Charges applicable for a company formation in British Virgin Islands
| Incorporation |
£750 |
| Second Year Registration Fees |
£ |
| Company |
International Business Company (IBC) |
License fee (initial and annual)
· Capital below $50,000
· Capital above $50,000
· Capital below $50,000 but without par value |
NA |
| Formation/Incorporation fee |
NA |
| Annual Returns compliance fee |
NA |
| Minimum requirements and/or size |
None |
| Shareholders/Members |
NA |
| Directors/Managers |
NA |
| Bearer shares for overseas/local investors |
NA |
| Submission of annual returns and accounts |
N/A |
| Corporate Directors/Managers |
NA |
| Company Secretary |
NA |
| Local Directors and meetings |
NA |
| Registered office or agent in the country |
NA |
More information about British Virgin Islands
| Currency |
US Dollar |
| Taxation |
|
| Income Tax |
|
Lower limit
0
3,001
7,501
15,001
22,501 |
Upper limit
3,000
7,500
15,000
22,500
and above |
Percentage
nil
6
10
15
20 |
|
| Social Tax |
|
Weekly earnings falling below $40
Employers contribution
Employees contribution
Total |
$1.63
$0.12
---------
$1.75 |
Weekly earnings above $90
Employers contribution
Employees contribution
Total |
$7.10
$2.00
---------
$9.10 |
| Capital Gains Tax |
None |
| Property Tax |
|
| Real estate |
$150 pa on the first acre of land and $50 pa on each additional acre |
| House Tax |
1.5% of assessed value on privately owned buildings |
| Stamp Duty |
10% of the value of property being transferred |
| Sales Tax |
8% on imports and other locally produced goods and services
12% on fuel, alcohol and tobacco |
Permits
Non-residents of the British Virgin Islands (BVI) require a valid passport to enter, except for Canadian or US citizens who require any locally acceptable identification document. A visa for a maximum of six months is provided on entry, provided a return or onward ticket is available and sufficient funding is available to avoid taking up any form of work on BVI.
An individual seeking work permit for the BVI will be supplied with one only if there is no resident or belonger to fill the vacancy available.
To purchase or lease land as a BVI non-belonger, an Alien Landholding License must be sought, the application must be accompanied with 2 personal references, a bank reference and 2 character references, a police record, an application fee of $50 (for an individual) or $75 (for companies), a license fee of $150 (for individuals) or $200 (for companies). Each license carries a commitment of up to 3 years to improve underdeveloped land.
Companies
The BVI government and legislative body has designed several investor friendly packages to support onshore and offshore business. Following the issue of the Pioneer Services and Enterprise Ordinance, the BVI offers a 10-year tax holiday and exemptions on the import of capital equipments for the type of companies that of real necessity in the country. For hotels, the Hotel Aid Ordinance provides for tax holidays and import exemptions extending anywhere between 10 and 20 years for all building material and equipment.
The featured company structure in the BVI is the International Business Corporation (IBC), which requires the person to submit the Memorandum and Articles of Association. This should be accompanied with a Certificate from the Registered Agent which confirms the new company will comply with the requirements and rules governing the specific company.
The company is given the status of a legal entity, treated as an independent, natural person in the British Virgin Islands. It normally takes two days for the process of incorporation; the language on any stationery or publicity hoardings must contain an English translation of the name, if it is in another language. An IBC is required to have a registered office within the BVI, which must be maintained at the office of a licensed management company.
The minimum authorised share capital of an IBC must be $50,000 with a par value of $1 each. These may be of any class: registered, bearer, shares of no par value, preference, redeemable and shares with or without voting rights. An IBC is not required to pay any taxes on worldwide profits, which may be repatriated to the BVI.
Companies are not required to file their annual accounts and returns, but are nevertheless required to maintain a proper set of accounting records to comply with the requests of other parties who may be interested in taking a look at it. |
