1. Applicable Company legislation?
International Business Companies Ordinance 1984
2. What types of Company are available in this jurisdiction?
IBC - International Business Companies, also CAP 285 Companies (Limited by Guarantee)
3. What is the annual Government fee payable?
US$300 - subject to a fine for late filing
4. Is a Registered Office required?
Yes - in The British Virgin Islands
5. Is it possible to reserve the name in the Company Registry?
Yes - for 7 days
6. How long is needed to incorporate in a name of your choice?
24-hour incorporation, however it takes approximately 10 days to receive the documentation from The B.V.I.
7. Are ready made companies usually available?
Yes
8. Where and when must board meetings be held?
Directors' Meetings can take place anywhere, for a Members' Meeting at least 50% of the Members must call the Meeting
9. Is an annual return required?
None - however there is a form to be filed relating to the Annual IBC fee.
10.Are audited accounts required by authorities, and if so is a copy kept on public record?
No
11.How many companies were on the Companies Register at the end of 1995?
Approximately 165,000
12.Minimum number of subscribers?
One
13.Minimum subscribed capital requirements?
No minimum requirement, Shares can be of no par value
14.Standard authorised share capital?
US$50,000
15.Minimum number of shareholders?
One - shares can either be in Registered or Bearer form
16.Are the details of shareholders filed on public record?
No - but a Register of Members must be kept at the Office of the Registered Agent in The British Virgin Islands
17.Are trustee shareholders permitted?
Yes
18.Is it possible to increase the authorised share capital?
Yes - for authorised share capital in excess of US$50,000 the additional IBC duty of US$700 is payable to the Government annually
19.Is a Company Secretary required?
No - however most Banks do require the appointment of a Company Secretary
20.Is a local registered/or resident agent required?
Yes - must be licensed by the Government
21.Minimum number of directors?
One
22.Are the details of directors filed on public record?
No
23.Are nominee third party directors permitted?
Yes
24.What is the principle use for this type of company?
For holding companies, or for International Trade and Banking. An IBC is exempt from any other form of taxation
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.