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

Legal System : English Common Law

Currency : United States Dollar (USD)

Time Zone : GMT -4

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.

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 :

• 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.

1. Tailor made company
2. Ready made company ( Shelf Company )

• 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.

• 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.

• Whole set of company kit and processed documents will be available to client.

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.

• Client should settle remaining service fees.
• AsiaBS will pass processed documents and company kit back to client after remaining balance payment settled.

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.

Generally, the only duty is to maintain annual licence renewal in BVI.

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.