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» OFFSHORE CORPORATIONS IN BRITISH ANGUILLA

BRITISH VIRGIN ISLANDS (B.V.I.)
INTERNATIONAL BUSINESS CORPORATIONS (IBC)
 

SOCIAL AND ECONOMIC INDICATORS

» LOCATION

Caribbean Sea, 50 miles East of Puerto Rico

» SURFACE AREA

50 islands that comprise 59 square miles, of which 15 approximately are inhabited and the biggest one is Tortola, with 21 square miles

» POPULATION

27,000 (2005 estimate)

» CLIMATE

Tropical

RELEVANT ELEMENTS OF THE COUNTRYS

» Excellent corporations law

» Flexible corporations law.

» There are no taxes on international or banking transactions

» There are no foreign currency control regulations

» Political and economic stability

» Excellent hotel accommodations

» Excellent international communication systems

» Qualified personnel

» There are no taxes on capital gains or income, or other type of taxes

APPLICABLE LAW

BVI’s Law of International Business Corporations of 2004 (the Law BC of BVI), with its 2005 and 2006 amendments

NAME OF THE COMPANY

» The name of a BC can include the expression “BVI Company Number” followed by the number of the company in numbers and the required ending

» The name of a BC can be conformed by an additional name together with its name in foreign characters approved by the Registrar

PURPOSE

It is not necessary to specify the objectives or purposes of a  BVI BC in the corporate charter and the by-laws

COMMERCIAL TRANSACTIONS

IBC’s can engage in any licit business in any country and carry out transactions in any currency they choose

DIRECTORS/DIGNITARIES, AND SHAREHOLDERS

» Shareholders, directors, and/or dignitaries can be natural or juridical persons

» Any initial or present change in the directors or dignitaries must be inscribed in the Director(s) and Dignitary (Dignitaries) Registry and a copy must be maintained in the Registered Office

» The first directors must be appointed within six months following the date of incorporation

» Directors can grant general or special powers of attorney

» Companies are allowed to have a sole director

» When a company has one shareholder who in turn is a natural person said shareholder is the sole director, said sole shareholder/director can appoint a deputy director so he can act in his place in the event of his demise

» Acceptance and resignation of director(s) is obligatory

» Directors or dignitaries need not be shareholders

» Shareholders, directors and dignitaries can be of any nationality and be residents of any country

» Shareholders and/or directors meetings can be held in any country and they can participate in same via power of attorney or any electronic media (telephone, fax, etc.)

REGISTERED OFFICE, CORPORATE SEAL, AND LEGALIZATION

» It is required that the Registered Office be located in the British Virgin Islands

» Corporate seal is obligatory

» The Apostille is the method usually employed for the legalization of documents

REDOMICILIATION

Corporations from other jurisdictions can be expeditiously redomiciled in BVI

USE OF INTERNATIONAL BUSINESS CORPORATIONS OF BRITISH ANGUILLA (B.A. IBC’s)

» Titleholder of bank accounts, fix-term deposits, investment projects, and any other financial or commercial title

» Proprietor of shares of other corporations or legal entities

» Proprietor of apartments, houses, buildings, ships and any other assets or real estate or chattel

» Administrator or promoter of international commercial transactions

» International leasing of vehicles, machinery, ships, and other

» Receive or provide money loans, pay or receive monies in accordance with the commission’s law and other revenues

» Marketing and promotion of products and services

» Other commercial and financial activities

» OFFICIAL LANGUAGE

English

» GOVERMENT

Ministerial democracy (United Kingdom Colony)

» STANDARD OF LIVING

High

» BANKING

International banking systems available.

» CURRENCY

Dollar of the United States of America (US$)

» INDUSTRY

Tourism and financial services

TAXES

Tax exemption on any commercial activity or transaction carried out outside the British Virgin Islands

SHARES

» There is no authorized capital or share capital in a IBC

» The issuance of a limited number of shares is allowed

» Nominative shares are allowed

» Bearer shares are permitted, subject to custody services

ANNUAL TAX DECLARATIONS

It is not obligatory to present annual performance declarations or reports nor financial statements; it is not obligatory to hold an annual general shareholders’ or directors meetings

INCORPORATION AND ADMINISTRATION

» Ample availability of company names for incorporations

» Familiarity with incorporation documents (Corporate Charter and By-Laws, Incorporation Certificate) due to the fact that BVI is a British jurisdiction

» The word “Limited” can be used as part of the name of the company

» Incorporation documents can be drafted in Spanish or in any other language accompanied by its translation into English

» Expeditious incorporation process and simple administration

» Incorporation process takes from 5 to 6 days

» The Public Registry of BVI is equipped with a modern and sophisticated computer system that increases the speed and efficiency in the processing of documents

» Corporations in reserve available

» Registry of mortgages on ships and airplanes is available

TRANSITORY DISPOSITIONS

» All maters related with existing IBC’s are regulated by the Transitory Dispositions (one of the annexes of the Business Corporation Law of BVI)

» IBC Law was in force up to January 1, 2007

» On January 1, 2007, all existing IBC’s that had not been voluntarily reinscribed, where automatically reinscribed in accordance with the Business Corporation Law of BVI. All IBC’s incorporated before December 31, 2004 are subject to the Transitory Dispositions (special regulation)

REGISTRIES

» The books, accounting records, and certificates of the company can be kept in any place or country that the directors choose

» When a BC keeps a copy of the Shareholders’ Registry and/or Directors’ Registry at the Registered Office, it will notify the Registered Agent in writing within 15 days following the registration of the change of the registry and will provide to the registered agent the written registry of the address of the place or places where the original Shareholders’ Registry or Directors’ Registry is kept

» When the place where the original of the Shareholders’ Registry and/or Directors’ Registry is kept changes, the BC will provide the registered agent the physical address of the new location of the registry within 14 days after the location change has taken place

» It is not necessary to neither present nor register annual accounts

DOCUMENTS KEPT IN THE REGISTERED OFFICE

» Corporate Charter and By-Laws, and their amendments

» Copy of the Shareholders’ Registry or Share Registry

» Copy of Directors and Dignitaries Registry

» Copy of the printout of the corporate seal

» Registry of collections (if applicable)

COSTS AND HONORARIES

Reasonable incorporation and maintenance costs

CORBETTI PEZZOTTI & QUIJANO REQUIREMENTS

» Adequate references of moral solvency and other due diligence documents, as required

» Directors and Dignitaries from Corbetti Pezzotti & Quijano can be appointed

*Information courtesy of MOSSACK FONSECA & CO


ADDITIONAL LEGAL SERVICES IN PANAMA

LAWYERS

OFFSHORE CORPORATIONS IN PANAMA

INVESTMENTS

VIRTUAL OFFICE

VISAS

COPYRIGHT

RETIRED

BANK ACCOUNTS

 

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