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.
Keeping Europe Up-to-date with the Latest Legal & Financial Technology
The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.
FATCA: Foreign Financial Institutions & NFFE’s
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, was implemented to able foreign financial Institutions and certain other non-financial foreign entities to report on the foreign assets held by their US-based account holders or be subject to withholding tax on the relevant payments.
ICOs: A Smart Business Decision or Just a Risky Investment?
There are many financial experts voicing their concerns over ICOs being too much of a risky investment, however should we be so quick to dismiss ICOs as a legitimate vehicle? ICOs can be used as a substitute for Venture Capital funding due to parallels in the phase of company’s lifespan and risk profiles, which give potential opportunities for future start-ups and companies.
How Initial Coin Offerings Differ from Initial Public Offerings
Since the hectic and intense ecosphere of the cryptocurrency ventures conception, a new sphere has caught investors’ attention from all over the world, being coined ICOs or Initial Coin Offerings.
Reasons for the Prevalent Misappropriation of Public Funds by Officials in CIS Countries
Thorough analysis of the nature, content and determinants of the offence of misappropriation of public funds by officials, it gives grounds to reach the conclusion that a lot of different reasons somehow ‘provoke’ and ‘give the possibility’ to commit this offence.
Notional Interest Deduction: A Useful Tool for Cyprus Companies
The corporate income tax rate of a Cyprus-resident company is 12.5% on its global taxable revenue, with unilateral credit for related foreign tax suffered. Moreover, non-Cyprus residents are not liable to pay Cyprus withholding taxes on payments. Frequently, the effective corporate tax rate is much lower, or even as low as nil, due to various tax exemptions and allowances.
How Cyprus is Retaining its Competitive Edge as a Favourable EU Jurisdiction for Tax Purposes
The recent implementation and increasingly stringent tax developments globally can affect companies with offices in different countries; rendering them non-viable if certain factors are not carefully considered.
5 Important Considerations When Starting a New Business
According to commercial regulations in many common law jurisdictions, Directors have a duty of care requiring them to act in good faith for the company’s best interest, and using reasonable consideration of all available options before acting.