Bvi Filing Requirements

The British Virgin Islands has a good track record of privacy of business information. Currently, there are no requirements for the publication of the beneficial owner of a company (although this may change in the future); However, the registered agent with whom an IBC registers must have access to this information. Appointed directors and appointed shareholders may also be used as an additional layer of data protection for the ultimate beneficial owner, provided that there are documents reflecting the beneficial owner of the company, such as a statement of trust. The only document available to the public at that time is the Director`s register. Representatives of companies registered in the British Virgin Islands are only required to disclose ownership of companies as part of a legal request, such as an TIEA issued by another jurisdiction. The British Virgin Islands also offers IBCs permission to issue bearer shares through an authorized custodian bank; However, this option is rarely used in the current context of Common Reporting Standards (CRS) and Automatic Exchange of Information (AEOI). Another area where the British Virgin Islands promotes privacy is the possible use of trust structures as the owner of the underlying IBC company. BVI VISTA Trust is a private trust company (PTC) formed to act as trustee of a trust that owns the underlying CIB. This trust allows the owners to manage the assets of the trust and the underlying company themselves. “The VISTA Trust is unique to the British Virgin Islands and is a very useful device when a grantor wishes to maintain management control over the underlying business and does not need to be accountable to the trustee for the actions taken.

It is a popular tool in Asia for the succession of trading companies and for Asian companies in general,” said Marcus Hinkley, Head of Private Clients in Asia. The BOSS Act, as amended under the Economic Substance, requires companies (in addition to the above requirements) to provide information on their tax residence status and tax activities in order to be able to monitor whether the company carries out a relevant activity and, if so, whether the company complies with the applicable economic substance standard. Importantly, the registered representative is the only person with a head office in the Corporate Business Register who can make deposits on behalf of the Corporation, with the exception of a beneficiary of a security right granted by the Corporation, who may file details of the security right in order to prioritize that security right. In addition, in some cases, a notice of change of registered representative may be submitted by a lawyer on behalf of a corporation and not by the registered representative. In general, the only submissions made by a corporation are those relating to amendments to its memorandum and by-laws. If a corporation has decided to submit copies of its registers of directors and/or members to the Corporate Affairs Register, it must continue to submit updates until it notifies the Corporate Affairs Register of its intention to do otherwise. In addition, any amendment to the memorandum and articles of association shall enter into force on the date of filing and not on the date of the decision approving the filing. There are no strict reporting requirements in the British Virgin Islands and an IBC is not required to prepare financial statements or corporate financial statements. The corporation should keep only such accounts or records as the directors of the corporation deem necessary for their own use; And these can be stored anywhere in the world. There is no need to submit annual declarations for an IPC. The latest OECD ratings of the British Virgin Islands have improved over the past decade. It was once classified as non-compliant, but recent documents from April 2018 show that the British Virgin Islands “largely meets” requirements for information exchange upon request.

Unless the corporation is an unlimited corporation that is not authorized to issue shares or a foreign corporation, it is not necessary to file an annual return with the Registrar of Corporate Affairs (although registered representatives are now required to file annual applications for economic substance in relation to corporations under the amended BOSS Act, as defined below and described in more detail below under “Economy”. Substance” explained in more detail). It is important to respect the deadlines set in accordance with the company law of the British Virgin Islands. With our team, you can be sure that all set deadlines will be met while maintaining the highest quality of accounting and tax returns for your business. All of the above documents may be kept in writing or in whole or in part in electronic form (provided that the electronic records comply with the requirements of the British Virgin Islands Electronic Transactions Act 2001). One of the main reasons why the British Virgin Islands as an offshore jurisdiction for business creation is that it is relatively easy to set up an IBC without having to meet too many requirements. Unlike many other financial centres that require directors and shareholders based in this country, new IBCs in the British Virgin Islands only need to appoint at least one director and one shareholder, who can belong to any nationality. There is no legal requirement for annual meetings when they are held in the British Virgin Islands – they can be held anywhere in the world. Shares may be issued in any currency or for non-cash consideration – with or without par value up to a maximum of 50,000 shares (additional fees apply for shares exceeding this amount). Annual declaration files and account verifications are also not required (although it is recommended that they be retained). It is easy to dissolve a company in the British Virgin Islands (although there is a risk that creditors may successfully apply for the takeover of a poached business). While the liquidation of companies is theoretically a complicated process, companies that do not renew their registrations after a certain period of time can in practice simply be cancelled without any further action being taken against them.

unless there are mitigating factors. All records of the Company and its activities must be kept for several years if the Company wishes to be terminated without an extension of the annual fee. Business structures in the British Virgin Islands are easy to set up and maintain, as it is currently not mandatory to file annual and tax returns. It can also make them more profitable. As a recognized jurisdiction, British Virgin Islands companies are able to have corporate bank accounts, which are usually necessary to facilitate transactions, international banking and investments. The strong professional and legal staff also helps to facilitate a simple settlement process in the British Virgin Islands.