Due to the many tax advantages the country offers, many American businesses choose to put up an overseas business in the British Virgin Islands. One such perk is an exemption from stamp duty and all local taxes. This makes for exceptional incentives for foreign businesses as this system translates to substantial savings in the long run. Below are some steps to think about if you're thinking of setting up an overseas company in BVI.
Create a suitable structure for your business. Seek advice from your lawyer about the ideal framework for your business. This may involve investigating the available company kinds that can be established in BVI, such as ordinary resident business, ordinary non-resident company, global business company, limited partnership, or trust. It is essential to form the skeletal system of your company first before continuing to the next steps.
Think up an ideal name (in English) for your business. Head over to the Registrar of Companies and follow the instructions on affixing a suffix to denote the legal framework of your company. If the name suggests any connection with banking, insurance, and stock funds, you should get a license for it. This rule is compulsory in BVI.
Memorandum and Articles of Association
This file is an essential part of sealing the deal on your offshore business. It contains the specifics of your company conducts within the nation. It also mentions the policies for your company's internal management system. Ask your lawyer on ways to properly prepare these files for submission to the Office of the Registrar of Companies.
BVI foreign company law specifies that you must get a signed up agent within your business in the country. This is obligatory regardless of the kind of business operations that you have going. File this name to the Registrar, as well. You will also have to send names of your company's directors, shareholders, and other members of the board, if any, including copies of their passports and business home loans.
Should you wish to set up your company in nations besides BVI, try to find other registration ideas on foreign company registry in Hong Kong or in the nation you're interested in. Choose the advantages that establishing a company in the British Virgin Islands can give you by registering when you can. To find out more, check out ehow.com/how_7208382_register-bvi-company.html.
A Better Look at Signing Up a Company in BVI