Company formation in the British Virgin Islands provides an ideal offshore structure with a 0% tax rate and high confidentiality. With Sirket.io, you can set up your company in the British Virgin Islands completely online in 5 business days.
The British Virgin Islands (BVI) is one of the world’s most preferred offshore centers thanks to its flexible corporate structure, low-cost setup and tax advantages. The incorporation process is fast and can be completed with just one shareholder and one director. Companies are not required to submit annual financial statements and there is no corporate tax on global income. With a high international reputation, the British Virgin Islands (BVI) offers a legal and advantageous offshore solution for entrepreneurs.
The most preferred type of company in the British Virgin Islands is the Business Company (BC) structure. This type of company offers entrepreneurs a low-cost, fast and flexible establishment process. BC companies can be established with only one shareholder and one director, both of whom can be natural or legal persons and can be from any country. The identity of shareholders and directors is not disclosed to the public, which provides a high level of confidentiality. Companies are not required to submit financial statements, have audits or file tax returns. Corporate tax is not charged on global income and shares can be flexibly arranged by defining different rights. In these respects, BC companies are an ideal structure for businesses operating in areas such as international trade, investment, consultancy and asset protection.
Incorporating a company in the British Virgin Islands (BVI) is a quick, easy and completely remote process. Incorporation is usually completed within 5 to 6 business days. There is no need for company owners to travel to the country; all documents are prepared and processed through a licensed registered agent. Once the necessary documents are submitted, payment is made and the name is approved, the company is officially incorporated with the BVI Registry. Once incorporation is complete, the company documents are physically sent to the incorporator.
In companies incorporated in the British Virgin Islands (BVI), the liability of shareholders is limited to the number of shares they own. There is no minimum capital requirement. An authorized capital of up to 50,000 shares is preferred to ensure the lowest government fees. Shares may be par value or non-par value. At least one share must be issued at the time of establishment. It can be one or more real or legal persons. It does not matter if they are local or foreign. Shareholder information is not publicly available. At least one director is required. It can be a natural person or a legal entity. The names of the directors can only be obtained through official reports that can be requested by registered representatives. Appointment of a secretary is not mandatory. The annual general meeting is not mandatory and can be held at any location. It can also be held by phone or online. Local address provided by licensed registered agent.
There is no corporate tax, dividend tax, withholding tax on interest or royalties, capital gains tax, inheritance tax, gift tax or personal income tax for the British Virgin Islands, Business Company (BC). All payments made by the company, such as rent, salary, consulting expenses, are not subject to tax. In addition, companies operating in areas such as international investments, purchase and sale of goods and services, and fund management benefit fully from these tax advantages. There is no direct personal tax in the BVI. Personal income, capital gains, wealth or inheritance are not taxed. No withholding tax is applied to dividend, interest and royalty payments made to persons abroad. Although the BVI does not impose a tax on interest income, it does apply the European Union savings directive, under which interest payments to EU recipients are automatically shared with the relevant tax authorities.
All companies are required to keep accounting records that will explain the company's transactions and present its financial position with reasonable accuracy. Accounting records may be kept at the registered agent or at another address notified in writing by the directors. All accounting documents must be kept for at least 5 years from the relevant transaction or termination of the business relationship.
In the British Virgin Islands, companies engaged in certain commercial activities are required to submit an annual declaration of economic existence. The purpose of this regulation is to ensure that companies established in the British Virgin Islands are associated with a specific economic existence and activity, not just on paper.
Companies are not required to prepare a balance sheet or income statement or have an audit conducted. However, from 2023, all BVI companies are required to submit an annual Statement of Financial Position. All companies must submit an annual return, including a statement of financial position and income statement for the previous financial year, to the registered representative within 9 months of the end of the company’s financial year.
All BVI companies pay a fixed government levy each year, plus annual fees for registered agent and address services.
We set up your company in the British Virgin Islands in just 5 business days!
BVI Company Formation
This package covers all the necessary legal and administrative steps for investors and entrepreneurs planning to set up a company in the British Virgin Islands (BVI), ensuring a smooth and compliant incorporation process.
