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| Forming Companies | > | BVI Companies |
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Information about other offshore jurisdiction is also available:
Samoa, Seychelles, Marshall Islands...... etc.
[ Please contact us for detail ] |
Location:
British Virgin Islands (BVI)
consist of 60 islands and having a total land area of 150km². They lie to the north west of the United States Virgin
Islands and are separated from them by a channel only five
kilometers wide. There is an excellent daily air service between
the Islands and the USA. Cruise ships call in weekly to the
Islands and there are freight carriers. The population is
around 16,000, most of them reside in capital.
Official language : English.
Economy :
The International Business Companies
Ordinance was passed in August 1984. Since then it has been
one of the major factors contributing to the success of the
BVI as an offshore financial centre.
The British Virgin Islands are
currently the world's leading offshore corporate domicile.
There are currently over 300,000 IBC's registered and this
figure increases by more than 2,000 companies per month. This
is a major industry for this small and scenic part of the
Caribbean. |
| Restriction in BVI companies |
IBC's are prohibited
from carrying on any business with persons residing in the
BVI and from owning an interest in real property in the BVI.
The following are not construed
as carrying on any business in the BVI£º
- Maintaining a bank account.
- Using the services of a professional
firm.
- Maintaining accounting records.
- Holding meetings of shareholders
and directors.
- Holding a lease of property
for use as an office.
- Holding shares or other securities
in another BVI company.
- The memorandum of association
must contain the name and address of the BVI registered
agent.
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| Advantages of BVI Companies |
- No tax and filing requirement
- Only one shareholder and director
is required.
- Corporate shareholder and
director is allowed.
- Minimum issued and paid up share
capital required is US$1.
- No mandatory requirement in
preparing financial statements or appointing auditors.
- Totally exempt from BVI income
tax and stamp duties (if no business in BVI).
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- Minimum 1 shareholder + 1
director.
- Minimum US$1 issued and allotted
share capital.
- Registered address in the
offshore country (included in package service and in annual
renewal fee).
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Client can make a selection between "Tailor made company" and "Ready made company".
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| Day 1 |
Client should pass following information to AsiaBS:
- Passport / ID copy and address of at least 1shareholder and 1 director.
- At least 3 intended company names in order of preference for company name search.
- 50% fee as downpayment.
Please use [ BVI company - Incorporation Order Form ] which can help to collect proper information. |
| Day 2 |
- AsiaBS confirm to client whether the names can be used.
- AsiaBS send documents to client for signature by email..
- Client should return the signed documents back to AsiaBS for processing. Usually, sending by fax is sufficient.
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| Day 6 |
- Copy of Certificate
of Incorporation will be available to client to confirm
that the company is properly formed;
- Client need to settle
all service balance payment.
When Certificate
of Incorporation is available to client, the company
is certified to be established and client can use the
company to enter into business transaction. |
| Day 10 |
- Whole set of company
kit and processed documents will be available to client.
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Important Note
- Time required is stated in terms of working days, not calendar days.
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Material available to client after company is formed:
- Company kit - signature
chop, stainless steel seal, printed M&A etc.
- Certificate of Incorporation
- Copies of shareholders,
directors etc registration documents.
If client is unable to collect the original documents in our office. We can arrange to forward the documents to client by courier. Please provide mailing address for courier fee quotation.
AsiaBS will remind client
to renew the company licence each year. Therefore, keeping
corresponding method update with us is important. |
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| Day 1 |
- Client to choose preferred companies from ready made company list
- Client should pass following information to AsiaBS for document preparation:
- Passport / ID copy and address of at least 1shareholder and 1 director.
- At least 3 intended company names in order of preference.
- 50% fee as downpayment.
- Once payment is received by AsiaBS, a copy of Certificate of Incorporation will be available to client to confirm ownership of the company;
- AsiaBS will send documents to client for signature.
- Client should pass the signed documents back to AsiaBS for processing. Usually, sending by fax is sufficient.
When Certificate of Incorporation is available to client, client can
use the company to enter into business transaction, even though some registration process need to handle
in following days. |
| Day 2 |
- Client should settle remaining service fees.
- AsiaBS will pass processed documents and company kit back to client after remaining balance payment settled.
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Material available to client after company is formed:
- Company kit - signature
chop, stainless steel seal, printed M&A etc.
- Certificate of Incorporation
- Copies of shareholders,
directors etc registration documents.
If client is unable to collect the original documents in our office. We can arrange to forward the documents to client by courier. Please provide mailing address for courier fee quotation.
AsiaBS will remind client
to renew the company licence each year. Therefore, keeping
corresponding method update with us is important.
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Generally, the only duty is to maintain annual licence renewal in BVI.
| Annual license renewal fee is US$650. |
We'll send reminder to our client to help renewal.
- Company registered between
1/1 ¨C 30/6
> Annual
license renewal due by 30/4 each year.
- Company registered between
1/7 ¨C 31/12
> Annual
license renewal due by 31/10 each year.
Possible late renewal payment penalty:
- Within 2 months of renewal date = US$650 + 10%
- Over 2 months of renewal date = US$650 + 50%
- Over 5 months, the company will be struck off from the
registration.
As long as the BVI company is
not carrying on business in Hong Kong, there is no duty of
reporting or registration to Hong Kong government departments. |
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Text
only section
AsiaBS - Asia Business Service Limited
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Professional qualified accountants - ACCA, HKICPA
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in Hong Kong(HK), China, BVI and Offshore
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providing services of
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Company Formation (form company),
Incorporation, Business start up for Limited and Unlimited
company, Sole Proprietor, Partnership, Wholly Foreign Owned
Enterprise, WFOE, Joint Venture, JV, Representative Office,
RO
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Bank account opening - in Hong Kong - HSBC, Hang Seng Bank etc,
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Company secretary, Nominee shareholder,
director, Annual maintenance, Accounting, Auditing, Taxation,
Tax filing, Tax planning
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