Does BVI Company Need A Secretary

The British Virgin Island (BVI) is an attractive destination, especially since the British local authorities created an open business mechanism to decrease administrative and corporate taxes. Company and shareholders in BVI are not subject to tax levied on company income, shares, stock, or profit from the transfer shares, and are not required to have a secretary.

What is a company secretary?

Like the Director, the BVI company secretary is an “officer” in the company. They are an important member of the management team and have far-reaching responsibilities. For that reason, the corporate secretary role required a flexible and resourceful individual.

A core duty of the BVI company secretary is to ensure that the company operates by all financial, legal, and statutory regulations. They are responsible for contacting and liaising with shareholders, as well as being in charge of the administrative duties related to stocks and trading stock.

That is why many corporations choose to have secretaries. This will reduce the administrative workload of directors and allow them to focus on the development of business.

What is the BVI company secretary required to do?

BVI does not require companies to have a secretary. That being said, secretaries can be of great importance to the BVI company. They often refer to the company’s local regulatory authority and the preparation of various documents as well as the timely filing of taxes and legal actions when applicable.

The BVI company secretary is required to become a company contact person and resolve the basic information of a company and be appointed to handle contracting obligations, and accurately and fully communicate the requirements of the boss to the people involved. This implies understanding cultural communication and having the behavioral skills to solve many arising problems.

The Company secretary’s duties primarily include:

• Services related to normal activities after a company incorporation.

• The management service: handling daily activities, keeping the company register, answering and calling, forwarding mail, organizing meetings, and resolving different business problems

• Filling services: preparing an annual declaration, and supporting the submission document.

• Company changes service: the secretary is prepared to document and handle the necessary steps to implement changes in a company.

• Compliance supervision: ensuring the company’s compliance and the payment of fees as well as related to local laws.

• Implementing supporting management, mainly the work related to the documentary and administrative work, filing records, tailoring contracts, customer reception, schedules arrangement, and organization of meetings.

• Administrative duties

A company secretary is normally expected to assume some extra administrative duties. Among these specific duties, the following are particularly significant:

• Making sure that the company works correctly and according to legal requirement in its different areas.

• Health and safety.

• Data protection.

• Human rights.

• Cyber security.

• Authenticating company documentation and verifying service contracts, property lease, and agreements for commercial equipment.

• Issuing share and loan stock certificates.

• Managing payroll, insurance, pensions, and employee share option schemes.

• VAT registration. Fiduciary duties the company secretary, as an officer of the company, is also in charge of the fiduciary duties, which include:

• Duty of loyalty, that is, the secretary must act in good faith and in the best interest of the company.

• Duty not to make secret profits. It is their duty to account for all such profit.

• Duty to act with care, skill and diligence in the performance of their duties.

• Duty to avoid conflicts of interest between their own interests and those of the company.

BVI company secretary’s duties will play an important role in the company’s daily activities, some of which are crucial to the business continuity. The company secretary in BVI has an essential role not only as a contact person. As far as the good functioning of the business is concerned, tailored company secretary services can be of important aid when running a business in BVI, especially for those foreign investors who are not present in the Islands at all times.