How to Register an Offshore Company in BVI?
Type of BVI Company: Exempted Companies (the most common type)
The most common type of BVI is a BVI business company (BC). It is one of the most common types of companies registered in BVI area and it is suitable for international trading and investment, global holding, asset management.
Shareholder and Director Requirements
- Shareholder: A minimum of one shareholder is required to establish an offshore company in the BVI. This shareholder may be an individual or a corporate organization that is registered in a foreign nation. The shareholders' identities and other specific information are kept private and will not be disclosed.
- Director: At least one director needs to be appointed at the time of registering a BVI company. It could be an individual or a company, and it can be filled by the same person as the shareholder.
The board meeting can be held anywhere around the globe, as BVI laws do not require a compulsory board meeting to be held in the BVI.
Registered Capital
The typical standard registered capital for a BVI company is $50,000, which does not need to be paid up front; relevant fees are only required when the company makes capital changes. If a higher registered capital is needed, an increase can be requested at the time of incorporation.
Registered Address and Registered Agent
According to the regulations, the registration process of a BVI company cannot be submitted by individuals or overseas companies directly, and must be handled through a registered agent, who is usually responsible for providing a local registered address at the same time.
The Establishment Process of a Cayman Islands Company
Step 1: Company Name Selection and Approval
Company Name Selection and Approval: When selecting a company name, it is essential to ensure that the name does not duplicate that of any existing registered company. The company name can be in any language but must include ‘Limited,’ ‘Corporation,’ ‘Incorporated,’ or their abbreviations to indicate the company’s limited liability status.
Step 2: Company Registration Documents Submission
To prepare the registration of a BVI company, you will need to submit the following documents:
- Company Name: Provide the proposed company name and perform a name check to confirm its availability. The company name should end with “Limited” or “Ltd” to indicate limited liability.
- Director and Shareholder Information: Provide the name, nationality, address, identification (such as a copy of the passport), and proof of address (such as utility bills or bank statements, typically from the last three months) for at least one director and shareholder. If the director or shareholder is a corporate entity, provide the certificate of incorporation, articles of association, and board resolution.
- Company Articles: Submit the Memorandum and Articles of Association, which outline the company’s business scope, shareholder rights, and management structure.
- Registered Capital Declaration: Submit a declaration of registered capital; the default registered capital for BVI companies is typically $50,000.
- Compliance Documents: Complete and sign compliance documents to ensure the company meets anti-money laundering (AML) and know your customer (KYC) regulations, typically requiring the due diligence information for directors and shareholders.
Step 3: Company Registration Certificate
After submitting the necessary documents, the BVI Company Registry will issue the Certificate of Incorporation within 1-3 business days, marking the formal establishment of the company.
Step 4: Open a Bank Account
After registration, a company account can be opened at various offshore banks worldwide. Required documents include the Certificate of Incorporation, proof of identity for directors and shareholders, and the company’s memorandum and articles.
Step 5: Legal and Operating Document Maintenance
The company can engage in international business and must maintain statutory records such as the shareholder register and director register, although these records do not need to be made public. Daily operational documents should also be kept securely for potential financial audits or compliance checks.
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