Offshore Company Formation
Do you need to set up an offshore company?
Individuals or companies may consider setting up an offshore company for various reasons to achieve their desired results, such as
1. Tax planning
2. Protecting Privacy
3. Asset Protection
In some countries, where the risk of legal action is high, individuals and businesses may need to protect their assets from lawsuits or claims by creditors. The advantage of an offshore company is that assets can be transferred to an offshore company, so that the assets can be protected to a certain extent.
4. Avoid foreign exchange controls
5. International business expansion
Why choose BVI as the place to set up an offshore company?
There are various benefits to choosing an unlimited company or a limited company as your business structure, but a limited company is particularly suitable for entrepreneurs who want to run and expand their business over the long term. The following are the main advantages of registering a limited company:
相較於開曼群島，開BVI公司的好處為其註冊費用通常較低，而且不需要驗資，這使得中小型企業和私人投資者更傾向於選擇開BVI公司作為離岸公司註冊地。註冊BVI公司的另一好處在於它簡單的結構和年度維護費用相對較低，有助於企業控制經營成本。
BVI公司可以為企業提供極具吸引力的零稅率政策好處，對公司利潤、股息和資本收益均不徵稅。相比之下，雖然開曼群島和塞舌爾也提供類似的稅收優惠，但BVI的好處是在全球範圍內更被廣泛認可和接受，並且具有長期的政策穩定性。
BVI在保護公司股東和董事的隱私方面提供了嚴格的保障。開BVI公司後，股東和董事的詳細信息不需要公開披露，這一點對於追求隱私保護的投資者而言非常重要，而BVI在實施這些政策方面具有長期的穩定記錄。
一些離岸管轄區可能被視為不透明或與稅務規避相關，這可能影響你的企業形象和開銀行戶口的難度。選擇開BVI公司的好處是當地政府積極遵守日趨嚴格的法律和報告要求以符合全球反洗錢和反避稅監管的加強，確立其在國際上作為有良好監管和透明度的離岸中心。
提供離岸公司服務作為BVI政府的一大收入，當地致力培養人才和系統化其離岸公司的管理以吸引外資設立公司。因此，當地擁有一批經驗豐富的服務提供商，包括法律、會計和企業服務專業人士，他們能提供專業的支援和服務，確保公司運營符合所有法律和監管要求。
How to Apply
Advantages of a BVI Company
Tax-free/low tax
High data confidentiality
Simple incorporation procedures
Doing business in Hong Kong - Benefits of opening a BVI company
Opening a BVI company in Hong Kong to do business can bring you many benefits, which will be explained in detail below:
BVI companies offer a number of tax benefits. Not only are they exempt from any form of profit tax, capital gains tax, sales tax or inheritance tax, but all profits and income, including international income, are tax-free. In addition, since BVI has not signed double taxation agreements with other countries, opening a BVI company has the advantage of not facing double taxation, which is particularly beneficial for companies operating multinationally. At the same time, the advantage of opening a BVI company in Hong Kong to do business is that Hong Kong adopts the principle of territorial source taxation and only taxes profits generated in Hong Kong. This policy enables BVI companies in Hong Kong to avoid additional taxation in international business. This further enhances its attractiveness as an offshore company.
Another benefit of opening a BVI company is that it focuses on internal company information. It provides an attractive legal environment, especially for entrepreneurs and investors who want to do business in Hong Kong through a BVI company and seek a high degree of privacy protection. BVI Company Law provides that the identities of a company’s shareholders and directors do not need to be disclosed to the public, which is particularly welcome to entrepreneurs in countries with fierce business competition or political instability. Doing business in Hong Kong with a BVI company The BVI company law also allows the use of bearer shares, further enhancing the privacy of shareholders. Because the BVI’s legal framework emphasizes protecting the interests of companies and their shareholders, and has multiple protection measures to prevent unauthorized disclosure of information and ensure that corporate operations are not subject to unnecessary external interference.
The benefits of opening a BVI company include its low maintenance costs and simplified procedures, making it the preferred location for global companies to set up offshore companies. The process of registering a BVI company and doing business in Hong Kong through InCorp (HK) is fast and fully electronic, without the need for cumbersome document submission. BVI companies do not need to undergo annual financial report audits and only need to maintain basic accounting records, which greatly reduces the management burden of the company. In addition, in addition to low annual government fees, the benefits of a BVI company include the need to hold shareholder or director meetings at a local BVI entity. Meetings can be held remotely from anywhere in the world, providing great operational flexibility. Coupled with the flexible adjustment of corporate structure, BVI companies provide a cost-effective and convenient business advantage for doing business in Hong Kong, which is very suitable for global enterprises seeking efficiency and flexibility.
Thanks to its efforts in complying with international regulations, especially in anti-money laundering measures, the benefits of BVI companies can be reflected in their international image, which helps BVI companies to operate their business around the world, especially in opening banking and In terms of capital circulation.
