Offshore Company
BVI Company Registration and Maintenance Guide (4) – Choosing the Name for a BVI Business Company
There are restrictions on what types of words you can use in a company name. See “restrictions” and BVI Restricted Words. No company can be incorporated which has a name which is identical to another company incorporated in the British Virgin Islands or so closely resembles the name that it could be deceptive or mixed up. Possible endings: The name of the company must include one of the following words or its abbreviation: Word Abbreviated form Limited Ltd. Corporation Corp. Incorporated Inc. Societe Anonyme or Sociedad Anonima S.A. Possible words to use in the name: If you wanted to use the name Blue Mountains, Inc., it’s quite possible that the name is not available because there is already a company with that name registered in the British Virgin Islands.? In order to avoid your name being rejected because it is identical to another name, you might consider using […]
BVI Company Registration and Maintenance Guide (3) – Major Features of British Virgin Islands Company (BVI Company)
GENERAL INFORMATION The British Virgin Islands are a British dependency located in the Eastern Caribbean, about 80 kilometers East of Puerto Rico. English is the official language and the official currency is the United States Dollar. The Government is stable and promises to remain that way. There is good commercial and professional infrastructure and the Government is actively encouraging the development of the offshore finance business and has now upgraded the Companies Registry by installing state of the art technology. The International Business Companies Act was passed in 1984 and created the International Business Company (IBC) which is the preferred offshore company vehicle. In recent years the BVI has become extremely popular, particularly in the Far East region, due to the extensive marketing of the jurisdiction particularly by lawyers who moved from Panama during the Noriega regime and set up offices in the BVI. FEATURES OF BRITISH VIRGIN ISLANDS COMPANY […]
BVI Company Registration and Maintenance Guide (2) – The BVI Business Companies
The British Virgin Islands, by virtue of its double tax treaties, was a financial centre long before the enactment of the International Business Companies Act in 1984 (replaced by BVI Business Act 2004). In 1984 the Territorial Government enacted legislation to enable the jurisdiction to meet the increasing demands of the international financial community. The cornerstone of the corporate legislation is the International Business Companies Act, 1984. This legislation has proved so popular with the international financial community that the British Virgin Islands is now one of the world’s pre-eminent offshore financial centres. In keeping with its role as one of the world’s pre-eminent financial centres, the Territorial Government has also been conscious of the need to provide the international financial community with a broader legal framework within which to provide offshore financial services. A legislative review programme was undertaken which has seen the amendment in 1993 of the Trustee […]
BVI Company Registration and Maintenance Guide (1) – Introduction to British Virgin Islands
A Long and Eventful History The British Virgin Islands are well known in historical terms, both as a stop-over point for ships on their way to and from Europe and ‘The New World’ and as a haven for pirates, preying on those same ships throughout the latter half of the 17th century and the early part of the 18th century. The multitude of small cays and hidden coves scattered about a jewel-like sea made the islands an ideal base for those intent on mischief. Perhaps the most famous, many would say infamous, of those pirates was the British renegade Sir Henry Morgan, well known for hating not only the Spanish but the sight of both taxes and tax collectors. Maybe we can thank Sir Henry after all, could it be that the origins of the BVI’s present day ‘offshore’ status lie back with him? Not only did those […]
British Virgin Islands Tax Information Exchange Agreement Program
The Practicalities: what is a TIEA? A Tax Information Exchange Agreement (TIEA) is a bilateral agreement that has been negotiated and signed between two countries to establish a formal regime for the exchange of information relating to civil and criminal tax matters. How does the BVI enter into a TIEA? The BVI either approaches a country, or is approached directly by a country, to enter discussions to conclude a TIEA. TIEAs are negotiated on the BVI’s behalf by a team of officials from the International Finance Centre, the Ministry of Finance, the Inland Revenue Department and the Attorney General’s Office, with ongoing representation from the Financial Services Commission. Once the agreements are agreed in draft form, they are considered at official level for approval by the BVI Cabinet. Once the relevant constitutional arrangements and approval processes have taken place in both countries, a ceremony takes place where the formal […]
