Registering in the British Virgin Islands
​The BVI is ranked as the most important offshore financial centre by the Global Financial Centres Index and the Offshore 2020 report, enhancing investor perception and priming businesses for an early mover advantage. The BVI continues to increase its ratings on the Global Financial Centres Index, remaining in the top four offshore financial centres, and received top-tier ranking from the international Financial Stability Board.
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BVI Business Company
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Features
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Most attractive jurisdiction for an offshore business.
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Modern, flexible and commercially minded corporate legislation
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Cost-effective and straight forward incorporation process
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Offering a high level of privacy and confidentiality.
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Minimum ongoing compliance requirements
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Exempted from income tax, capital gains tax, gift taxes, inheritance taxes and VAT
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Corporate Requirements
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Appoint a Registered Agent in the BVI with Registered Office address
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Appoint at least ONE director (individual or corporate director) within six months from the date of incorporation
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Have at least ONE shareholder (individual or corporate director)
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Submission of annual renewal fee in May/November next year, where there is No requirements for annual returns, annual meetings, or audited accounts
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BVI Limited Partnerships (LP)
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A BVI LP is more suitable to be used as funds or other types of investment vehicle. Under the LP Act, this may, at the option of its initial general partner, be formed either with or without a separate legal personality from that of its constituent partners.
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LP Requirements
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At least ONE (1) General Partner (who has unlimited liability for the debts of the partnership)
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At least ONE (1) Limited Partner (whose liability is limited to the capital he has contributed to the partnership)
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A registration statement signed on behalf of each general partner of the LP specifying certain prescribed information, including the LP's name, term, registered office, registered agent and, if applicable, a declaration that the LP will not have legal personality (see below)
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A letter of consent from the LP's proposed registered agent
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Any other required documentation
Role and duties – General & Limited Partners
General Partner is required to act:
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at all times in good faith; and
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subject to any express provisions to the contrary in the limited partnership agreement, in the interests of the LP.
Limited Partners cannot be involved in the management of the partnership or else they lose the benefit of limited liability. However, the LP Act includes an extensive list of activities and positions that limited partners may undertake or hold in relation to a limited partnership and be deemed not to be participating in the business of the limited partnership.
Record-Keeping Requirement
A LP must keep financial records and underlying documents that:
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are sufficient to show and explain the transactions entered into by the LP; and
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will enable the financial position of the LP to be determined with reasonable accuracy at any time.
The LP must keep financial records and underlying documents for a period of at least Five (5) years from the date of completion of the transaction, or the termination of the business relationship, to which they relate. The LP Act does not require an LP to produce financial statements or to appoint an auditor.