SHANDA CONSULT

British Virgin Islands (BVI)

Important note: if requested, Shanda Consult and its local cooperation partners are able to fulfil all prerequisites for BVI companies that are listed in the following text and can offer the necessary services required, including bookkeeping and similar services.

 

General Information

Legal system

Independent legal system based on British Common Law.

Economy

Tourism comprises the main part of the economy. Apart from this the incorporation and administration of international business companies constitute an important income factor.

Currency 

USD (US Dollar)

Language

English is the official language

Timezones

GMT-4hrs

 

Information on Companies

Types of company

Companies are being differentiated between resident tax payers and non-resident tax payers. The legal form of a Limited is commonly used. Different endings can be used (Ltd., Limited, Corporation, etc.)

Company Law

Company Law of the BVI

Minimum capital requirement

Paid in minimum capital: USD 1.00.
No minimum authorised capital, usual nominal capital is USD 50.000.
No obligation to pay in.

Restrictions

International business companies are not permitted to pursue banking business nor insurance business or financial services, as long as no specific permission has been given. IBCs are not allowed to pursue business in the British Virgin Islands.

Taxation

None (for Offshore Companies)

Double Taxation Treaty

There are several double taxation treaties, such as one with Switzerland or with Japan. These however, do not apply for IBCs.

Annual tax filing 

No

Annual financial statement

No

Annual license fee

Annually USD 350,00 for companies with authorised capital of up to 50.000,00. Companies with higher capital pay USD 1.000 annually.

Registered business address

Registered business address must be in the British Virgin Islands. An agent for the incorporation must be appointed.

Company Secretary

Not compulsory.

Directors

Minimum one. No prescriptions regarding nationality and residence, natural or legal person.

Shareholders

Minimum one.

Disclosure of the ultimate beneficial owner

Yes, must be documented.

Directors publicly known 

No.

Shareholders publicly known 

No.

Control of foreign currency

Not applicable.

Language of corporate documents

English

Duration of incorporation

2-3 working days

Shelf companies

yes