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.
New requirement for Scottish LPs to disclose all PSC information to the Companies House
The legislation for Scottish Limited Partnerships have changed regarding the disclosure of information. Going forward, Scottish LPs will have to register all information about PSCs and Business Owners with the UK Companies House from July 24th 2017.
Key amendments to the Singapore Companies Act
Significant changes to the commercial and company law in Singapore have come into effect. The changes to the Singapore Companies Act will hopefully make business entities more transparent as well as mitigating the risks of money laundering and terrorist financing.
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Last month the Government in Panama officially approved Law Number 52; legislation which creates the regulatory framework for the implementation regarding automatically exchanging tax information, in a further attempt to comply with global regulations for tax transparency, and to be fully in line with all supervisory and compliance matters.
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Officials from the British Virgin Islands have come together to clarify various filing deadlines as per the automatic exchange of information systems in a press release.
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