The benefits of a BVI company include a judicial system based on English law, which provides a stable and predictable business environment and significantly enhances the legal protection of enterprises; BVI’s financial laws are also very complete, promoting the development of the financial services industry and providing international Business activities provide solid support. These factors make the BVI a popular choice for global business registration and operations.
BVI Company Registration Requirements
- Company Name: The company name must be different from existing company names and must not contain certain restricted words (such as “bank”, “insurance”, etc.).
- Directors and Shareholders:
- At least one director is required, who can be an individual or a legal person, with no nationality restrictions.
- At least one shareholder is required, who can be an individual or a legal person, with no nationality restrictions.
- A director and a shareholder can be the same person.
- Company Secretary: BVI companies are advised to appoint a company secretary to facilitate company administration and document handling.
- Registered Address: The company must have a registered address in the BVI. InCorp(HK) can provide the relevant registered address.
- Registered Agent: BVI company registration must be carried out through a registered agent in BVI.
- Articles of Association: The company’s memorandum and articles of association must be submitted to complete the BVI company registration (Memorandum and Articles of Association).
- Company seal: BVI company registration must have a corresponding seal. The style of the seal must be reported to the BVI Company Registry for record.
BVI Company Registration Process
1. The customer fills in and signs the BVI company registration form:
- Provide the name of the BVI company to be registered, and add the Chinese name if necessary.
- Identification documents and proof of personal address of each director and shareholder.
- Determine the registered capital of the BVI company, including the number of shares and the share allocation ratio.
2. After receiving the client’s application documents, InCorp(HK) will carry out the following BVI company registration process
Check company name: Verify the BVI company registration name to ensure there is no duplication.
Submit documents: Submit company incorporation application to the BVI government.
Production of company green box: including BVI company registration certificate, company articles, stock book and other documents.
Preparation of signed documents: Preparation of shareholder and director registers and company resolutions for directors to sign.
Stamping of the register of directors: After the register of directors is confirmed, it needs to be submitted to the BVI government for stamping.
Forwarding documents: Give the company green box and the complete set of BVI company registration information to the customer.
BVI Company Registration Fees and Influencing Factors
Registration Fee:
The market price for opening a BVI company generally ranges from around 10,000 yuan. InCorp (HK) may be the cheapest supplier for opening a BVI company in Hong Kong.
Influencing factors:
How much is the company’s registered capital: Standard US$50,000, divided into 50,000 shares.
Does the company name contain a Chinese name: Including a Chinese name will increase the registration fee.
Number of directors and shareholders: The greater the number, the greater the workload and cost of certification.
Offshore Company Package
BVI Company Opening Service Plan
BVI Company Formation
New Company Registration-
Company Name Search
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Preparation and submission of registration documents
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Filed with the BVI Companies Registry
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Provide company green box package and documents including:
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Electronic Certificate of Incorporation
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List of directors, shareholders and key personnel
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Articles of Association
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Company stock book
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Company seal, signature seal, steel seal
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BVI registered address fees
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BVI Registered Agent Fees
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BVI Government Fees
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Economic Substance Filing Fee
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Apply for a director's employment certificate at a preferential price(COI)
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Apply for a certificate of good standing at a preferential price (Good Standing)
Open a BVI company
Buying an Existing Company-
Choose your preferred company name from the list of ready-made companies
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Prepare and submit director appointment documents
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Filed with the BVI Companies Registry
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Provide company green box package and documents including:
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Paper + electronic version of company registration certificate
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List of directors, shareholders and key personnel
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Articles of Association
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Company stock book
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Company seal, signature seal, steel seal
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BVI registered address fees
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BVI Registered Agent Fees
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BVI Government Fees
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Economic Substance Filing Fee
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Apply for a director's employment certificate at a preferential price(COI)
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Apply for a certificate of good standing at a preferential price (Good Standing)
Seychelles Company
New Company Registration-
Company Name Search
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Preparation and submission of registration documents
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Filed with Seychelles Companies Registry
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Provide company green box package and documents including:
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Paper + electronic version of company registration certificate
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List of directors, shareholders and key personnel
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Articles of Association
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Company stock book
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Company seal, signature seal, steel seal
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Seychelles registered address fees
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Seychelles registered agent fees
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Seychelles Government Fees
Samoa Company
New Company Registration-
Company Name Search
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Preparation and submission of registration documents
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Filed with Samoa Companies Registry
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Provide company green box package and documents including:
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Paper + electronic version of company registration certificate
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List of directors, shareholders and key personnel
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Articles of Association
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Company stock book
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Company seal, signature seal, steel seal
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Samoa registered address fees
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Samoa registered agent fees
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Samoa Government Fees
Other Company Services
Your company may also need... Company Secretary? Virtual Office? Business Bank Account? Change of Company Information? Accounting and Auditing Tax Return? Trademark Registration?
Company Secretarial Services
According to Hong Kong law, every company must have a company secretary. A company secretary’s duties are very broad and include maintaining company records and documents, assisting with company changes, etc.
