Have you been wondering what would be like to have one of the BVI companies that many people operate offshore? If so, you may want to review some of the characteristics of the region to make sure it is the right place for you. There are many differences in the different regions that you can think about as you go through the formation of your offshore company. Listed below are just some of the characteristics you can find in the British Virgin Islands so you can see if this is the place for your company to go.
Region Characteristics for BVI Companies
The standard currency in the British Virgin Islands is the US dollar, and that is not likely to chance in the near future. You can use any currency in the country though, so you should be able to conduct business the way you need to. There are shelf BVI companies available if you are interested in buying something like that, but you can always have a new company formed if you want to. The standard share capital for the area is $50,000 US, but the minimum paid up is only $1 US. That should prove beneficial for your company in the end.
What you need to know about BVI Companies
All BVI companies must have at least one director to operate legally, but the person does not have to be local. You are allowed to have corporate directors here, and you can have business meetings anywhere you want to. There is also no limit to where you can have a bank account if you operate through the British Virgin Islands, giving your company the flexibility it needs to operate in full force. The public and the government will have no access to your records unless there is a criminal investigation going against you. You are absolutely protected.
Tips for forming BVI Companies
You do not have to have a company secretary if you work in the BVI, but if you do, that person does not have to be local or qualified. There are no audit requirements for BVI companies, and there are no requirements to file accounts. You are not required to file an annual return here, and you can change your domicile if need be. There are so many positive aspects to the British Virgin Islands that you may find this the perfect place to form your offshore company through. Think about that as you decide where you want your business to operate.