British Virgin Island
Companies are registered under the BVI Business Companies Act 2004.
Name - An application is filed at the Registry of Corporate Affairs for approval and it must not be similar to any already existing company.
Type of company - The most common types of companies registered are International Business Companies.
Taxation - BVI companies are exempt from taxation.
Annual license fee - An annual licence fee of $350 is payable for companies with share capital up to $50000 and $1100 for companies with share capital over $50000.
Registered office - It must be situated in the BVI.
Members/Shareholders - The minimum number is one.
Public access - The files maintained by the Registry of Corporate Affairs are not accessible to the public.
Directors - The minimum number is one.
Secretary - It is not necessary to appoint a Secretary.
Share capital - The minimum amount of share capital is $50000.
Annual Return filing - There is no requirement to file an annual return at the Registry of Corporate Affairs.
Financial Statements - According to the Law of 2012 every company registered in the British Virgin Islands must prepare management accounts but are not under any obligation to audit these accounts or file them with any Governmental Authority. The fine imposed by law for failure to maintain such accounts is USD 10,000.00
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