The British Virgin Islands is a dependent territory of the British Crown located on islands in the Caribbean. The head of the country is the English queen who is represented on the islands by the governor. The official language is English. The legislation is based on English law. The currency is the US dollar.
Feature of the jurisdiction of the British Virgin Islands
This is a classic offshore zone with a classic history – the former colony of England, which, after gaining independence, remained under the English crown, with an English legal system and taxation. All this allows this territory to flourish. Now more about the benefits of registering in the British Virgin Islands (BVI).
- Taxation – Companies owned by non-residents are exempt from any tax other than a small annual duty. There is no need for financial reporting and auditing. Although the company must keep the primary accounting documentation. There is a payroll tax.
- Confidentiality – since 2017, information about the beneficial owners of companies is entered into BOSS (Beneficial Ownership Secure Search System). But access to this registry is not public. It contains the following information for each beneficiary:
• full name;
• Date of Birth;
• address of residence.
- Economic presence – from 01.01.2019, the law on economic presence came into force, according to which a company engaged in certain activities and registered in the BVI must have a physical office and a staff of qualified personnel sufficient for its activities. These companies include forex brokers.
- Double Taxation – The BVI has concluded treaties for the elimination of double taxation with Switzerland.
- Exchange of tax information – BVO has concluded agreements on the exchange of tax information with 22 countries, including the USA, Great Britain, France, Germany, etc. There is no such agreement with any of the CIS countries.
- It is forbidden to have any business with residents of the BVI, as well as to buy real estate, only rent.
- A license is required to work in the forex market.
- Bearer shares are prohibited.
- The name of the company must contain one of the following words or its abbreviation:
The company name can be in any language and must include words such as:
• Incorporated (Inc.);
• Limited (Ltd);
• Corporation (Corp.);
• Société Anonyme (S.A.).
• Sociedad Anonima (S.A.);
Benefits of registering in an offshore BVI
- Low cost of registration and annual fees.
- No taxes.
- The minimum authorized capital can be 1 USD.
- Developed legislation based on English law.
- A director can be both an individual and a legal entity and a resident of any country. Nominee director and shareholders are authorized.
- There are no requirements for a secretary.
- There is no exchange control.
- There is no financial reporting and audit.
The jurisdiction in the offshore British Virgin Islands is one of the most popular among classical offshore companies and reliable in the face of various international structures.
Registration of a forex broker in the jurisdiction of the British Virgin Islands by 321Broker
Our company has been providing brokerage services for over 10 years. In particular, we offer turnkey brokerage companies:
- Registration in an offshore zone, incl. to the BVO;
- Getting a license to work in the forex market;
- Creation of a technical base for a broker:
• a site with all the necessary tools – traders’ personal accounts, connection to a trading platform, to payment systems. Liquidity providers, etc .;
• CRM systems for effective work with traders.
To register in the jurisdiction of the British Virgin Islands, you need to submit the following documents to us:
- a notarized copy of the passport of the director and shareholders.
- company charter;
- minutes of the first meeting of shareholders;
- company’s stamp.
If necessary, we will draw up the last three positions ourselves.
- Efficiency – we will complete the registration of the company in the offshore BVI in 7-14 days.
- Quality – all documents for the company will be legally irreproachable. We guarantee this, relying on our 10 years of experience in this field and the high competence of our specialists.
- Confidentiality – third parties will not know about your application and company registration in an offshore.
- Favorable prices.