Home Knowledge Other Jurisdictions Offshore Company Registration All Jurisdictions Summary of Features of British Virgin Islands Company
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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