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BVI company incorporated in or before June should be renewed before 31 May each year to ensure its legal status and recognition.
Whereas BVI company incorporated in July to December can be renewed before 30/ Nov each year
The best bank account depends on a series of factors: your company's specific needs in terms of the volume of transactions, international reach, and banking preferences. How to choose the best bank account for a BVI company. Consider several aspects:
If a BVI company conducts a lot of international transactions, you will most likely want to select a bank with extensive international reach and offering multi-currency support.
The fees of various banks for account maintenance, transactions, and other additional facilities differ from bank to bank. You must compare them according to the activity level of your company.
Check into banks that offer maximum extended online banking services and provide easy international wire transfer services and integrate them with accounting systems.
Give priority to those banks with good reputations regarding dependability and safety. Take banks that have a good reputation in the financial world.
Ensure that the bank follows international compliance standards and also support KYC/ AML.
The required documents usually include proof of business registration, identification of the company directors and shareholders, and a business plan.
Discuss details about needs and services with the Business Account Manager of the Bank.
Complete the application and compliance procedures by submitting the necessary papers.
Create an account, upon approval, and integrate it into the accounting and finance systems of your company.
The best bank account for your BVI company will be different depending on the needs of the individual case and also depending on the services available from the bank. Some of the best reputes take in: HSBC, Standard Chartered, Barclays, Citi, and JPMorgan Chase. All these have one common attribute: excellent international banking features. Consider the corporate operational requirements and select a bank that best fits your goals.
While opening a bank account for a BVI company is becoming increasingly difficult due to rising global regulatory standards, that doesn't mean it's impossible. How easy this will be depends on multiple factors: everything from bank policy to the organization of the company and the kind of business activities there are. Let me explain more below.
Banks usually have strict Know Your Customer and AML requirements. Salient features include very elaborate documentation of the ownership structure, beneficiaries, and business activities of the company. Enhanced due diligence may also be carried out in specific cases, especially when the nature of the business is perceived to be very risky.
Banks need absolute transparency on the ultimate beneficial owners of the BVI company. If the ownership structure is overly complex, or involves an offshore trust, account opening can be either substantially delayed or not possible at all.
More conservative banks may not be eager to open accounts for offshore companies, including BVI ones, while some banks, particularly in Asia-in particular, Singapore and Hong Kong-or Switzerland, are much more used to dealing with offshore companies and thus easier to work with.
Some banks condition the opening of a BVI company's account with large minimum deposits and maintenance fees. Swiss and Singapore banks, popular premium banking regions, may require anything from $10,000 to $100,000 or much more.
How to Improve Your Chances:
Have all your documents at hand: this would include the incorporation documents of the company, proof of business activity in the area, financial statements, passports, proof of address for the directors and shareholders, and other such documents that the bank may require.
It is significantly helpful to utilize the services of a corporate services provider or bank introducer familiar with BVI structures because this would significantly improve the rate of success. They would, therefore, be capable of walking you through the process and liaising on your behalf with the bank.
Less complex businesses with minimal banking requirements may be surprised that fintech solutions, such as Revolut or TransferWise, offer so much easier and quicker set-ups. However, they are unsuitable to handle large transactions.
In general, while regulatory tightening has made it not quite as straightforward as it was once, with the right preparation and right banking partner, it is still very possible to open a bank account for a BVI company. It's best to choose a bank experienced in dealing with offshore companies and be ready for an extended review process.
One of the most sought-after jurisdictions for company formation, the British Virgin Islands have an ideal atmosphere to carry out business with loads of advantages. Many entrepreneurs and investors like to open a company here due to several strong reasons.
First and foremost, there are considerable tax advantages in the BVI. A company that is incorporated in BVI enjoys a very favorable tax regime, with no corporate income tax, capital gains tax, or inheritance tax. The attendant efficiency from such taxes makes the jurisdiction particularly appealing to international businesses desiring to maximize profits with minimum liabilities of a taxing nature. Without these taxes, the companies are able to retain more of their earnings for reinvestment in the business or for use in expansion.
In addition, the legal framework in the BVI provides a good and stable platform for the conduct of companies. The legal system in the BVI is underpinned by English common law, which is seen to provide a high degree of reliability and predictability. This kind of legal stability is significant for companies which would wish to find a stable jurisdiction where they could base their operations. The BVI also has a well-established regulatory framework that fosters the conduct of international business, thus making it an ideal home for companies undertaking international trade and investment.
Other reasons that make the BVI company attractive to investors are privacy. The jurisdiction boasts one of the best confidentiality laws in the world. In addition, the directors and the shareholders of a company are not filed publicly with the Registry in the BVI; hence, inside business information remains confidential. This privacy attracts many individuals and businesses operating on discretion.
