What are the specific advantages of BVI company registration?

2022-05-22 0 By

BVI of British Virgin Islands is a famous offshore center and the registration place of offshore companies. However, after the CRS Global Taxation and Economic Substance Act, many people will have some estimates on the registration of BVI companies and worry that BVI companies are not safe enough.However, everyone knows that there are still a large number of investors, enterprises registered in BVI, through the registration of BVI companies to build overseas structures, so for the current situation, what are the advantages of registering BVI companies?1 a BVI company advantage, if not related to the economic essence of subject company, and not the local management, tax treatment is relatively simple, only need to document internal accounting information, do not need to audit, also do not need to pay tax (BVI local does not require, but if the tax resident identity belongs to other areas, according to the regulations of the other parts of the processing).It is therefore often used to hold shares at the top of the listed structure.2. Information confidentiality of shareholders’ directors is relatively high. However, with the tightening of anti-money laundering, ultimate beneficiary system and due diligence, when relevant institutions (such as local courts, economic crime investigation agencies, etc.) and local governments require the agency of registered companies to disclose information of shareholders’ directors,The agent shall also faithfully disclose the information of shareholders, directors and ultimate beneficiaries of the company in accordance with relevant regulations.3. The business of the company is relatively free. Except for the nine major businesses that need to meet the economic essence, other businesses can be operated offshore legally and in compliance.4. BVI company is relatively simple in terms of financing and liquidation: it does not need to pay taxes when the company’s equity is changed, which greatly reduces the cost of share transfer and facilitates the exit of subsequent investment without the approval of the local government.5, the registered capital of the company does not need to be in place, do not need to provide a capital verification certificate or the actual capital verification in place, but need to provide and save the company’s account information, in accordance with the provisions of the open to the right to view such information to the third party.6. Open an offshore bank account: you can open an account in BVI’s Asian banks and major banks in Hong Kong, Singapore, the United States and mainland China. You can open an account in a bank suitable for your company in investment, trade and finance.BVI company registration requirements 1. Company name: THE name of BVI company is free, and Chinese and English company names are allowed, but the Chinese and English names should be translated;The name is allowed to contain the words international, group, holding, industry, investment and so on;At the same time, you can add the name of your favorite country or region before the name: such as: China, Hong Kong, China, etc.The name of the company must end in “Limited company”.2. Registered capital: the standard authorized capital is USD 50,000, divided into 50,000 shares, usd 1.00 per share;(If the number of shares issued by registered capital is more than 50,000, a government fee of USD1350 will be charged), capital verification is not required.3. Directors: one or more directors;Can be a natural person or legal person (natural person has no nationality limitation, must be at least 18 years old);Directors are members of the board elected by shareholders, and the chairman is the head of the board.4. Shareholders of the Company: one or more shareholders;It may be a natural or legal person;The government protects the interests of shareholders and does not need to disclose the identity of beneficiaries;The register of shareholders shall be deposited with the BVI registered agent;A company may issue only registered shares.5. Registered Address: THE registered address of BVI company must be in the British Virgin Islands.6. Business scope: In principle, the business scope of the company is not too limited, and it can operate any business of any nature under the premise of legality;Special industries such as finance, banking, credit and insurance require special government approval.Procedure for registering BVI company 1. Confirm the name.To register a BVI company, you need to provide a fixed English name and positioning.2. Mail registration documents.The original passport/ID card/proof of address of a BVI citizen or company director aged 18 or above, the registered address and contact information of the company, the booking time and mailing procedures as instructed are required.3. Shareholder registration.If it is necessary to set up a regulatory agency for shareholders, it is necessary to provide appropriate certification documents, such as: lawyer’s documents, the company’s registered capital certification documents.Among them, the number of shareholders can be more than one.4. Registration of directors and shareholders.There can only be one shareholder and one director.5. Notarize financial documents.If you need to register a physical branch, you also need to provide the registered address and contact information of the branch, and follow the instructions to handle the relevant procedures of the physical branch.6. Notarization of tax-related documents.BVI company annual audit after the registration of the BVI company does not need to audit tax returns like Hong Kong company every year, in THE BVI, the maintenance work is mainly annual audit, the rules of the BVI company annual audit is, the first half of the year (January to June) set up the BVI company annual inspection time before March 31 of the following year.Annual inspection time of BVI company established in the second half year (July to December).1, the first half of the year (January to June) set up the BVI company: ①BVI company license annual fees should be paid from January 1 to May 31;② Pay from June 1 to July 31, pay 10% additional penalty;③ From August 1 to October 31, 50% additional penalty will be paid;④ Since November 1, the company’s records will be deleted from the BVI registration Office.2, the second half of the year (July to December) set up the BVI company: ①BVI company license annual fee should be paid from July 1 to November 30;② Pay from December 1 to January 31, and pay 10% additional penalty;③ From February 1 to April 30, 50% additional penalty will be paid;④ Since May 1, the company’s records will be deleted from the BVI registration Office.