Public Disclosure of UBO | No |
| Government Filing - Shareholders | Optional |
| Government Filing - Directors | Yes |
Annual Requirements
| Annual Return / Declaration | No |
| Economic Substance reporting | Yes |
Days for Completion (Estimated)
| English Name | 7 |
| English and Chinese Name | 7 |
Compare Jurisdictions
Download our Comparison Chart of the various jurisdictions.
British Virgin Islands ("BVI") Company Annual Renewal
Atrix will send reminder to clients and help to arrange the renewal matter.
Renew fee including:
- For standard 50,000 shares
- Annual HK Correspondence Address Parking
Penalty of Late Renewal
Atrix will send reminder to clients and help to arrange the renewal matter.
| Company anniversary date between | License renewal due date | Atrix Reminder |
|---|---|---|
| January to June (1st half) | April - 15th | March - 1st |
| July to December (2nd half) | October - 15th | September - 1st |
* Fees may vary and will be subject to the final decision of the registered overseas agent.
Economic Substance ("ES") reporting
All BVI companies and limited partnerships must report on their ES position annually (this includes foreign companies and limited partnerships registered in the BVI). The ES legislation was amended in July 2021 to bring limited partnerships without separate legal personality within the regime.
Entities must report whether or not they conducted any “relevant activity” during the financial period, and if so, they will either need to report specifics of their substance in the BVI or supply evidence of their tax status, if they are claiming exemption as a “non-resident” entity.
Reporting for entities with no relevant activity or entirely passive entities carrying on “holding business” as a “pure equity holding entity” should be straightforward. However, entities carrying on any other relevant activity – particularly intellectual property (IP) business – or claiming the tax “non-resident” exemption should ensure that they allow sufficient time to prepare their reports, as this can be quite complex and may require input from BVI counsel, accountants and tax advisors.
For more information of BVI Economic Substance reporting, please contact us by e-mail to info@atrixbiz.com.
Jurisdictions we offer:
