The British Virgin Islands are located in the West Indies. They are one of the UK’s overseas territories, which do not form part of it but remain under its authority.
An onshore centre
Although the British Virgin Islands offer anonymity and a good tax system, they do not ensure a good brand image, and may thus limit business with European countries. There are two forms of BVI offshore companies : Business Company (BC) and British Virgin Islands Ordinary Resident Company, which are regulated so as to be closer to European standards.
A BVI BC is the most common offshore company and is equivalent to a company limited by shares. The International Business Act regulates its development. The company director must be appointed within 30 days of the company’s creation and there are no nationality or residence requirements for shareholders and executives. No minimum share capital is required but there are costs for setting up companies, which vary depending on the company’s share capital (350 USD – 1,100 USD). A BVI IBC cannot carry out its activities on BVI territory, except for special services (accountants, lawyers, etc.).
The BVI are a completely offshore location and allow any international transaction (outside Europe). The jurisdiction has been popular for more than 30 years. However, standards introduced in recent years to combat tax havens have made the islands the location most disputed by European tax services.
Employment legislation in the region is almost non-existent. There are no trade unions or minimum wage. However, there are standards nonetheless, and employees must be registered with the Social Security Board. The retirement age is set at 65 years, subject to having made 250 weeks’ contributions. Employer social security contributions are 4.5% and 4% for employees.
Taxation in BVI by Fidusuisse
Companies pay no tax in the British Virgin Islands, and there is no VAT. France and the British Virgin Islands signed a Double Tax Avoidance Agreement. Since there is no accounting requirement for companies, Fidusuisse Offshore helps you understand the taxation issues that can appear.
Creating a Company
Fidusuisse offshore company has many advantages: among other things, it enables assets to be protected by consolidating assets held in several countries under the name of an offshore holding company. The legislation of the country where the holding company is based will apply to all assets in the event of death. It is also possible to transfer assets to this offshore company to avoid problems (confiscation, commercial litigation, disputes, etc.): this is the principle of Asset Protection.
A Ready-Made Company or Shelf company is a pre-registered company that is ready to start operations. Choosing a Ready-Made at Fidusuisse company reduces the time it takes to setup a company in the country. A Ready Made company is a new company, whereas a Shelf company has existed for at least one year, which makes it possible to benefit from enhanced commercial credibility.
At Fidusuisse we handle your bank account opening in BVI, so there is nothing you can worry about. Whether for private account of offshore accounts within 15 days including the bank relationship, filing of forms and liaising with the bank.
Fidusuisse Offshore offers you a virtual office service allowing you to create real credibility and become a commercial reality. You will be able to conduct your offshore company’s business in the most effective way.
The importance of a virtual office
When you create an offshore company, it is essential to have a phone number in your destination country. It provides real credibility and promotes confidence in your business transactions with your clients. Fidusuisse Offshore can provide you with a telephone number for any country in the world and even offers you a telephone to manage your business.
Company Management is a service aimed at persons not wishing to have to manage their business on a daily basis and who wish to entirely delegate the management. Under a contract regulated by Swiss law, we manage the company on your instructions, maintaining commercial relationships, orders, regulations, accounting, audit and annual reports.
International contracting is frequently used by offshore companies to facilitate transactions with foreign partners. In fact, this method makes it possible to solve logistical and fiscal constraints applicable to transactions.
Trusts and foundations
The advantage of a Trust is that it optimises tax benefits for the Settlor’s assets, in accordance with the tax laws of the country in which the Trust is registered, while the Settlor can reside in another country. It is also useful for transferring assets while avoiding taxation, and in determining the assets owned by several companies.
Fidusuisse Offshore can provide you with the expertise necessary to set up your Foundation. A foundation makes it easier to manage your affairs. This structure can be created in most countries, and fully customized through the use of By-Laws.
Fidusuisse Offshore is putting its experience and expertise at your disposal so that you can successfully carry off your fiscal expatriation plans. Our main destinations are Belgium and Switzerland.
Contact Fidusuisse Contact
ServicesBanking Services Company Formation Corporate Services Trust Management
CoverageBelize British Virgin Islands Canada Cyprus Dubai Hong Kong Latvia Luxembourg Malta Ras Al Khaimah Switzerland United Kingdom
118, Rue du Rhône
1204 – Geneva, Switzerland
Tel: + 41 22 518 03 40
Fax: + 41 22 518 07 84
79, Avenue de la Toison d’Or
1050 – Brussels,
Tel: + 32 2 400 78 00
Fax: + 32 2 808 64 71
The Lee Gardens,
33 Hysan Avenue,
Causeway Bay, Hong Kong
Tel: + 852 580 80 599
Fax: + 852 580 80 582
Sterling Tower, 10th Floor,
14, Poudriere Street,
Port Louis, Mauritius
Tel: +41 22 518 20 19