British Virgin Islands

General Introduction

British Virgin Islands (BVI) are a group of 50 islands located in the Caribbean, roughly 60 miles at the east of Puerto Rico and is part of the British Overseas Territory.

Its principal islands are Tortola, Virgin Gorda, Anegada and Jost Van Dyke.

BVI is constitutionally autonomous from the United Kingdom, except for foreign affairs, defense, homeland security, civil service and court administration. It is considered as one of the most important financial and services centers of the region.

Advantages that British Virgin Islands (BVI) may offer you:

• British Virgin Islands, share the U.S. dollar as currency.
• It has beautiful beaches, due to which it has a very active tourism.
• The financial services sector is the fastest growth sector in the BVI economy and together with the banking and insurance, has contributed significantly to the growth of the BVI gross domestic product.

We at WCS can assist You to carry out the business of organization and management of BVI Business Companies and Vista Trusts.

BVI CORPORATIONS

Company Law.

The BVI Business Companies Act “BVI BC Act”, 2004.

Type of Companies.

In addition to the companies limited by shares, the BVI BC Act allows the incorporation of other types of companies such as:

• Companies limited by guarantee and authorised to issue shares;
• Companies limited by guarantee and not authorised to issue shares;
• Unlimited companies authorised to issue shares;
• Unlimited companies not authorised to issue shares;
• Restricted purpose companies and
• Segregated port folio companies.

Points of Interest.

Incorporation under the BVI BC Act provides the following benefits and features:

• The BBC Act includes a number of important provisions that make the BVI Business Company an extremely versatile and adaptable corporate entity for private portfolio holding companies, trading companies, mutual funds and property holding companies.
• A minimum of one Shareholder and one Director
• Purchase and ownership by the company of its own shares is permitted.
• Statutory power is given to engage in any lawful activity.
• No public record is maintained as to the identity of Shareholders, however a private Register of Directors must be filed with the Registry of Corporate Affairs within 21 days of the appointment of the company’s first Directors. In addition, a BBC must provide information on the identity of its beneficial owner to its registered agent.
• Board meetings can be held anywhere in the world and can be conducted by telephone.
• Exemption from all BVI taxes and stamp duty.

How to incorporate a BBC.

Any person (natural or juridical) may singly or jointly with others (in the BVI or elsewhere) incorporate a BBC by subscribing to a Memorandum and Articles of Association.

The usual procedure is for a nominee to act as incorporator. Our BVI Registered Agent, offers the service to act as sole incorporator.

When the company is registered, control of the company is passed over to the interested party by appointing as first directors ( individual or corporate) those indicated by the client. The directors, in turn, arrange the issuance of shares and take the other decisions to commence business.

The length of time required for the corporation to be formed will be approximately five (5) working days from the date in which final instructions are received by us.

IMPORTANT NOTE: In accordance with regulatory and legal provisions , our firm maintains internal policies related to the processes of “Due Dilligence” and “Know your Client ” , as routine to avoid the occurrence of illicit activities, protecting our clients and our business.

Incorporation Cost

The incorporation cost of a BVI corporation allowing up to 50,000 standard share capital covers the following:

• Professional fees for the incorporation,
• Duties payable to the local
• Government for the incorporation of the company ,
• Certificate of Incorporation,
• Memorandum & Articles of Association,
• First Minutes,
• Corporate Register,
• Printed share certificates,
• Corporate seal ,
• Providing Registered Of f ices and serving as Registered Agent for the first year
• Providing Nominee Director/Secretary and Shareholder/s for the first year

Annual License Tax.

Registered Agent and Registered Office fees applies one year after to the incorporation date.

Annual License Tax paid to the government for companies allowing up to 50,000 shares is $450. A BBC must pay an Annual License Tax to the government. The amount of this tax depends on the authorised shares of the company.

If the annual license tax is not paid due date on the corresponding last penalty date, the company is stricken-off from the Register. However, it may be subsequently restored by payment of fine.

a) For companies incorporated during the first six months of a year:

• Payment of the License Tax is due by May 31st .
• After June 1st payment of the tax is subject to the following surcharges for non-payment on due date:
  • 10% until 31s t July
  • 50% until 31s t October

b) For companies incorporated during the second six months of a year:

• Payment License Tax is due on November 30^th.
• After December 31s t payment of the tax is subject to the following surcharges for non-payment on due date:
  • 10% until 31st January
  • 50% until 30th April

Please note that on the next year following the year of incorporation, we shall send the client a reminder on when and how to pay the Annual License Fee and Register Agent and Of f ice fee.

Amendments.

The Memorandum/Articles of Association may be amended by either a resolution of directors or of shareholders and the amendment filed with the Registrar of Companies.

Books, Records and Common Seal .

A BBC is required to have a common seal (which may be kept outside or within the BVI) and an imprint thereof must be kept at the BBC’s Registered Office in BVI. Seals must be used if the company enters into a contract which, if entered between individuals, would be required by law to be in writing and under seal. A BBC shall keep such accounts and records as the directors consider necessary or desirable in order to reflect the financial position of the company, at the Registered Office of the company in BVI or at such other place outside the BVI as the directors determine.

Powers of Attorney.

A BBC may grant special Powers of Attorney to any person, to act on its behalf to execute contracts, agreements, deeds and other instruments. These powers are not a matter of public record, although it is advisable that the Registered Agent be informed.

Certificates of Good Standing.

Certificates of good standing for a BBC can be obtained upon application to the Registrar of Companies.

Register of Shares

No public records exist of shareholders. Every BBC is required to keep one or more Registers of shares and shareholders, and at least one copy thereof must be kept a t the Registered Office of the Company in the BVI. To comply with the law, the Registered Agent must be informed of any changes in the Shares Register.

Directors/Officers.

Every company is required to appoint one or more directors within six months of its incorporation. A company may serve as a director. There are no nationality requirements for directors or shareholders. A director cannot be appointed unless he has given written consent to his appointment. Once a Director is appointed, the company must issue shares. Every company formed in the BVI is required to establish and maintain a Register of Directors. The Register must be kept at its Registered Office and will remain confidential in our files as it is not a requirement to file it at the Registry of Companies.

Transfer of Jurisdiction.

A BVI company may transfer its domicile to a foreign jurisdiction permitting such transfer.

A company organized under any foreign jurisdiction may continue its existence as a BVI company upon approval of the necessary Resolution by its proper corporate body. Upon the registration of the Articles of Incorporation with the Registrar of Companies such a company will then continue as a BVI company regardless of provisions to the contrary in the laws of its previous jurisdiction.

For incorporation queries in this jurisdiction, please complete and return to us our Company Formation Questionnaire.

For further information on our services provided in this jurisdiction and for the list of our currently available self-companies in this jurisdiction, please Contact Us.

JURISDICTION INFORMATION CHART