The British Virgin Islands is one of the world’s leading financial centres and by far, the premier choice for corporate domicile. The BVI is highly regarded as a stable and safe jurisdiction and incorporating your business there, offers numerous benefits, the most important of which include:
• Zero Taxation: BVI does not levy taxes on corporations. This means no income, capital gains, inheritance, gift, sales, or value added taxes.
• Asset Protection: By employing proper corporate structuring, including where necessary trust vehicles the assets of a BVI company can be highly insulated and shielded from attack.
• Privacy: Neither the register of directors nor the register of shareholders of a BVI company are publicly available.
Other advantages include:
• Competitive Initial and Annual Filing Fees.
• Non-onerous obligations: A BVI company can have a minimum of one director and shareholder, which can either be an individual or corporate entity.
• BVI does not require annual meetings, audits, or require annual financial statements to be filed.
• The corporation can hold meetings via electronic or phone methods.
• The corporation can maintain accounting, statutory and other records outside BVI.
• BVI is in good standing with the Organization for Economic Co-operation and Development and other international tax authorities.
• The United States dollar is BVI’s official currency. More than sixty percent of foreign banks are United States currency denominated.
• Once the ultimate beneficial owners and directors satisfy due diligence requirements, a BVI incorporation can be completed within a few days.
How to Incorporate in BVI
The company formation process in the BVI Economic Substance Services starts with an onboarding process where the ultimate beneficial owners and directors are required to complete various Due Diligence or Know Your Client (KYC) forms. This is required to comply with strict Anti-Money Laundering and Counter-Terrorism Financing rules and regulations in force in the BVI. Failure to carry out such procedures would expose the BVI Registered Agent to significant fines and reputational risk. On completion of the incorporation the Registered Office / Agent provides ongoing governance and other support services as may be required.
CCP Financial Consultants Limited
CCP Financial Consultants Limited is a BVI based, multidisciplinary financial services firm, dedicated to providing premium financial solutions to clients around the world. It primarily focuses on Company Incorporation and Management, Ship Registration, Liquidations, Accountancy, Economic Substance, and assists with bank account opening. Please visit the website and if required you can schedule a consultation for more information.
*With regard to reciprocal enforcement of foreign judgments, this is what I read. Let me know.