Procedure of company registration

The BVI Business Company Act of 2004 (the BVI BC Act) replaced all existing legislation with regards to the legislation and regulations of offshore companies.
This has provided more credibility for the BVI as a place in which to locate an offshore company.

The procedure for the formation of a British Virgin Islands company is still fast and efficient.

For an Individual the following documents are required:

  • An application form is completed with details of preferred name and details of beneficial Directors and Shareholders (nationality, country of residence, address, profession etc).
  • A scanned and notarised copy of the passport of the beneficial directors and shareholders is required.
  • A photocopy of another official document (such as Driving License, ID Card etc) notarised to confirm the copy is a true copy and the photo is a true likeness.
  • An original proof of residence showing the name and address of the individua is required. This can be in the form of a utility bill or bank statement and must not be older than 3 months.
  • One original letter of introduction is required. This letter can be from a bank, lawyer, accountant or similar profession.
  • Completed and signed Beneficial Owners Declaration (BOD) by all Shareholders and Directors.

For a Company the following documents are required:

  • Certified copy of the Certificate of Incorporation.
  • Certified copy of the Company’s Memorandum and Articles of Association.
  • Certified copy of the Registered Shareholders with details of shares held by each.
  • Certified copy of Register of Directors.
  • Certified copy of the Register of Offices.
  • For at least 2 Directors the documents set out in ‘Individual section’ above.
  • At this point Eltoma will issue an invoice for a British Virgin Islands Company Formation. Upon receipt of money we start the incorporation process.
  • The Memorandum and Articles of Association and any other associated documents required to register a BVI IBC are sent to the Registrar. The Memorandum of Association will include; the name of the company, the address of the registered office of the company, the function and objectives of the company, the share capital of the company and an explanation of liability.
  • When the Memorandum of Association is accepted then a Certificate of Incorporation will be issued.
  • The company’s Certificate of Incorporation, Memorandum and Articles of Association are required to be submitted to the Companies Regstry at the time of the company formation. No additional documents are required for incorporation. These documents will not state the identity of the Directors or Shareholders therefore maintaining confidentiality.

Take the next step, we are here to help.

Register a BVI (British Virgin Islands) company.
Open a BVI (British Virgin Islands) bank account.

  Resources:

 

The Investigation of a Cyprus Company's Affairs: Application of the Law & Effectiveness

At the request of a Cyprus company’s Shareholder, where it is proven that a more comprehensive investigation is required regarding a company’s activities, the court can issue a declaration of investigation by an inspector appointed by the Cyprus Council of Ministers. The discretion of the court must be applied carefully; as such an order can heavily impact a company and depending on the outcome of the investigation, can be a severe measure that deviates from fundamental principles of Cyprus company law.

UK: The Current Problems with Money Laundering & the Violation of Anti-Money Laundering Regimes

UK: The Current Problems with Money Laundering & the Violation of Anti-Money Laundering Regimes

The fact that money can be transferred from one jurisdiction to another means, that money laundering as a concept involves the entire modern world. Money laundering is a process during which the origin and purpose of payments are hidden and typically has three stages.

Director’s Duties & Liability Insurance in Cyprus

Director’s Duties & Liability Insurance in Cyprus

This article will examine the role of a Director and his duties and liability insurance and D&O insurance liability accordingly with reference to the relevant case law.

 

Q&A: Singapore Small Company Concept for Audit Exemption

The following article will answer some commonly asked questions regarding Singapore small company auditing requirements and exemptions from ACRA.

Exemption from Audit: Singapore Small Company Criteria

Exemption from Audit: Singapore Small Company Criteria

Singapore Audit Requirements: running a company in most countries require auditing as a process to prove that everything is operating legitimately. Listed companies have a legal responsibility to go through audit in Singapore similarly.

EU: Cyprus Competitive Advantage at Risk with Tax Consolidation Reforms

EU: Cyprus Competitive Advantage at Risk with Tax Consolidation Reforms

Cyprus is likely to have repercussions as a result of Jean-Claude Juncker ’s favouring of a relaxation in EU regulation formation and monitoring schemes, reinforced by qualified majorities on matters including the additional synchronisation of blanket taxation rates across Europe.

Singapore Service Providers: How to Comply with the ACRA Reporting Requirements

Singapore Service Providers: How to Comply with the ACRA Reporting Requirements

As a result of the ACRA Amendment Act in 2014, Registered Filing Agents and Corporate Service Providers now have to conduct independent Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) reviews as part of their annual audit reviews.

Beginners Guide to Service Level Agreements: Important Information & Q&A

Beginners Guide to Service Level Agreements: Important Information & Q&A

SLAs are a critical component of any outsourcing and technology vendor contract. Beyond listing expectations of service type and quality, an SLA provides remedies when requirements aren't met.