Offshore companies or IBCs

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bvi-company.jpg

BVI Incorporation

(International Business Company) are an essential or countries whose topography includes coastal areas. IBCs are primarily private corporations flaunting a viable organisational structure. They are exempted of taxes because of their international business affairs. They maintain strict confidentiality within their corporate structure.
In 1984, the IBC adopted the British Virgin Island Ordinance and the IBC BVI acquired a prime status in the offshore services industry. Nowadays, BVI is the most famous tax haven as every month, more than 5000 offshore companies get registered and the number of total incorporations has risen to a whopping 600.000! BVI is therefore, the most dominant offshore domicile of present day and many IBCs around the globe are simply referred to as BVI.

Although BVI was already a remarkably successful offshore corporate legislation, yet on January 1, 2005, the BVI Business Companies Act ensured its complete supremacy. Prior to the enforcement of this Act, the offshore financial industry faced a lot of challenges, particularly the pressure against ‘illegal discrimination’ between two types of companies; domestic and offshore. With the new BVI Act, all such discriminations have come to an end and a singular, uniform company; the BVI Business Company which enjoys the benefits of its former legislation, including tax exemption, sparkles on the horizon.
Characteristics:

1. Tax Exemption:
As stated earlier, the most important characteristic of a BVI company is that it is absolutely exempted from income tax which implies that the estate, inheritance, succession or gift tax is not payable with respect to any shares or debt obligations of a BVI BC.

2. Secrecy:
Another prime factor of a BVI business company is its confidentiality. Except for the Memorandum and Articles of Association, no other information regarding details of the company beneficial owners, directors and shareholders are not a part of public record.

3. Ease of Access:
BVI is easily accessible by sea and air, has modern telecommunications and is on US Eastern Standard Time.

4. Structural Flexibility:
A BVI company is unique because it does not really require a whole company of individuals or corporations to be run. It may have only one director, one share holder, and one owner, and can still thrive in the industry.
General advantages:
Compiled below are some advantages that set BVI company apart from other offshore financial companies.
• The official currency of BVI is a US dollar, which ensures that the local government does not control the currency, or artificially manipulate the money supply.
• The BVI Company boasts of a clean international repute because of its political stability which it has maintained due to its British Overseas Territory status.
• It has an independent judicial system based on the English Common Law which enhances its position among the competitors.
• Client information secrecy is of utmost importance in BVI. Therefore, information sharing pacts with foreign countries or organizations in exchange for financial privileges is absolutely avoided. It is also because BVI
Company is an independent country with a fairly high standard of living.
 

alley

Offshore Agent
Entrepreneur
It looks to me that the BVI is a great offshore jurisdiction along with other others but they just have made it a complicated process to incorporate your business there. It seems also that they have been under pressure from other European nations to improve their DD procedures.
 

happyjohn

Corporate Services
Business Angel
Entrepreneur
Mentor Group
BVI is finish with all the regulations and DD policy they put in place to register a simple Company there!
 

happyjohn

Corporate Services
Business Angel
Entrepreneur
Mentor Group
No forget the BVI as possible option or solution for your business needs. As I understand you have already incorporated your business in Cyprus. Stay there and build and expand your business from there.
 

waltercrane

Active Member
I still prefer Offshore company for my business, since I'm not able to provide a huge money on it. So offshore company is the best choice.
 

yves

Offshore Agent
Isn't it all the same as long as the company does not do business locally you can call it a IBC even companies not registered in an offshore jurisdiction may be called IBC's
 

employme

Active Member
So offshore IBC will not do business locally is there anyone actually do local business with their offshore corp?
 

fireserve

Super Moderator
Business Angel
BVI offshore company formation was among the first to request outrageous documents, so the Seychelles was following and I wonder who is next!
 

londonfalls

Member
I contacted an law firm in the BVI asking them what they require to incorporate my business there. It was an endless list of requirements and ridiculous documents they required for a simple company formation. It is even faster and easier to incorporate a company in my home country!
 

aris

Offshore Agent
I contacted an law firm in the BVI asking them what they require to incorporate my business there. It was an endless list of requirements and ridiculous documents they required for a simple company formation. It is even faster and easier to incorporate a company in my home country!
Any recommendation to which law firm you have contacted please?
 

mert

Offshore Agent
Business Angel
No forget the BVI as possible option or solution for your business needs. As I understand you have already incorporated your business in Cyprus. Stay there and build and expand your business from there.
I would also say.. figure out what the requirements are to get an BVI offshore company, check if you can get all the documents required and if possible it's still an great offshore jurisdiction to incorporate your business!
 

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