{"id":39375,"date":"2020-11-24T11:21:14","date_gmt":"2020-11-24T03:21:14","guid":{"rendered":"https:\/\/zegal.com\/?p=39375"},"modified":"2023-01-12T14:16:21","modified_gmt":"2023-01-12T06:16:21","slug":"pitfalls-of-setting-up-a-business-in-the-british-virgin-islands","status":"publish","type":"post","link":"https:\/\/zegal.com\/en-sg\/blog\/post\/pitfalls-of-setting-up-a-business-in-the-british-virgin-islands\/","title":{"rendered":"Pitfalls of Setting Up a Business in the British Virgin Islands"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-39592\" src=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-1280x960.jpg\" alt=\"long bay, british virgin islands\" width=\"1280\" height=\"960\" srcset=\"https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-1280x960.jpg 1280w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-320x240.jpg 320w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-768x576.jpg 768w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-1536x1152.jpg 1536w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-2048x1536.jpg 2048w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-640x480.jpg 640w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-1024x768.jpg 1024w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-1200x900.jpg 1200w, https:\/\/zegal.com\/wp-content\/uploads\/2020\/11\/bob-commander-toB2qdSCi5g-unsplash-1920x1440.jpg 1920w\" sizes=\"auto, (max-width: 639px) 98vw, (max-width: 1199px) 64vw, 770px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">British Virgin Islands (BVI) is well known as a global tax haven. However, as with anywhere, there are some pitfalls to watch out for.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many international corporations look to set up an offshore corporation with BVI for the purpose of the tax haven policies. Noticeably, it is very cheap and straightforward to incorporate a BVI-registered company. Additionally, the maintenance of the BVI-registered company requires little cost and a low level of procedural effort.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For all the benefits that come about for incorporating a business in British Virgin Islands, keen business owners need to remember to look out for the pitfalls too. And be prepared for the required costs and efforts needed to ensure you&#8217;re running your business there properly.&nbsp;<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">Business in British Virgin Islands<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">BVI was recently added to the Organisation for Economic Cooperation and Development (OECD) white list. This undeniably gives it a positive reputation globally. However, this also incurs higher costs as BVI has to align its standards with OECD\u2019s.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"http:\/\/www.bvi.gov.vg\/Economic-Substance\"><span style=\"font-weight: 400;\">BVI Economic Substance (Companies and Limited Partnerships) Act 2018<\/span><\/a><span style=\"font-weight: 400;\"> was implemented and was in effect from 1 January 2019. This Act introduced economic substance laws that implement a requirement for eligible BVI entities to maintain an appropriate level of economic substance. This economic substance includes:&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Building local economic substance. Entities can build and maintain economic substance if it is commercial and feasible&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Revision of the entity\u2019s operational and legal structure in order to comply to the Act\u2019s standards&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If the entity fails to comply with the basic requirements listed above, it is very likely that the entity should be liquidated. Do take note that liquidation processes are put in place and must be followed as well.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stemming from the implementation of the Act, there has been an increase in the costs needed to maintain your business in BVI. The administrative work has also increased with more paperwork and documentation being required by BVI\u2019s official authorities.&nbsp;<\/span><span style=\"font-weight: 400;\">This is because tax-resident, locally-incorporated and BVI-registered foreign entities are now required to have a physical office with an active director or staff working from BVI. This results in an inflation of costs incurred for incorporation and maintenance of a BVI business. New costs like office rental (or buying land), utilities and employee incomes will be incurred.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a BVI office address for businesses, this will mean that the business has to comply with the local BVI government regulations surrounding local businesses.&nbsp;<\/span><\/p>\n<h4><span style=\"font-weight: 400;\">Long Application and Approval Period<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">With the implementation of the economic substance laws under the Act, many processes with the BVI have also been formalised and implemented. Therefore, business owners have to adhere strictly to the required permits and licenses processes.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For businesses that fall under banking, insurance, trust management, or investment advice services, a license must be obtained from BVI\u2019s<\/span><a href=\"https:\/\/www.bvifsc.vg\/international-sanctions\/guidance-and-forms\"><span style=\"font-weight: 400;\"> Financial Services Commission<\/span><\/a><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses are also required to open a bank account based in British Virgin Islands. Business owners should prepare the needed documentation to open a bank account. This process is estimated to take around three months. Thus, to ensure smooth sailing, you should prepare your business accordingly. More information can be found on BVI FSC\u2019s official website <\/span><a href=\"https:\/\/www.bvifsc.vg\/\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, setting up a business in British Virgin Islands does come with a list of additional procedures that leads to higher costs, effort, and time in comparison to other international business company jurisdictions. However, BVI has a reputable and well-implemented governmental system and a robust economy. BVI also ranks highly in terms of reputation internationally as the ideal country to set up an offshore company. Therefore, your business will also be able to latch on to these benefits and many more.<\/span><\/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>The opinions expressed in the column above represent the author\u2019s own.<\/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 style=\"text-align: left;\"><a href=\"https:\/\/support.zegal.com\/hc\/en-gb\/articles\/115009802768-Is-E-Signing-Legally-Binding-\">READ MORE: A Guide to Singapore\u2019s Taxation System<\/a><\/p>\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/pitfalls-setting-up-business-australia\/\">FURTHER READING: Pitfalls of Setting Up a Business in Australia<\/a><\/p>\n<p><a href=\"https:\/\/zegal.com\/blog\/post\/incorporation-british-virgin-islands\/\">MORE: Company Incorporation in British Virgin Islands<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>British Virgin Islands (BVI) is well known as a global tax haven. However, as with anywhere, there are some pitfalls to watch out for.&nbsp; Many international corporations look to set up an offshore corporation with BVI for the purpose of the tax haven policies. Noticeably, it is very cheap and straightforward to incorporate a BVI-registered [&hellip;]<\/p>\n","protected":false},"author":96,"featured_media":39592,"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":[10610,6508,7043],"usecases":[13715],"businesstypes":[],"country":[13739],"class_list":["post-39375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-management","category-startup","tag-british-virgin-islands","tag-business","tag-legal","usecases-set-up-a-founders-agreement","country-united-kingdom"],"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>Pitfalls of Setting Up a Business in the British Virgin Islands<\/title>\n<meta name=\"description\" content=\"British Virgin Islands (BVI) is well known as a global tax haven. 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