It also boasts the BVI, with an efficient and streamlined incorporation procedure. Compared to other jurisdictions, the regulatory requirements concerning the setup of a company are at a minimum, thus allowing quicker and more straightforward incorporation. Such efficiency aids businesses that have to begin their operations straightaway with little bureaucratic delays.
Having put all these advantages together, the benefit of taxes, stability in law, privacy, and efficiency in the process of incorporation, BVI has come to stand out as a very attractive destination to establish a company. These are the reasons which have collectively made it stay ahead of its competitors offering strategic advantages over other companies existing in the global market.
The BVI is famous for its tax benefits environment; therefore, it is a popular jurisdiction for international enterprises, investors, and individuals alike. Among the main advantages are that there is no corporate income tax, capital gains tax, and withholding taxes. All the companies incorporated in the BVI and conducting international business are exempt from paying any type of tax on their profits, making the BVI a perfect place to hold companies, investment funds, and SPVs.
Also, the BVI levies no inheritance, estate, or succession taxes, making this a very efficient jurisdiction for purposes of wealth transfer and estate planning. Investors are also exempted from any tax with regard to capital gains, which means that the profit to be accrued upon the sale of an asset will remain tax-free. Moreover, benefits of tax also include no value-added tax, sales tax, or stamp duty on foreign transactions imposed within the jurisdiction in order to further reduce the overall cost of doing business.
It is also very attractive for international corporate structuring because no taxes are withheld in BVI companies on dividends, interest, and other kinds of income distributed to non-residents. Furthermore, personal income tax also does not exist for BVI residents, creating quite an appealing tax environment for expats and professionals who work within this jurisdiction.
It also has flexible structures, like trusts and foundations, that can be set up in order to protect one's assets and optimize taxes. Although the British Virgin Islands adhere to some international standards on tax transparency, such as the TIEAs, it remains a tax-neutral environment that offers a cost-effective and private backdrop against which international enterprise and wealth management can be conducted. The benefits described above make the BVI one of the most sought-after offshore financial centers.
It is mandatory for a Register of Directors to be kept at the BVI registered office.
There is no need to file the Register of Directors with the Registrar.
Guide to incorporate a BVI company in 2 mins video
BVI Business Company (BC) has totally exemption on taxes, according to the BVI Business Companies Act, 2004. No filing of accounts or submitting annual returns is required after the offshore has been incorporated. BVI is not a party in any double taxation treaty, which provides enhanced protection against fiscal inquiries. The law protects the confidentiality of the Shareholder, Director and the offshore company.
BVI offshore company incorporation, initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 3 working days or 2 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in the Registrar of Corporate Affairs system of BVI.
You settle the payment for Our Service fee and official BVI Government Fee required. We accept payment by Credit/Debit Card 
, Paypal 
or Wire Transfer to our HSBC bank account 
(Payment Guidelines).
After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation in BVI, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full BVI Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).
You can open bank account for BVI company in European, Hong Kong, Singapore or other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.
Your BVI Offshore Company Incorporation completed, ready to do international business!
The BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited partnerships and intellectual property
Yes, BVI company formation need to be under all regulations of FSC and BVI Laws.
Registered agent will guide you in the first stage and update when there are any changes from these regulations
Fund must be credited to our account for payment to the Registry before 31/ May deadline to avoid penalties below
Fund must be credited to our account for payment to the Registry before October 30th deadline to avoid penalties below
It is the responsibility of all clients to ensure that payments are made to us in a timely manner thus keeping the companies in good standing with the BVI Government
The first advantage of a virtual office is to offer phone numbers and phone answering services for the registered company.
Besides that, a message box, where the voice messages and faxes received by the registered company will be automatically sent through e-mail to the e-mail account allocated to the client.
The third benefit of this kind of office is to provide the facsimile number, automatic re-sending of the fax to the client via e-mail.
Last but not least, mail forwarding by airmail or by email (scans) from the virtual office. Register BVI virtual office has lots of benefits, such as low costs and expenses to maintain the physical space and employees.
These are the reasons why investment foreigners decide to open a virtual office in BVI.
The term “virtual office” is described as the working environment that has no fixed location. The virtual office in BVI includes:
Our team of BVI registered companies offers you all of these services and the bargain box price.
Working via a virtual office is a new way for modern business. Any offshore companies are particularly suitable for operating via the virtual office. Most foreign investors would choose providers that offer international services to easily manage their assets such as virtual offices are the most commonly chosen office services for foreign investors and businesses.
Moreover, a company set up in BVI must have the registered address and agents after they completed the company registration which is completed within 3 working days.
We guarantee to always comply with the rules and regulations of doing business in these jurisdictions.
Yes, you can open a bank account for your BVI company in Singapore.
For those who own foreign companies, the owner needs to submit required documents to the banks including Certificate of Incorporation, Certificate of Incumbency, Memorandum of Association and Articles of Association. The authorities can be required to submit further documentary proofs. All documents submitted must be in English.
