BVI & Offshore incorporation
Tax-Free Incorporation options
Many individuals set up an offshore company, also known as International Business Corporation or IBC, for international trade, asset protection and wealth management.
An IBC is usually established in tax-free zones such as the Seychelles, Cayman Islands, and British Virgin Islands (BVI).
Offshore
Unlock Opportunities – Setting Up a BVI Company from Singapore
Unlock Opportunities
Setting Up a BVI Company from Singapore
For the past decades, the BVI has been a preferred provider of offshore entities in the world. As such, BVI IBCs continues to be the most popular option for individuals and entities who are interested in offshore company formation.
Yes, you can set up a company in the BVI and open BVI company bank account from Singapore. BVI is known as the famous jurisdiction for offshore companies that will create business opportunities and enhance competitive advantages for companies. Therefore, many businessmen prefer to open and own a BVI company. No matter you are in Singapore, United States, Australia or elsewhere, SingCorporate is willing to help you set up a BVI company from Singapore through 3 simple steps:
If you are Singaporean, living in Singapore, you can contact our office via e-mail, phone, or website.
Our advisory team will advise you on a sufficient type of British Virgin Islands (BVI) company that fits your business activity and check the eligibility of your new company name as well as information about the United Kingdom’s obligation, taxation policy, financial year.
Choose a suitable type of entity for your business purpose and the recommended services for your BVI company:
Bank account
Nominee services
Serviced office
IP & Trademark
Merchant account,
And Bookkeeping.
What is the Annual Fees to be Paid to the BVI Registry?
Companies pay annual fee depending on the amount of the company’s Share capital. For instance, the annual fee for companies having the Share capital of up to $50,000 is US$1,800, and for companies the capital of which exceeds $50,000 – US$3,000.
There must be at least one director (whether individual or corporate, resident or not), and the first director(s) must be appointed within 6 months following incorporation. Details of directors (including the names and addresses, dates and appointment and removal/retirement) shall be recorded with the register of directors to be kept at the company’s registered office.
Companies formed under the British Virgin Islands BC Act are required to keep at the office of their registered agent (apart from the M&AA):
– original or a copy of the register of members (any updates to which are to be notified to the registered agent within 15 days)
– original or a copy of the register of directors (any updates to which are to be notified to the registered agent within 15 days)
– other records, such as minutes of meetings and resolutions of members and directors, etc.
BVI Company Types & Regulation
Formation of companies in the British Virgin Islands is governed by the BVI Business Companies Act, 2004 (“the Act”), under which the following types of business companies (“BC”) can be set up for international trade and investment
- a company limited by shares;
- a company limited by guarantee that is not authorised to issue shares;
- a company limited by guarantee that is authorised to issue shares;
- an unlimited company that is not authorised to issue shares
- an unlimited company that is authorised to issue shares.
Key Benefits Of Using BVI Structures
Modern, flexible and commercially minded BVI corporate legislation (with certain provisions cherry-picked from Delaware, Ontario, Australia, and English corporate legislation) ensures that corporate transactions proceed with maximised efficiency, consistent with common law legal systems.
BVI Companies ordinarily enjoy broad corporate capacity; they can undertake any lawful act or activity, and there are no restrictions relating to corporate benefit nor are they limited by financial assistance restrictions. Efficient procedures apply for authorization of corporate activity – the vast majority of corporate activity can be approved by the directors without the need for a shareholders’ resolution
BVI Companies are not subject to “thin capitalization” rules or any capital maintenance requirements. Provided a company maintains cash-flow and balance sheet solvency, the distribution of assets to shareholders or redemption of shares is a straightforward process. A BVI company is expressly empowered to provide financial assistance to a third party for the acquisition of its own shares
The BVI has no income tax, corporation tax, capital gains tax, wealth tax or similar fiscal laws. While trading companies will normally pay taxes in the usual way in countries where they engage in business, using a BVI company as an intermediary holding company can create tax neutral layers in the corporate holding structure.
BVI companies are still inexpensive compared to other premium jurisdictions such as Cayman and Bermuda. A vanilla BVI company can normally be incorporated for around US$3,200 inclusive of disbursements and annual government fees are around US$650.
A BVI company can be formed within three weeks at a competitive price that is still relatively inexpensive compared to other premium offshore jurisdictions. The BVI’s anti-money laundering (AML) laws do mandate that customer due diligence (in line with the FATF Recommendations) be obtained on directors, shareholders and ultimate beneficial owners of a BVI company; the practical speed of forming a BVI company will mostly be linked to the client’s ability to satisfy customer due diligence requirements.
Using the above company types, you can also set up a restricted purposes company (SPV) or a segregated portfolio company.
The regulating authority is the Financial Services Commission which is responsible for the sector of financial services in the British Virgin Islands.
Details you need to know about formation in the BVI (Header)
All companies formed in the BVI must have a local registered office which can be the address of the company’s registered agent (there are about 70 registered agents in the BVI regulated and licensed by the Financial Services Commission, the list is available on the FSC web site).
BVI companies are not subject to income or other taxes, irrespective of the source of income. The only exception is the salary tax imposed on companies engaging local employees.
British Virgin Islands Offshore Company Registration (BVI) Services
British Virgin Islands Offshore Company
Company Setup Requirements
The names of beneficial shareholders of a BVI Offshore Company are not required to be disclosed to the authorities.
Shareholder(s), director(s) and Corporate Secretary can be the same individual person or a corporate entity.
Offshore companies cannot engage in business in BVI.
Upon successful Incorporation
When your entity is incorporated our services will remit you the following document.
