What You Need to Know to Form a BVI Company?

At present, BVI has become one of the most popular places globally for offshore registration. Because a BVI company is not required to pay tax, nor bound to foreign exchange controls, and information for submission for filing requested by local government is minimal, many multinational companies and persons are attracted to register BVI companies. However, when you plan to form a company, you should have a basic understanding and its related registration requirement. The following aspects are some knowledge you need to know to form a BVI company. 

The name 
The name of registering a BVI company is totally up to your choice. Regardless of the size of registered capital, virgin government allows the company name to contain the words, such as International, Group, Holding, Industrial, Investment, Colleges, Associations, Centers, Research institutes, etc. Meanwhile, the company name should be ended with one of followings or for its short: Limited Ltd, Corporation, Incorporated, Societe Anonyme, Sociatedad Anonima. 

Besides, as for those special names, you should gain the approval before you use it, such as Building Society, Commerce, License, Cooperate, Royal, Public transport, Municipal, Travel Association, Entrust, Subway, Bank, Insurance, Fund management, Property management and Capital Fund. 

The business scope
In principle, there is no big limitation on business scope of BVI companies. The enterprises may engage in any business, for example, financial and investment, healthcare, shipping and transportation, import-export trade, real estate, building, decoration, information network, costume, travel, cultural publication and so on.

Standard registration capital 50,000USD
According to new Corporate Law in 2005, the standard authorized capital is 50,000 shares. The maximum number can’t exceed 50,000 shares without the minimum shares. Setting up the currency value of stocks can be sold as well as different categories, including unregistered shares. 

Secretary 
Forming a BVI company, you need a secretary who can be a natural person or legal entity without country restriction. 

At least one shareholder and director over 18 years old
A natural person or legal person, who should be at least one person over 18 years old without the limitation of nationality, can act as shareholder; Meanwhile, Forming a BVI company, you should make sure the proportion of shares between shareholders and directors. 

In addition to what has been mentioned above, what else you need to know? The required information and time for forming a BVI company is: Chinese and English name; Copies of ID cards or passports of shareholders and directors; Registration of company (requires 14 days or so); Purchasing a Shelf Company (requires 3 days or so) 

If you are interested in BVI company formation and want to know more information, welcome to contact Conpak CPA Limited. http://www.conpak.com
Tags:company formation,trademark registration