British Virgin Islands (BVI) are most likely considered as the most attractive jurisdiction for company formation due to their, in general nature, minimum requirements. The type of the company formed is that of a British Island Business Company (BVIBC) with the incorporation process taking only 1 day. The tax on offshore profits and exchange controls are non-existent. GFA TRUST has an extensive experience in BVI companies.
The jurisdiction’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in BVI with no obligation attached as to the presence of a local Company Secretary, Director or with the legal obligation that the meetings of the company take place in BVI, as the location of the Board Meetings, can be placed anywhere in the world as also the company’s administration. The minimum number of Directors and Shareholders is 1.
There are no Public Filings requirements imposed to the Directors, Shareholders or Ultimate Beneficial Owners of the Company. Furthermore there are no Annual Filing Requirements attached i.e. there exists no obligation for the submission of the company’s Annual Return or Audited Accounts.
The issuance of bearer shares is permitted provided that the shares are held by an approved Custodian. In addition company re-domiciliation is permitted, as also, the acquiring of shelf companies and the appointment of Corporate Directors.