Advantage of B.V.I Companies
BACKGROUND AND BENEFITS B.V.I COMPANY
The British Virgin Islands (B.V.I) is a group of about 40 islands. Being a member of the British Commonwealth, B.V.I still adopts common law. In 1985, an International Company Law was passed, which was about how to incorporate an B.V.I to make international trade, investment and business. The official language is English, and US dollar is the currency.
Because a B.V.I 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. At present, B.V.I has become one of the most popular places globally for offshore registration.
You don’t need to disclose the information of the beneficiary. According to the Code, only one shareholder and one director are necessary. They can be the same person and there is no nationality restriction. Besides, you can appoint a Limited as the director or shareholder.
3. The benefits:
(1). Political system: Stable political environment
(2).Secret information: The information of shareholders aren't disclosed
(3).Audit Report: It is not required
(4).Annual Report: It is not required
(5).Nationality of shareholders: Unlimited
(6).There is no foreign income tax
(9).There is no B.R. fee, only annual fee is required
(10).It is allowed to open account in H.K. banks.
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