All BVI companies are incorporated according to the BVI Business Companies Act 2004 (the “Act”). Based on the current regulations, these incorporated companies can conduct business with non-residents, and they are also allowed to set up different companies. For the BVI offshore company formation, the following should be noted:
Permitted Company Set Ups
The Act allows you to form a BVI company that is limited by shares, limited by guarantee that doesn’t have authority to issue shares, with share issuing authorization, and a few others. Companies that were formed prior to the Act are automatically registered. However, some provisions of the previous law may be applicable to those companies.
BVI Registered Agents
All BVI companies are required to have a registered agent in the BVI. The registered agent is the one responsible for incorporating your company and appointing the directors among other tasks. Without a registered agent your company will be liable for fines and other problems from the Registrar. You can change the agent anytime, but prior notification of the Registrar is necessary.
Registered Offices
All BVI companies are also required to have physical addresses, but the registered agent’s address may be used in this case. The name may be changed at any time, but you must notify the Registrar.
Notes on Incorporation
To incorporate your company, the registered agent has to file the Articles of Association and Memorandum to the Registrar. Assuming that the requirements are met, the Registrar will provide the company with a unique number and release a certificate of incorporation. Depending on the service you use, the incorporation process might just take a day to complete. However, it might take about five days or more for all the details to be completed.
The Company Directors
The company directors are appointed by the registered agent, and this must be done within six months of the BVI company formation. The Articles of Association can fix the number of directors, with one being the minimum number. Under BVI rules, companies are not required to have a company secretary.
The BVI also doesn’t require company directors to be BVI residents, and the directors may be a corporate entity or an individual. Furthermore, the register of directors is not filed publicly unless the company decides to do so. What this means is the identities of the directors are kept confidential. However, the registered agent will need details about the shareholders during the period of incorporation. After directors are appointed, shares may be issued.