We can support you to register and open a bank account in Singapore for your BVI company through a number of reputable banks that we have partnered up with.
Opening a bank account for BVI company in Singapore will help your business to manage transactions, as well as make any necessary payment, allow you easy access to new customers and business opportunities in Singapore.
Yes, you can set up a company in the BVI and open BVI company bank account from Singapore. BVI is known as the famous jurisdiction for offshore companies that will create business opportunities and enhance competitive advantages for companies. Therefore, many businessmen prefer to open and own a BVI company. No matter you are in Singapore, United States, Australia or elsewhere, we willing to help you set up a BVI company from Singapore through 3 simple steps:
The British Virgin Islands (BVI) is one of the largest international financial jurisdictions and the oldest tax havens in the world. According to Transparency International, BVI hosted 430,000 offshore companies in 2016.
BVI commercial registry will have more opportunities in doing business. That is why almost foreign companies chose to open a company in BVI. Offshore destinations are not only offered tax advantages but they also frequently have fewer reporting requirements than other countries.
One IBC can support you with all services in BVI commercial registry.
For all registered BVI companies, some of the information would be disclosed for the public via the BVI Registrar of Businesses and depending on the situation, the court may access other information through the customers’ BVI registered agent. The disclosed information generally includes the company’s registered office, registration number, company status, date of incorporation, and authorized capital. Furthermore, the public record of a BVI registered company also contains the following information:
is one-page certificate issued by the BVI government confirms the client’s company is properly registered
This certificate is for companies that are up-to-date and companies require this certificate when they pay the annual registry fee, also known as Company Renewal fee. Information such as registration and current status of the company is shown on this certificate.
Information of the directors and shareholders which are in the Register of members is required to disclose not to the public but must be uploaded to the Beneficial Owner Secure System (BOSS) Portal, according to the amended BVI Business Companies Act in 2016.
The reason for this is to assist the BVI government to manage and identify the directors and shareholders of all registered BVI companies. Only the BVI company’s registered agent and BVI authorities have access to this information.
Choosing a company name is the first step to set up a company in BVI from UK. The procedure to choose the name to set up a BVI company is simple but you need to take note some important following points:
If you are struggling with choosing a name for setting up a BVI company from UK. Our advisory team will help you to choose a suitable name that fits your business activity and check the eligibility of your new company name.
If you are living in the UK, BVI is not an ideal choice to register for a bank account unless you are physically living on the BVI. You need to travel to BVI and arrange a personal visit to the bank and a face-to-face meeting to comply with the strict Know Your Customer (KYC) requirement for opening a bank account in the BVI. Moreover, BVI has less than 10 banks that serve the entire territory which limits the option of choosing suitable banks for the customers.
For that reason, we highly recommend that you should open an offshore account in other jurisdictions which allows you to open and maintain your account without a face-to-face meeting and more available options to choose for your incorporated BVI company
One IBC has associated and established a strong relationship with reputable banks in other famous jurisdictions such as Singapore, Hong Kong, etc. We can select and support you to register and open a bank account for your BVI company from the UK without traveling to the bank.
Although the British Virgin Islands (BVI) are The British Overseas Territories, BVI is a well-known offshore location and the procedure to register a company in BVI is easier than the UK.
You are still considering which jurisdiction is the best choice to register your offshore company? Wherever you want to register your business: Cayman, BVI, UK,... One IBC will help you to choose and support you to register an offshore company through an easy process and competitive price. Contact us via the link: https://www.offshorecompanycorp.com/contact-us.
Renewing your BVI company is an important step to maintain your operation. Renew your registered BVI company on time is necessary as it is not only to maintain your company’s Good Standing but also to make sure to comply with local regulations.
According to BVI regulations, business owners need to pay annual Company Renewal fee starting from the second year to BVI Government and depend on the period of company incorporation date, the company renewal date due at 2 different renewal periods:
The owners cannot pay directly the annual renewal fee to the Government, the Government will only accept the fee through a Registered Agent according to the BVI Business Companies Act 2004.
If you cannot pay the fee on time, your BVI company will lose its status of Good Standing and can be strike-off from the Registry for non-payment of fee. Striking-off a company means your BVI company is unable to continue trade or enter new commercial agreements, and its directors, shareholders, and managers are by law precluded from any operations or transactions with the assets of the company until the company is restored in Good Standing.
Moreover, late penalties will be applied for non-payment of an annual renewal fee.
Business owners can restore a company after it has been struck off, but owners need to pay substantial fees to the Government including all past-due renewal fees depending on the number of days overdue after strike-off and penalties fee.
Therefore, paying in full and on time your renewal fee is essential for your registered BVI company. Paying renewal fees after the expiration date will cause many problems that can affect your operation.
We are always proud of being an experienced Financial and Corporate Services provider in the international market. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. Our Solution, Your Success.
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