{"id":35818,"date":"2020-07-16T17:30:00","date_gmt":"2020-07-16T09:30:00","guid":{"rendered":"https:\/\/zegal.com\/?p=35818"},"modified":"2023-02-02T14:16:14","modified_gmt":"2023-02-02T06:16:14","slug":"incorporation-british-virgin-islands","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-sg\/blog\/post\/incorporation-british-virgin-islands\/","title":{"rendered":"Company Incorporation Step by Step: British Virgin Islands"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"575\" src=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920-1024x575.jpg\" alt=\"\" class=\"wp-image-36306\" srcset=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920-1024x575.jpg 1024w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920-300x169.jpg 300w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920-768x432.jpg 768w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920-1536x863.jpg 1536w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920-640x360.jpg 640w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920-1200x674.jpg 1200w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/06\/road-town-2633026_1920.jpg 1920w\" sizes=\"auto, (max-width: 639px) 98vw, (max-width: 1199px) 64vw, 770px\" \/><\/figure>\n\n\n\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">Here&#8217;s what you need to know to register your company in the British Virgin Islands (BVI). Read on for the BVI\u2019s requirements, procedures, and the estimated timeline to incorporate.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Minimum_Setup_Requirements_to_Register_a_Company_in_the_BVI\"><\/span>Minimum Setup Requirements to Register a Company in the BVI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Incorporation requirements of a Business Company, or commonly known as an International Business Company (IBC) are as followed:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Director &#8211; 1\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Shareholder &#8211; 1\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Company Secretary &#8211; 1<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">*All the above 3 roles can be appointed to one person.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is not legally required for the directors or shareholders to be of any specific nationality. Making IBCs very straightforward and easy to incorporate in the BVI.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Offshore companies are popular in the BVI as it features no minimum capital requirements, exemption from income tax, no need for annual reporting or auditing as well as no capital gains or withholding taxes. However, offshore companies cannot conduct business in the BVI at all.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no residency requirement for the shareholders\/ directors and company secretary.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Registration_Timeline\"><\/span>Registration Timeline<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Although there is no fixed timeline, the process itself for incorporation is rather straightforward. As long as you have prepared the documentation, you&#8217;ll find it a simple and smooth process. Here are the steps to incorporating in the British Virgin Islands:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_1_Reserve_your_Company_Name\"><\/span>Step 1: Reserve your Company Name<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The first step is to reserve a company name with the BVI Registry. It has to be a unique name and the company search will be conducted by the BVI Commercial Registry. You will need to contact the <\/span><a href=\"https:\/\/www.bvifsc.vg\/faq\/how-do-i-conduct-company-search\"><span style=\"font-weight: 400;\">BVI Commercial Registry<\/span><\/a><b>.\u00a0\u00a0<\/b><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_2_Appoint_a_Registered_Agent\"><\/span>Step 2: Appoint a Registered Agent<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It is required by the BVI government to have a registered agent when incorporating your business with the BVI.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_3_Open_a_bank_account\"><\/span>Step 3: Open a bank account\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Before your company is able to commence operations is to open a mandatory company bank account. This step must be performed before the company documents are drafted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, employers must register for social security payment.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Step_4_Submit_all_relevant_documents\"><\/span>Step 4: Submit all relevant documents<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">At the same time, you will need to draw up the company\u2019s <a href=\"https:\/\/zegal.com\/company-secretary\/\">Articles of Association<\/a> as well as the details of the registered agent and founders of the business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once these documents are prepared, it has to be submitted to the Companies Registry for approval.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once approved, you should check for the need to apply for any other relevant licenses to officially commence your business. These licenses can be obtained from the Financial Services Commission.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Accounting\"><\/span>Accounting<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As mentioned earlier, companies are not required legally to prepare or file any financial accounts, annual returns or records. However, the company should keep financial records of essential financial information in case of any situation where it will require proof of financial records.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such records do not need to be kept within the BVI and it will not appear on any public platform.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_Tax_Requirements\"><\/span><b><\/b>Corporate Tax Requirements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There is no need to pay any form of taxes, except for Payroll Tax\/ Real Property Tax and Stamp Duty Tax, in the BVI.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Annual_General_Meeting\"><\/span>Annual General Meeting<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">BVI-incorporated companies are not required legally to hold an Annual General Meeting each year. However, it may choose to do so accordingly to what has been decided in its Articles of Association.\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p style=\"text-align: center;\"><b><i>This article does not constitute legal advice.<\/i><\/b><\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">The opinions expressed in the column above represent the author\u2019s own.<\/span><\/i><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/register.zegal.com\/\"><b>Start managing your legal needs with Zegal today<\/b><\/a><\/p>\n<p>MORE IN THIS SERIES: Company Incorporation: <a href=\"https:\/\/zegal.com\/blog\/post\/how-to-start-a-business-in-hong-kong\/\">Hong Kong<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-singapore\/\">Singapore<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-japan\">Japan<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-new-zealand\/\">New Zealand<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-australia\/\">Australia<\/a>,<a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-taiwan\/\">Taiwan, <\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-macau\/\">Macau<\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-singapore\/\">, <\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-china\/\">China<\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-singapore\/\">, <\/a><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-philippines\/\">Philippines<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/incorporation-british-virgin-islands\/\">BVI<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-vietnam\/\">Vietnam<\/a>,<a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-thailand\">Thailand<\/a>,<a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-indonesia\/\">\u00a0Indonesia<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-cayman-islands\/\">Cayman Islands<\/a>, <a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-united-kingdom\">United Kingdom<\/a><\/p>\n<p><a href=\"https:\/\/zegal.com\/legalguide\/incorporate-your-business\/\"><span style=\"font-weight: 400;\">READ MORE: Documents required when incorporating your business<\/span><\/a><\/p>\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/company-incorporation-step-by-step-cayman-islands\/\">FURTHER READING:Company Incorporation Step by Step: Cayman Islands<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Here&#8217;s what you need to know to register your company in the British Virgin Islands (BVI). Read on for the BVI\u2019s requirements, procedures, and the estimated timeline to incorporate.\u00a0 \u00a0 Minimum Setup Requirements to Register a Company in the BVI Incorporation requirements of a Business Company, or commonly known as an International Business Company [&hellip;]<\/p>\n","protected":false},"author":96,"featured_media":36312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":2,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","inline_featured_image":false,"footnotes":""},"categories":[14278,133],"tags":[10610,11271,25,26,10307],"usecases":[],"businesstypes":[],"country":[],"class_list":["post-35818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management","category-startup","tag-british-virgin-islands","tag-bvi","tag-company-incorporation","tag-company-secretarial","tag-z-syndicate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Company Incorporation Step by Step: British Virgin Islands | Zegal Singapore<\/title>\n<meta name=\"description\" content=\"There are many reasons to set up your company in the British Virgin Islands, the simplicity of the process is just one of them. 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