British Virgin Islands Business Company (BVI BC)
IBC – an International Business Company – is the most commonly used official name for what is more popularly known as an “offshore company”. IBC’s are the basic building blocks of the offshore financial services industry. Essentially, a modern IBC is a private corporation which is exempt from tax, suitable for virtually any international business activity, has a flexible organizational structure, is not burdened by excessive reporting and record-keeping requirements, and maintains strict confidentiality provisions. Since the adoption of the British Virgin Islands International Business Companies Ordinance in 1984, the BVI IBC has attained a model status in the offshore services industry. With more than 600,000 total incorporations and more than 5000 new companies registered every month, BVI is by far the most popular offshore tax haven. Such is the dominance of the British Virgin Islands as an offshore corporate domicile, that in many regions of the Far East International […]
BRITISH VIRGIN ISLANDS (BVI) INTERNATIONAL BUSINESS COMPANIES (IBC) MAINTENANCE GUIDELINES
1. YOUR COMPANY KIT AND MAINTENANCE OF CORPORATE RECORDS 1.1 Memorandum and Articles of Association (“M&A”) This company kit includes five copies of the M&A of which two have been stamped by the BVI Registry. Further copies are retained by the Registered Agent and the Registrar of Companies in the BVI. Any amendments to the M&A may be passed by resolution of the director(s) or shareholder(s) and must be filed with the Registrar of Companies in the BVI. Amendments are NOT effective until so filed. Kaizen Corporate Services Limited (“Kaizen”) will be pleased to assist with providing standard form amendments, with filing amendments and with re-printing the M&A on request. 1.2 Minutes and Financial Records An IBC is required to keep minutes of all meetings of directors, members, committees of directors, committees of officers and committees of members. Copies of all written resolutions consented to by the foregoing parties […]
Benefits of Irish Companies
Tax Benefits Company incorporation Ireland is an attractive proposition due to low corporation tax rates (12.5%) and a current 3-year tax exempt period for new companies. For foreign investors considering setting up business in Ireland and existing organizations seeking a more tax efficient corporate base, the benefits of Irish company formation should be given serious consideration. Ireland as a Holding Company Location As the international pressure against the use of tax haven locations intensifies, Ireland is attracting considerable attention as a holding company location of choice. The key drivers behind such moves are as follows: • The Irish tax regime provides a platform for multi-nationals to own shares in subsidiaries through Ireland without attracting an incidence of Irish tax liabilities on dividends or capital gains; • Irish holding companies are not exempt to Irish corporation tax. They can obtain the benefit of Ireland’s network of double tax treaties. Holding […]
Belize Tailor-made Company Registration Procedures, Registration Costs and Annual Renewal Fees
Belize Company here refers to International Business Company (Offshore Company) registered in Belize. Belize Company Registration Procedures Step 1 You confirm and engage Kaizen to register your Belize company by either sending Kaizen an email or fax. If so requested, Kaizen will prepare and sign an engagement letter with you. Step 2 You provide to Kaizen either by fax or scan and email the following materials: Proposed company name, either in English only or Chinese only or both; One photocopy of passport (only the page showing the particulars of the holder) and residential address of each shareholder; if any shareholder is another corporation, please provide Certificate of Incorporation and Registered Office of that corporation; One photocopy of passport (only the page showing the particulars of the holder) and residential address of each director; if any director is another corporation, please provide Certificate of Incorporation and Registered Office of that […]
Belize Special Licensed IBCs
IBCs registered in Belize do not generally require licenses to operate. The following are certain business activities which would require licensing and an application to the International Financial Services Commission, the regulatory board of Belize: Formation or management of international business companies or other offshore entities Formation or management of international trusts and the provision of international trustee services International insurance services International asset protection and management International collective investment schemes (such as mutual funds, unit trusts, etc.) Money transmission services Payment processing services Trading in foreign exchange Trading in financial and commodity-based derivative instruments and other securities Money brokering Money lending and pawning or exchange Safe custody services Accounting services Brokerage, consultancy or advisory services in any of the above services