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British Virgin Island Offshore Company. Favored By Tourists And Investors Alike
British Virgin Island offshore company: Enjoy yourself while saving your wealth.
If you plan to take a break from work to spend your vacation in a peaceful and beautiful place, the British Virgin Islands should be one of your favored destinations. Here you can enjoy the beauty of the sea, shop, buy souvenirs for your friends and family and dine out on various exotic foods.
Also while enjoying the surf and the sands, you can do an offshore incorporation of a British Virgin Island offshore company. So if you want to incorporate an offshore company, the British Virgin Islands is the perfect destination and the British Virgin Island offshore company is the perfect choice for you.
The concessions granted and incentives offered by friendly British Virgin Islands laws and regulations attract numerous businessmen to the islands every year, keen to have their own British Virgin Island offshore company. A BVI offshore corporation incorporated in the British Virgin Islands for the purpose of offshore business is termed as an International Business Company [IBC]. IBC incorporated in the British Virgin Islands is also known as a British Virgin Island IBC or a 'bvi ibc'.
For the purposes of regulation of this business, the BVI Companies Legislation was introduced in 1984. This legislation was subsequently amended to accommodate client friendly changes required by the international company registration BVI.
Since 9/11, both the EU and the US have been glaring at tax havens and pressuring them to disclose the names of their clients, as also conform to various tax laws, reducing the incentives for investors to incorporate in tax havens. Hence, The government of British Virgin Islands has signed treaties with the UK and the European Union to impose certain taxes. in the same way as these are imposed in the EU countries. This has greatly reduced the tax benefits previously provided to BVI companies. The taxes imposed are withholding taxes and are charged at the rate of 15%.
Greater privacy was enjoyed by BVI offshore companies previously. But as a result of signing of a treaty between the government of British Virgin Islands and the government of the United States of America the privacy available to any British Virgin Island offshore company has been cut down to a considerable extent.
But still British Virgin Islands is considered as one of the best destinations for a BVI formation offshore. I think mostly because people have knowledge about it and are probably already incorporated there!
If all the requisite information is provided and the documents are filed accordingly and the relevant authorities grant approval, the process of company registration BVI can be completed in 3 working days. However, most of the time is spent on collecting the required documents!
There are many advantages of having your own British Virgin Island offshore company. Some of these are bulleted below:
* Only one director or shareholder is needed for company formation in the British Virgin Islands
* Both a natural person or a corporate body can be directors and / or shareholders
* Keeping of accounts, records and financial statements is not required
* A resident secretary is not required
* Company meetings can be held anywhere in the world
* Meetings of shareholders and directors are also not required
* If records are kept, they can be held anywhere in the world
* Appointment of local shareholders or directors is not required
* Director and shareholder can be one and the same person
* Meetings can be held by using telephone or any other means of communication through which voice can be transmitted and clearly heard.
* Cost of incorporation are low.
Article keywords: british virgin island offshore company
Article Source: http://www.articles3k.com
Ramapati Singhania specializes in creating and managing web businesses. His latest website http://www.incorporation-offshore-saves-wealth.com focuses on helping you to incorporate offshore companies in Seychelles, Mauritius and BVI. You can also visit his blog, http://www.ramapatisinghania.com