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Offshore Region Offshore Company Registration All Jurisdictions Summary of Features of British Virgin Islands Company
KNOWLEDGE
Summary
of Features of British Virgin Islands Company
|
General Information |
|
|
Company Law |
Business Companies Act 2004 |
|
Type of Company |
Business Company (BC) |
|
Legislative Language |
English |
|
Taxation of Foreign Profits |
Nil |
|
Exchange Controls |
None |
|
Length of Time to Incorporate |
2 to 3 working days |
|
Shelf Companies Available |
Yes |
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Corporate Names |
|
|
Language |
Any language using the Latin alphabet |
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Name Restrictions |
Names identical or similar, offensive words are not allowed |
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Name Endings Required |
Limited, Corporation, Sociedad Anonima, or its abbreviations |
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Verify Name Availability |
One hour for check |
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Reservation of Names Permitted |
Yes |
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Requirements of Shareholders and Capital |
|
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Minimum Number of Shareholders |
One |
|
Local Shareholders Required |
No |
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Corporate Shareholders Permitted |
Yes |
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Disclosure of Shareholders |
No |
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Minimum Authorised Shares to be issued |
No minimum |
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Registered Shares Permitted |
Yes |
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Bearer Shares Permitted |
Yes |
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No Par Value Shares Permitted |
Yes |
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Increase or Reduction of shares capital |
Yes |
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Requirements of Directors |
|
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Minimum Number of Directors |
One |
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Local Directors Required |
No |
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Corporate Directors Permitted |
Yes |
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Appointment of Subsequent Directors |
Permitted by Memorandum and Articles of Association |
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Meetings |
|
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Annual General Meeting of Shareholders |
No |
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Annual General Meeting of Directors |
No |
|
Location |
Anywhere |
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Quorum required for purposes of meetings |
Depend on Memorandum and Articles of Association |
|
Local Requirements |
|
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Local Registered Agent |
Yes |
|
Local Registered Office |
Yes |
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Register of Member |
Shall be kept at the registered office |
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Register of Directors |
Shall be kept at the registered office |
|
Register of Charges |
Shall be kept at the registered office |
|
Company Seal |
Required |
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Annual Renewal |
|
|
Annual Renewal Fee Due Date |
Before May 31 (for incorporated in first half year); or November 30 (for incorporated in second half year) |
|
Renewal Penalty |
10% penalty if paid within 2 months after the payment due date; 50% penalty if paid more than 2 months after payment due date |
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Filing Annual Returns |
No |
|
Prepare Annual Audited Accounts |
No |
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Other Relevant Information |
|
|
Re-domiciliation |
Yes |
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Reinstatement from Registry |
Yes |
|
Removal from Registry |
Compulsory or voluntary winding up and dissolution; and strike-off by non-payment |
|
Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |
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