It requires photo ID proof of identity and nationality along with copies of a utility bill or bank statement updated in the last three months as an address proof. The Registry of Corporate Affairs maintains the business-related documents information only. As per the legal requirements businesses operating in the British Virgin Islands (BVI) are required to have a physical address that you can service through the Wembley Businessmen.
It is not required to file the financial statements and income generated outside of BVI territory is 100% tax-exempt. The BVI government also offers services in foreign languages thus making the conduct of international business a bit more easy.
Benefits of company formation in BVI
- No minimum share capital is required
- Filing annual report is not required
- No restrictions on foreign capital or currency
- Tax-free rent, dividends, royalties, interests and different forms of compensation
- Lucrative incorporation fee