BVI Offshore Company

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BVI Offshore Company

POLS can form a BVI Offshore Company through our correspondent British Virgin Islands law firm.

BVI History

Discovered by Christopher Columbus in 1493 these islands adopted Spanish names but were never seriously colonized by the Spanish.  The Dutch were the first Europeans to settle on Tortola Island in 1621.

In 1672, the British made their first settlement on Tortola Island and eventually incorporated the islands as British territories.

There are over 600,000 domestic and offshore companies headquartered in the BVI.

BVI International Business Companies (IBC) Laws

In 1984 The British Virgin Islands International Business Companies Ordinance became law.  In 2005 this law was replaced by the BVI Business Companies Act.  This new law made domestic companies equal to their offshore companies.  Only one company can be formed called the “BVI Business Company” which is exempt from all taxes.

Advantages of a BVI Offshore Company

Here are some advantages of a BVI Offshore Company:

•  The U.S. Dollar is the official currency in the BVI.

•  The BVI is a British Overseas Territory providing political
stability.

•  BVI has a clean reputation as a Tax haven.

•  BVI has an independent judicial system based upon British Common
Law which recognizes the importance of its offshore financial centre industry’s
importance to the country’s gross domestic product.

•  BVI is an independent country maintaining a very high standard of living avoiding information trading treaties with other countries in exchange for foreign aid.

•  BVI is easily accessible from air and sea and is close to mainland USA and is on the Eastern Standard Time Zone half the year and one hour behind EST during the Fall and Winter.

•  BVI Business Companies are exempt from income taxes derived from dividends, interest, rents, royalties, company compensations, and capital gains.

•  No estate, inheritance, succession or gift taxes.

•  No stamp duty tax except for the sale or real property within the BVI.

•  Total secrecy for shareholders, directors, and beneficial owners whose names are only kept at the offices of the Registered Agent.

•  The only documents filed with the BVI government are the Articles of Association and Memorandum which do not name the shareholders, beneficial owners and directors.

•  Only 1 owner, shareholder and director are required which can be the same person.

•  Shareholders, directors, and officers can be from any country.

•  Annual General Meeting is not required.

•  General Meetings can be held by phone or any electronic means and directors and shareholders can vote by proxy.

•  Companies with only 1 owner acting as shareholder and director may appoint a reserve director to act in his place in case of death.

•  To prevent foreign government seizures of Company shares or any other interests in the Company, the owner can petition the BVI court for an order requiring the Company to ignore the seizure while continuing to treat the shareholder as the only one holding the shares.

•  No reporting of financial accounts to the BVI government.  However, proper accounting records must be maintained to prove all commercial transactions.

•  Bearer shares are allowed but must be held by a licensed custodian in the BVI, or by a custodian outside of the BVI, with a written document identifying the true owner and his address.

•  BVI Business Companies can be created as a company with limited shares, an unlimited company (without or with authorization to issue shares), a restricted purpose company and a segregated portfolio company.

•  No requirement to state company purpose.

Requirements of a BVI Business Company

•  Company name cannot be the same as any other registered company in BVI.

•  A limited company shall end with either the word “Incorporated”, “Limited”, “Corporation”, or “Sociedad Anonima”, or “Societe Anonyme”; or the abbreviation ”Corp.”, “Ltd.”, “S.A.”, or “Inc.”.

•  The name of an unlimited company must either end with the abbreviation “Unltd” or end with the word “Unlimited”.

•  The name of a BVI Business Company may use the expression “BVI Company Number” using its company number, for example “BVI Company Number 123456 Ltd”.

•  Anyone can be appointed by the BVI Business Company Board of Directors to be an Agent for the Company.  While an Agent can have as much authority and powers which the Board of Directors designate; no agent ever has the power to amend the Articles or the Memorandum, to appoint agents or directors, to approve a merger plan or consolidation, or to declare solvency or approve a liquidation plan.

Nominee Directors

The true owner can achieve anonymity by utilizing Nominee third party Directors.  The client maintains full control as to the extent in which Nominee Directors can be involved with daily matters.

When using Nomineem Directors the owner can appoint himself to be an “agent” or “representative” in order to conduct personal transactions, signing and executing the company’s daily business.  This is accomplished by either a Power of Attorney or a Special Resolution.  This allows for the signing of invoices, contracts, opening bank accounts as signatory, and business correspondence as would a company CEO.  The Nominee Director’s involvement in this scenario would be that of a mere formality to be paid a small fixed fee of US$50 per year per nominee director.

Company Documents

The typical documents for a BVI Business Company include:

•  Articles of Association;

•  Memorandum of Association;

•  Original Certification of Incorporation;

•  The Resolutions and Minutes regarding the distribution of shares, appointment of the Director and the share certificates, the Registrar of Shareholders and copies of the Registrar of Directors.

•  Additional documentation may include trust declarations, share transfer forms, and appointments of an agent (Power of Attorney).

•  If the client wishes our law firm can also provide the corporate seal at an additional cost.

Timing

From the taking of the order, receiving all due diligence documents, and full payment; the BVI Business Company can be incorporated from 3 to 6 business days.  Additional certificates (Apostille and Notary) can take an additional 2 to 4 business days.

Requirements to Form a BVI Business Company:

1.  Photocopies of each shareholder’s passport, notarized.

2.  Nominee directors services are available for US$50 per year per director.  If you choose to appoint your own directors, please provide a photocopy of each directors passport, notarized.

3.  Complete and sign the application and Registered Agent Contract.

4.  Provide a financial or professional reference letter (this can be from a
bank, broker, financial advisor, law firm, accountant, supplier, or other professional).

5.  Provide a proof of address (such as a copy of a utility bill showing your name and address).

6.  Our fee is $1,800 USD, plus courier fees to send you the documents.

Creating a BVI Business Company is fast, low cost, and easy.

Contact Us in order to create a BVI Business Company.

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