|
» |
There is no authorized capital or share capital in a BC. |
|
» |
The issuance of a limited number of shares is allowed. |
|
» |
Nominative shares are allowed. |
|
» |
Bearer shares are permitted, subject to custody services. |
|
DIRECTORS/DIGNITARIES (SECRETARIES), AND SHAREHOLDERS |
go
above
 |
|
|
» |
Shareholders, directors and/or dignitaries can be natural or juridical persons. |
|
» |
Any initial or present change in the directors or dignitaries must be inscribed in the Director(s) and Dignitary (Dignitaries) Registry and a copy must be maintained in the Registered Office. |
|
» |
The first directors must be appointed within six months following the date of incorporation. |
|
» |
Directors can grant general or special powers of attorney. |
|
» |
Companies are allowed to have a sole director. |
|
» |
When a company has one shareholder who in turn is a natural person said shareholder is the sole director, said sole shareholder/director can appoint a deputy director so he can act in his place in the event of his demise. |
|
» |
Acceptance and resignation of director(s) is obligatory. |
|
» |
Directors or dignitaries need not be shareholders. |
|
» |
Shareholders, directors and dignitaries can be of any nationality and be residents of any country. |
|
» |
Shareholders and/or directors meetings can be held in any country and they can participate in same via power of attorney or any electronic media (telephone, fax, etc.) |
|
ANNUAL TAX DECLARATIONS
|
|
It is not obligatory to present annual performance declarations or reports nor financial statements; it is not obligatory to hold an annual general shareholders’ or directors meetings |
|
INCORPORATION AND ADMINISTRATION |
|
» |
Ample availability of company names for incorporations. |
|
» |
Familiarity with incorporation documents (Corporate Charter and By-Laws, Incorporation Certificate) due to the fact that BVI is a British jurisdiction. |
|
» |
The word “Limited” can be used as part of the name of the company. |
|
» |
Incorporation documents can be drafted in Spanish or in any other language accompanied by its translation into English. |
|
» |
Expeditious incorporation process and simple administration. |
|
» |
Incorporation process takes from 5 to 6 days. |
|
» |
The Public Registry of BVI is equipped with a modern and sophisticated computer system that increases the speed and efficiency in the processing of documents. |
|
» |
Corporations in reserve available. |
|
» |
Registry of mortgages on ships and airplanes is available. |
|
REGISTRIES |
|
» |
The books, accounting records, and certificates of the company can be kept in any place or country that the directors choose. |
|
» |
When a BC keeps a copy of the Shareholders’ Registry and/or Directors’ Registry at the Registered Office, it will notify the Registered Agent in writing within 15 days following the registration of the change of the registry and will provide to the registered agent the written registry of the address of the place or places where the original Shareholders’ Registry or Directors’ Registry is kept. |
|
» |
When the place where the original of the Shareholders’ Registry and/or Directors’ Registry is kept changes, the BC will provide the registered agent the physical address of the new location of the registry within 14 days after the location change has taken place. |
|
» |
It is not necessary to neither present nor register annual accounts. |
|
REGISTERED OFFICE, OFFICIAL SEAL, AND LEGALIZATION |
|
» |
It is required that the Registered Office be located in the British Virgin Islands. |
|
» |
Corporate seal is obligatory. |
|
» |
The Apostille is the method usually employed for the legalization of documents. |
|
DOCUMENTS KEPT IN THE REGISTERED OFFICE |
|
» |
Corporate Charter and By-Laws, and their amendments. |
|
» |
Copy of the Shareholders’ Registry or Share Registry. |
|
» |
Copy of Directors and Dignitaries Registry. |
|
» |
Copy of the printout of the corporate seal |
|
» |
Registry of collections (if applicable). |
|
COSTS AND HONORARIES
Reasonable incorporation and maintenance costs. |
|
REDOMICILIATION
Corporations from other jurisdictions can be expeditiously redomiciled in BVI. |
|
TRANSITORY DISPOSITIONS |
|
» |
All maters related with existing IBC’s are regulated by the Transitory Dispositions (one of the annexes of the Business Corporation Law of BVI). |
|
» |
IBC Law was in force up to January 1, 2007. |
|
» |
On January 1, 2007, all existing IBC’s that had not been voluntarily reinscribed, where automatically reinscribed in accordance with the Business Corporation Law of BVI. All IBC’s incorporated before December 31, 2004 are subject to the Transitory Dispositions (special regulation). |
USE OF BVI’S BUSINESS CORPORATIONS (BC’s) |
|
» |
Titleholder of bank accounts, fix-term deposits, investment projects, and any other financial or commercial title. |
|
» |
Proprietor of shares of other corporations or legal entities |
|
»
|
Proprietor of apartments, houses, buildings, ships, or any
other assets, chattel or real estate.
|
|
|
