Procedure of Company Registration - BVI | Interstatus - Group of Companies Procedure of Company Registration – BVI – Interstatus – Group of Companies

Registration of BVI companies:

Company structure:

Director(s):

Minimum one natural person or corporate entity.

No residency restrictions.We will provide your company with the local (nominee) directors, in full compliance with the laws of the jurisdiction, to administer the operation of the company according to your instructions.

Shareholder(s):

Each company shall have at least one shareholder (who may also be a director). No residency rules apply. If the potential beneficiary of the company wishes to preserve total anonymity, our firm can provide nominee shareholders.

Secretary:

No secretary is required.

If you require the services of a secretary we can provide any relevant services. Please contact us for detailed information on virtual office services.

Registered office:

By law all BVI companies must have a registered office.

Share capital:

In most cases the share capital is made up of 50,000 shares with the nominal value of $1.00. Shares without fixed par value are allowed. Registered shares or bearer shares (which are subject to a higher levy and custody deposit) may be issued. No requirements for the mandatory payment and maximum capital apply. The number of shares can be varied subject to payment of the government licence fee.

Registration period:

7-10 days. Shelf companies are available.

Accounting and auditing:

No audited financial statements are required.

It should be noted that offshore legislation imposes some regulations governing the maintenance and filing of financial documents:

1) BVI companies are obliged to maintain accounts to reflect financial operations, and such accounts shall:

  • provide a fair and accurate view of the financial condition of the company at any time;
  • include evidence and explanation of each transaction;
  • be kept in the office of the registered agent for a period of 5 years; if the documentation is kept elsewhere, the company must inform the agent of the physical address at which the documentation is kept within 14 days.

2) companies are required to keep incorporation documents and certificates, shareholder and director registers and copies of all records submitted over the last 10 years in the office of the registered agent;

3) companies are required to keep minutes of meetings and resolutions of the shareholders and directors of the company in the office of the registered agent or at any other place at their discretion.

Breach of any regulation above will entail a penalty of $10,000.

BVI shall keep the Register of Charges at their registered office. Breach of this requirement will entail a penalty of $5,000.

Official Company Register:

Incorporation details (company name and registration details) in BVI are filed with the Company Registrar,. Details of the beneficiary, shareholders and directors are not provided.

Records kept by the Company Registrar are not accessible to the public.