The British Virgin Islands (BVI) are a British Overseas Territory situated in the Caribbean, just east of Puerto Rico. Although it is controlled by the United Kingdom, it has its own local administration, resulting in a stable and business-friendly governmental structure that facilitates international activities. The BVI became well-known as a tax haven in the 1980s, when it enacted the International Business Companies (IBC) Act. This law attracted corporations for company set up bvi from all over the world by providing tax breaks and simplified requirements.
Compliance Requirements in BVI
To maintain its registration, the corporation must file annual reports and meet economic substance standards.
Annual Fees and Renewal Process
Every year, corporations are required to pay fees to the BVI Financial Services Commission (FSC).
If these payments are not paid on time, the company will incur fines and may be removed from the official register.
Following International Rules and Tax Information Exchange Agreements (TIEAs): These agreements allow the BVI to communicate tax information with foreign nations as required by law. While the BVI does not charge withholding taxes, these agreements promote worldwide tax transparency when you set up company bvi.
Anti-Money Laundering (AML) Rules: To combat money laundering, businesses must adhere to tight guidelines. This includes identifying their consumers, keeping detailed records, and reporting any questionable conduct to the appropriate authorities.
Confidentiality and Disclosure Rules
Privacy for Owners: Business owners in the British Virgin Islands have substantial privacy rights. While the names of corporate directors are public, the identity of the actual owners is kept private—unless a legal request is made through a TIEA.
Role of Registered Agents: Every company must have a registered agent who maintains records on the beneficial owners. If a lawful request is made, the agent must deliver the requested information. This allows the BVI to remain compatible with global standards while still maintaining owner privacy.
Establish Your British Virgin Islands Company in Hong Kong.
Setting up company bvi currently differs from the former IBC era. With the AFR, ES, and registration filing laws now in effect, you’ll need a practical compliance and banking strategy.
If you’re already registered in the BVI, pairing your business with a global multi-currency business account may assist offset the impact of recent legislative changes.
At Atrium-Bvi, we are completely devoted to ensuring that our clients’ best interests are prioritised in our management of their overseas investment and business activities.