Virtual Office
A virtual office is an efficient business solution designed specifically for businesses. Having a business address is an important part of building your business’s credibility and reputation, while also saving you money.
Open a bank account
After setting up a company, enterprises often need to open a corporate bank account to meet business needs. The application procedure for opening a bank account has always been more complicated than that for a personal account, and more documents need to be provided.
Accounting and Auditing
Companies doing business in Hong Kong are required to issue audit reports and file tax returns to the tax authorities at the end of the financial year. INCORP’s CPA-qualified accounting team will follow up on your accounting audits and tax filing matters.
Things you may need to know
FAQs about opening a BVI company
Generally, clients who need to open a BVI company have specific needs, such as a company that can maintain its anonymity to hold company shares or bonds and assets. Or reduce company expenses or achieve tax exemption through the benefits of BVI’s tax exemption. Moreover, since BVI companies are still not required to submit financial statements for the time being, the annual costs are almost the same as maintaining a Hong Kong company.
The first year’s expenses for opening a BVI company include:
– BVI company registered address fees
– BVI Company Registration Agent Fees
– Government fees for opening a BVI company
– Economic substance declaration fee
– Company Green Box
The annual fees of BVI companies include:
– BVI company registration agent annual fee
– BVI company government annual fees
– Economic substance declaration fee
– Fees for preparing financial statements
According to the BVI Company Law, any company with a registered capital of more than US$50,000 must pay stamp duty on the registered capital every year. Therefore, the annual fee will be adjusted every year, and the fees will fluctuate with government adjustments.
Generally, after opening a BVI company, everyone will be eager to open a bank account. However, unlike local companies in Hong Kong, BVI does not disclose the internal structure information of local companies. Therefore, if you want to open a BVI company bank account, you need to apply for a Certificate of Incumbency or a Certificate of Good Standing. For banks to verify company information.
A Certificate of Incumbency is a document that records the identities and duties of a company’s directors, shareholders, secretary and other important personnel, as well as the company’s current status. This document is often used to prove the company’s legitimacy and authority to institutions such as banks, law firms, and accounting firms. The Certificate of Incumbency usually contains the following information:
- Full name and registration number of the company
- The company’s registered place and address
- Names and addresses of company directors, shareholders, and secretary
- Distribution of company shares
Certificate of Good Standing(Certificate of Good Standing) is a document that certifies that a company is a duly registered company in the jurisdiction in which it is located and is complying with all corporate laws of that jurisdiction. Usually this document needs to be issued by the company’s registration agency or local government authority. The Certificate of Good Standing usually contains the following information:
- Full name and registration number of the company
- The company’s registered place and address
- Date of incorporation of the company
- The status of the company (e.g. active, dissolved, liquidated, etc.)
- Whether the company complies with all requirements and regulations of the jurisdiction
BVI Economic Substance means that companies registered in the British Virgin Islands must comply with the economic substance principles stipulated by local regulations. According to the BVI Economic Substance Act passed in 2018, companies in the BVI need to ensure that they actually conduct business locally, such as holding actual assets, hiring local employees, and having substantive management decisions. . Among them, if it is a pure holding company, the level of economic activity required in the local area is the lowest, and it only needs to have sufficient employees and office space in the local area. If the company holds other assets, such as bonds, corporate securities, real estate, etc., it can avoid related troubles.
This Act is a measure taken by the BVI government in response to international anti-tax evasion pressure, aimed at preventing BVI companies from existing solely for the purpose of evading tax obligations, while also protecting the BVI’s reputation and status as an offshore financial center.
If a BVI company fails to comply with the BVI Economic Substance requirements, it will face risks such as fines, cancellation, and even possible impact on the company’s bank account and credit record. Therefore, if you plan to open a BVI company, it is recommended that you understand and comply with the local economic substance principles.
After establishing a BVI company, you can engage in various businesses, including trade, investment, asset management and financing. However, whatever your business is, you will need to ensure that you comply with the BVI Economic Substance Act.
From 2023, every BVI company will need to submit an annual financial return and related documents to its registered agent within nine months after the end of each financial year, otherwise it will not be able to maintain good standing and will face fines.
If the registered agent receives a specific request from the Financial Services Commission, it is possible that the annual return will need to be submitted to the BVI authorities or made available for public inspection.
If a company is engaged in any of the nine categories of economic substance related activities, it must comply with the relevant economic substance requirements and make an economic substance declaration.
Therefore, whether a BVI company needs an accountant audit depends on the form and details of the annual financial return submitted and whether it is engaged in economic substance-related activities. These details are yet to be announced by the BVI Financial Services Commission. It is recommended that you continue to pay attention to changes in BVI laws and regulations and complete the preparation of financial statements as soon as possible to facilitate subsequent compliance submission work.
The local company registry has excellent privacy protection. One of the great benefits of a BVI company is that the Companies Registry will not disclose the identities of the company’s shareholders and directors unless required by law. Therefore, BVI company shareholders and directors can remain anonymous.
