BVI Company

BVI Company

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INTERSHORES I The British Virgin Islands Virtual Assets Service Providers Act, 2022

The rapid rise and popularity of virtual assets has created a real challenge where regulation has struggled to keep pace whilst many people hold virtual assets. The BVI is one of the leading jurisdictions for the establishment of virtual asset legal structures over recent years. The BVI Virtual Assets Service Providers Act, 2022 (the "VASP Act") was enacted on 29 December 2022, demonstrating the government’s commitment to the virtual asset sector. In the Act, the following has been addressed: 1. Clear definition of virtual assets, virtual assets services, virtual assets services providers, virtual assets custody service and virtual assets exchange. 2. Regulatory...
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INTERSHORES I Increase In Annual License Fees Of British Virgin Islands

The British Virgin Islands Financial Services Commission (“BVI FSC”) has recently announced an increase in Annual Licence Fees which will come into effect on 1 January 2023. This fee increase does NOT impact on the 2022 Annual Licence Fee invoices issued in 2022 i.e. the 2022 fee remains as issued with no fee increased. With respect to the 2023 fee increases, the most notable are summarised in the table below: Company type Fee type Current fee (US$) New fee (US$) Standard company authorised to issue up to 50,000 shares Government incorporation fee 450 550 Annual licence fee 450 550 Standard...
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BVI BOA

INTERSHORES I Bank Of Asia in BVI

Bank of Asia (BOA) has been established in the British Virgin Islands (BVI) to address the need of BVI and other offshore companies in getting bank accounts opened and other banking needs satisfied. It facilitates the growing offshore banking needs of a large, underserved universe of Chinese and other Asian high net worth individuals and their related offshore business companies. As a platform, BOA is free from legacy constraints and is focus on a simple set of products differentiated through quality of service and rolled out using best of breed technology. Client service, efficiency and user-friendly technology are core to BOA’s strategy for customer acquisition and...
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BVI bank

INTERSHORES I New Bank in British Virgin Islands Targets Changing How People Bank

“Fintech is the future. The British Virgin Islands is the appropriate home for Bank of Asia because the BVI is at the forefront of delivering high quality technological and innovative offshore services. We are proud to be the first bank to be licensed by the BVI in more than two decades and we plan to change how people bank using innovative technology, products and better customer service, not only here in the BVI but also globally,” chairman Carson Wen said. Bank of Asia wants to tap into the growing needs of offshore companies as the world’s first fully digital global cross-border bank and the first digital bank in the British Virgin Islands. It is using the BVI as...
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BVI need to know

INTERSHORES I Is BVI Tax Haven. Top 5 Things To Know

British Virgin Islands (BVI) remains a popular jurisdictions with active company of 364,980 as at end of Q2 2021. Despite the various effort of OECD / FATF in cracking down offshore jurisdiction, BVI is proven to be one of the most ideal places in the world for establishing an offshore business. 1. Is BVI a tax haven? A tax haven country is where a country offers businesses and foreign investors with low or no tax liability, enabling it to be an attractive jurisdiction to incorporate businesses. Most of the Caribbean nations are known as pure tax havens where no taxes are imposed. BVI is one such example where no taxes are imposed on offshore businesses. In addition, since...
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BVI 3

INTERSHORES I British Virgin Islands Quick Fix

What are the advantages of the BVI as an offshore jurisdiction for Chinese investors? What makes it different from other jurisdictions? The British Virgin Islands (BVI) has built a reputation as one of the world leading finance centres meeting the needs of international businesses and high net worth individuals. Advantages for Chinese investors using BVI structures and services include: 1. Protect assets from expropriation or confiscation orders from foreign governments 2. Asset security- able to transfer domicile 3. No all local taxes and stamp duty 4. Maximum confidentiality and anonymity no requirements to file the accounting information with the Registrar of Corporate...
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BVI BO

INTERSHORES I British Virgins Islands Will Create Public Register Of Beneficial Owners By 2023

The government of the British Virgin Islands (BVI) plans to create a public register of beneficial owners (RBO) of companies registered locally by 2023. In this regards, the business owners of an entity will be shown at the Registry publicly from year 2023. This is a measure adopted in accordance with international anti-money laundering standards and becomes a significant step in fighting corruption and financial crimes. What information will the public register contain? The public register is expected to be the same information as contained in the existing private registers except that residential addresses will not be made publicly. As a British Overseas Territories, the...
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INTERSHORES I 6 Things To Know About BVI Holding Company

Located in the Caribbean Sea, the British Virgin Islands is a popular jurisdiction to set up offshore companies. This is because of the business-friendly and flexible government policies, high level of privacy and security, straightforward incorporation process, and more. What is a BVI holding company? Before you begin with the BVI company registration, you need to understand what a holding company is. A holding company is one that holds assets, equities, or investments of other business entities are earn dividends, capital gains, rent, or more from them. These businesses in the British Virgin Islands must comply with the BVI Business Companies Act of 2004. Approximately 85% of...
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BVI 2

INTERSHORES I How Are BVI Used in Asia?

Over the past 25 years, the BVI has become a tried and tested conduit for overseas capital entering Asia, offering legal certainty, general ease of doing business and tax efficiency. Investors benefit from British-based law, a wide pool of professional service providers, local creditor friendly legislation, and an effective judicial system of registering charges. Example of Using BVI Companies “A group of international investors identifies a Chinese infrastructure developer that needs capital for a series of projects. They set up an international business company in the BVI as a holding structure and deposit the money, supplementing it with bank loans. The funds are then routed...
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