BRITISH VIRGIN ISLANDS CORPORATIONS

The British Virgin Islands (BVI) constitutes a group of nearly 40 small islands in the Caribbean of which Tortola is the main one. The islands are located approximately 60 miles East of Puerto Rico and have a population of approximately 19,000 people.
Although the BVI is self-governed domestically it remains a British colony under the protection of Great Britain in matters of foreign relations and external defense, although self-governed. Their economy is based mainly on tourism and international trade.

SUCRE ARIAS & REYES provides all services concerning the incorporation and management of the companies through its affiliated office located in Tortola, SUCRE & SUCRE TRUST (BVI) LIMITED. (Top)



IMPORTANT FACTS

BVI corporations translate to secure investments since these islands are and have traditionally been considered a reputable financial and trade center. The International Companies Ordinance 1984 was created to conduct the offshore business. The IBC companies does not carry on business with resident persons in the Islands, nor have the ultimate beneficial owners of its shares in the Island.
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TAXATION

• The BVI International Business Companies are not subject to income tax, nor are dividends, interest, income and other monetary benefits paid by said corporations to non-residents of BVI. Additionally, non-residents of BVI are no taxed on capitals gains derived from the sale of corporate shares or assets.

• Corporations are not required to file tax returns or any other type of report or declaration, annually or otherwise, to the government of BVI for income received from foreign sources.

•There are no restrictions, assessments or controls on currency exchange, the U.S. dollar being the official currency in the islands. (Top)



REQUIREMENTS FOR INCORPORATION

SUCRE ARIAS & REYES offers two types of BVI corporations to wit:A. Tailor-made Corporation- A completely new corporation formed upon client's specifications and organized in 3 working days or less.
B. Shelf Corporation - An inventory of companies previously formed is always maintained available for immediate dispatch.

Requirements and considerations when Tailor-Made companies are being incorporated :

Name: The corporate name must have the ending word Corporation, Incorporated, Limited, "Sociedad Anónima", Societé Anonyme or their abbreviations (Corp., Inc., Ltd., S.A.) Chinese names are permitted when English translation is provided. The use of names including the words bank, insurance, reinsurance, trust or trustee, imperial, royal, cooperative, municipal, chartered, building, funds, chamber of commerce, is restricted. The Registrar can approve these names upon request and in specific cases, when licenses are obtained.
The use of names suggesting any connection with Government or the Crown are restricted.
In order to expedite the process you may provide at least three name alternatives in order of preference. These name would be verified by our office in BVI directly with the Registrar Office and availability is confirmed within an hour. The chosen name could be reserved up to 90 days.

Capital Structure and Shares: The authorized capital of the company is usually denominated in US$. However, any currency and shares may be issued. In case of share capital, shares can be with or without par value, with classes and preferences. Nominative and Bearer shares are permitted.
The number of shares to be issued and the names and addresses of shareholders, must be provided.
Directors and Officers: Names and addresses of any directors or officers to be appointed must be provided by the client, unless our nominee Director and Officer services are required. A minimum of one Director is required. Corporations can be appointed as Directors. These two figures could be of any nationality. All corporations must have a Secretary, but there may be as many Officers as deemed necessary (i.e. President, Vice-President, Assistant Secretary, etc.) Information regarding the directors and officers of the company are not matter of public record.
Shareholders: At least one shareholder is required for the issuance of nominative or bearer shares. Information of the shareholders are not matter of public record. Shareholders have the maximum authority in the corporation, although directors and officers manage the company.

Registered Office/ Agent: IBC companies must have a Registered Office/Agent located in BVI.
Register of Directors & Officers / Register of Members: Stated by the Companies Act 1984, a copy of these two Registers must be kept in our offices of BVI.

Books, records and corporate seal: Directors of the company may determine from time to time where the books, records and seal shall be kept.

Annual License Fees:

1. Authorized Capital up to US$50,000.00: US$ 300.00
2. Authorized Capital over US$50,000.00: US$1,000.00
3. Authorized Capital does not exceed US$50,000.00 and some shares has not par value or when the company has no authorized capital and all shares has no par value: US$350.00

Penalties: Depending on date of incorporation, annual license fees and penalties are imposed:


Companies incorporated between January and June, its Annual License due date is May 1st.
10% Surcharge is applied between June 1 – July 31.
50% Surcharge is applied between August 1 – October 31.

Companies incorporated between July and December, its Annual License
due date is November 30.
10% Surcharge is applied between December 1 – January 31.
50% Surcharge is applied between February 1 – April 30
Struck off from the Registrar: May 31 (After failure of payment of one year after incorporation) (Top)