BVI companies and administration services by OMC Group? The Law ‘On Companies’ from 2004 is the main legislative act regulating the activities of the BVI-registered offshore companies. The amendments to the Law passed in 2019 make the information about the company beneficiary owners open to the public but tax exemptions are still available and the reporting requirements are lax. Since January 1, 2019, the Law ‘On Economic Substance’ has been in effect. It is aimed at combating the practice of registering shell companies in such spheres as insurance, banking, finance management, leasing, shipment, and so on.
Insurance business means the business of undertaking liability under a contract of insurance to indemnify or compensate a person in respect of loss or damage. Including the liability to pay damages or compensation contingent upon the happening of a specified event, and includes life insurance business and reinsurance business. Could my BVI company be conducting “fund management business”? Is the company subject to any fund or securities management regulation or supervision anywhere? If “Yes”, your BVI company is conducting fund management business. Is the company licenced to sell securities, pension schemes, mutual funds or other types of investments? If “Yes”, your BVI company is conducting fund management business.
The BVI Business Companies Act, 2004 (“BC Act”) came into force on January 1st, 2005, to replace the International Business Companies Act, 1984 and the Companies Act (Cap 285). The following types of companies can be incorporated under the BVI BC Act: Companies Limited by Shares, Companies Limited by Guarantee, Companies Limited by Guarantee Authorized to Issue Shares, Unlimited Companies with or without Shares, Restricted Purposes Companies (or SPVs), Segregated Portfolio Companies (or SPCs), Limited Partnerships (LP), PTC. A company name can be verified with the Registrar online and it can be confirmed within one hour of being requested. The incorporation will usually take two (2) or three (3) working days. Registered Office/Agent: All companies must apply to the Registry for incorporation by filing a Memorandum and Articles of Association, duly signed by the proposed as incorporator registered agent. Discover more info on BVI companies.
You open a company in the British Virgin Islands (BVI) to provide services overseas. You also establish your company’s management in another country to make it not a BVI-resident for tax purposes. These will ensure no corporate tax will be paid in this jurisdiction. And since BVI has a fair reputation, you can open a corporate bank account in Singapore. This will allow your company to receive money from customers with ease. If necessary, you then need to establish your tax residency in another country where you can receive your business money without being taxed.
The continued OMC Group success is reflected in our commitment to serve our clients as a TOP PRIORITY. Our well-established presence is made up of a fully owned network of offices in major financial centers. Through this global system, our clients gain access to a unique multinational family-style organization which can support their needs and provides a variety of corporate services including company formation in accordance with major standards in the industry to comply with the new business requirements. OMC will offer a full range of company formation services in the most recognized jurisdictions including Anguilla, Belize, Bahamas, BVI, Cayman, Hong Kong, Nevis, Panama, Delaware USA, Seychelles, among others. We invite you to partner with us and join the ranks of those who have already benefited from the world-class service rendered by our reliable workforce. Read even more information on this website.