A Comprehensive Guide to Start Your Business Overseas in the BVI
As the world bounces back after the COVID-19 pandemic, the global market is opening again and is more versatile than ever before. Now, even smaller businesses have the opportunity to go international and many business owners make the decision to move and start their businesses in niche overseas markets which have better clientele than at their home turf.
If you’re looking to expand your company and client portfolio, registering your business abroad has many advantages. That’s why many business owners are looking into the benefits of incorporating a company overseas.
Registering your business overseas will give you a chance to identify and utilise markets and opportunities in new target areas, effectively bringing in more profits. When talking about overseas business, the British Virgin Islands (BVI) is one of the most sought after destinations by business owners across the globe. This small Caribbean country is a British territory located in the Virgin Islands archipelago with a small population and a very stable and prosperous economy. With its small population and surplus budget, the BVI was ranked as the 19th highest GDP per capita in the world by the CIA World Factbook in 2010.
Starting An International Business Company in BVI
If you’re interested in starting an international business company in the BVI, this is the perfect guide for you. When starting the process, the country provides the provision of forming an International Business Company (IBC) within its territory. Every corporate or business owner must follow the instructions outlined below to set up an International Business Company in the BVI:
Submit a company name, along with the name of director(s) if any.
Furnish details about the nationality, birthdate and address of the director(s) and stakeholders.
Appoint nominee stakeholders.
Although foreign business owners are not required to be residents of the nation, they must maintain a physical address within the BVI territory, using bank statement copies and photo identification cards as the proof of address. Further, all the legal details, including stakeholder names and business documents are held privately by the Registry of Corporate Affairs, to protect the privacy of the business owner(s).
There are also no requirements for the filing of financial statements in the BVI for an International Business Company as income generated outside of the BVI borders are tax exempt.
Why Trust the BVI for your Overseas Company
While the reasons for setting up a business in the BVI differ from business to business, they all are entitled to the following benefits:
No minimum share capital requirement, giving the business owners added flexibility
No restriction for annual report filing or on foreign capital
Rents, dividends, royalties, interests and other forms of compensation are all tax free
Affordable incorporation fees
Foreign language services
Zero currency restrictions within the BVI territory
The 2004 British Virgin Islands Business Companies Act is also responsible for abolishing the authorized capital of the company and replacing it with a maximum number of shares, which the company is authorized to issue, with or without par value. The number of shares a BVI company is authorized to issue affects the government’s company incorporation fee.
Business owners usually have numerous reasons for starting their business overseas. And to start your business in a new country, it is always good to get some expert guidance to ease the process.
CEO, Europe Emirates Group