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·Advantages
·Setup
requirements
·Setup
procedure
·Setup
cost
·Maintenance
cost
·About
BVI in general
·Restriction
in BVI companies
Advantages
·No
tax and filing requirement
·Only
one shareholder and director is required.
·Corporate
shareholder and director is allowed.
·Mminimum
issued and paid up 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).
Setup Requirements
·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).
Setup Procedure
·Tailor
made company
·Ready
made company
| 1.
Tailor
made company |
| Day 1 |
Client
to 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
to pass the signed document back to AsiaBS for processing.
Usually, sending
by fax
is sufficient. |
| 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. |
Important Note
·Time
required as stated is working days, not calendar
days.
|
| 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.
AsiaBS
will remind client to renew the company licence
each year. Therefore, keeping corresponding method
update with us is important. |
| 2.
Ready
made company |
| Day 1 |
·Client
to choose preferred companies from ready made
company list
·Client
to 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.
·Copy
of Certificate of Incorporation will be available
to client so that ownership of the company
is confirmed;
·AsiaBS
send documents to client for signature.
·Client
to pass the signed document 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 |
·AsiaBS
to pass processed documents and company kit back
to client.
·Client
to settle remaining service fee. |
| 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.
AsiaBS
will remind client to renew the company licence
each year. Therefore, keeping corresponding method
update with us is important. |
Setup
Cost
·contact
: info@stringbc.com
·Some
banks may require a BVI company to submit 2 certificates
for bank account opening. Then, extra US$300 is required:
·Certificate
of Good Standing - US$150 - Certifying that the subject
BVI company is still maintaining proper
registration
with BVI government;
·Certificate
of Incumbency - US$150 - Certifying mainly the registration
number, shareholder and director information
of the
company.
·The
certificates are issued in BVI by the registration agent
and usually takes around 1 week to arrive Hong Kong.
·Some
banks in Hong Kong charges bank account opening fee for
BVI companies. The fee can be around HK$2,000
and is not included
in our service fee.
Maintenance Cost
Generally, the
only duty is to maintain annual licence renewal in BVI.
The annual fee is US$650. We'll send reminder to our client
to help renewal.
·Company
registered between 1/1 – 30/6 > Annual license renewal
due by 31/3 each year.
·Company
registered between 1/7 – 31/12 >
Annual license renewal due by 30/9 each year.
Possible
late payment penalty:
·Up
to 2 months + 10%
·After
2 months + 50%
·After
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 in Hong
Kong government departments.
About BVI in general
British
Virgin Islands (BVI) consist of 60 islands and having
a total land area of 150 sq km. 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
is English.
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：
·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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