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Summary of Features of British Virgin Islands Company

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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

Corporate Names

Language

Any language using the Latin alphabet

Name Restrictions

Names identical or similar, offensive words are not allowed

Name Endings Required

Limited, Corporation, Sociedad Anonima, or its abbreviations

Verify Name Availability   

One hour for check

Reservation of Names Permitted

Yes

Requirements of Shareholders and Capital

Minimum Number of Shareholders

One

Local Shareholders Required

No

Corporate Shareholders Permitted

Yes

Disclosure of Shareholders

No

Minimum Authorised Shares to be issued

No minimum

Registered Shares Permitted

Yes

Bearer Shares Permitted

Yes

No Par Value Shares Permitted

Yes

Increase or Reduction of shares capital

Yes

Requirements of Directors

Minimum Number of Directors

One

Local Directors Required

No

Corporate Directors Permitted

Yes

Appointment of Subsequent Directors

Permitted by Memorandum and Articles of Association

Meetings

Annual General Meeting of Shareholders

No

Annual General Meeting of Directors

No

Location

Anywhere

Quorum required for purposes of meetings

Depend on Memorandum and Articles of Association

Local Requirements

Local Registered Agent

Yes

Local Registered Office

Yes

Register of Member

Shall be kept at the registered office

Register of Directors

Shall be kept at the registered office

Register of Charges

Shall be kept at the registered office

Company Seal

Required

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

Filing Annual Returns

No

Prepare Annual Audited Accounts

No

Other Relevant Information

Re-domiciliation

Yes

Reinstatement from Registry

Yes

Removal from Registry

Compulsory or voluntary winding up and dissolution; and strike-off by non-payment



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