BVI Company Set Up

Introduction

The British Virgin Islands (BVI) is a group of islands in the Caribbean Sea, 96 km east of Puerto Rico. It is a British Overseas Territory with self-government in most internal matters. The capital, Road Town, is situated on Tortola, the largest island.

Population

The BVI has a population of around 31,000 (2021). 90% of the inhabitants are of African descent. The rest is made up of European, Indian or mixed race.

Language

Official and spoken language is English.

Currency

US Dollar.

Type of Law

Common Law, supplemented with local ordinances.

Principal corporate legislation

BVI Business Companies Act.

Type of Company

Business Company (BC).

Powers of Company

A company incorporated in the BVI has the same powers as a natural person.

Language of Legislation and Corporate Documents

English.

Registered Agent & Office

Each BVI company must have a registered agent and registered office in the BVI.

Company Name

Latin alphabet. Any name in another language than English must be accompanied by a translation. Suffixes to denote limited liability are Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anónima or their relevant abbreviations.

Disclosure of Beneficial Ownership

Information of beneficial owners is required to be kept by the registered agent and must then be uploaded onto a confidential secure database. It is not publicly available. 

Share Capital

The company can authorize to issue up to 50,000 shares with or without par value and thus a lower annual license fee applies.

Taxation

No taxes are levied on Business Companies.

License Fees

Payable in May or November each year, depending on the date of incorporation.

Accounting Records

No requirement for audited accounts. From year 2023, the company needs to provide certain financial information in the form of an Annual  Return to the Registered Agent for each financial year of the company.

Economic Substance

Legal entities without tax residency outside the BVI that carry on any of the “relevant activities’ during any financial period, must comply with the economic substance requirements in relation to that activity. Annual Economic Substance reporting is required.

Directors

Minimum of one director. May be a natural person or body corporate, of any nationality and need not be resident in the BVI. A copy of the Register of Directors must be held at the registered office.

Company Secretary

Not required, but often appointed to facilitate signing obligations.

Shareholders

Minimum of one shareholder.