BVI Company Powers
Authorised and issued share capital
The normal authorised share capital is US$ 50,000 with all of the shares having a par value, this being the maximum share capital for the minimum duty payable upon incorporation and annually thereafter. The share capital may be expressed in any currency. The minimum issued capital is one share of no par value or one share of par value.
Classes of shares permitted
Registered shares, bearer shares, shares of no-par value, preference shares, redeemable shares and shares with or without voting rights.
Bearer shares
Although BVI legislation still permits existence of bearer shares, they have entirely lost their original meaning. Anonymity of the owner of bearer shares and quick ownership transfer (only by giving over the certificate itself) have been eliminated. Even deciding to configure your BVI business company with bearer shares, share certificates will no longer be provided to you! The law requires that all bearer shares certificates must remain with a licensed custodian, together with a written indication as to the actual identity and address of the owner of such shares. Likewise, the transfer of the bearer shares will not be valid until identification documents and proof of address of the new owner are delivered to the custodian of the shares.
Current TIE agreements signed by BVI
Aruba, Australia, Canada, China (People’s Rep.), Curacao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Isle of Man, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Saint Maarten, South Korea, Sweden, United Kingdom and United States. Financial statements required.
Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company.
Directors
The minimum number of directors is one. They may be natural persons or bodies corporate. They may be of any nationality and need not reside in the British Virgin Islands.
Company secretary
A company secretary may be appointed. The company secretary may be a natural person or a body corporate. They can be of any nationality and need not reside in the British Virgin Islands.
Shareholders
The minimum number of shareholders is one.