BVI companies economic substance and corporate administration services by omcgroup.com? The British Virgin Islands are located in the northeastern part of the Caribbean Sea. It is a British overseas territory and its legislation is consequently based on the British law. Ninety percent of the BVI population lives in the capital city of Road Town on the island of Tortola. The two pillars of the local economy are financial services and tourism. A large number of offshore companies are registered in the BVI, which also greatly contributes to the overall prosperity of the territory. The official currency there is the US dollar and there is no currency control. The official language is English.
Could my BVI company be conducting “shipping business”? Does owning a private pleasure vessel constitute shipping business? No, it does not. If the company is chartering or renting the vessel to third parties under contract, then “Yes”, your BVI company is conducting shipping business. Does the company provide general HR and/or payroll services to crewmembers? If “Yes”, your BVI company is conducting shipping business. Does the company provide placement of crew-members in ships or vessels and the repatriation of outgoing crewmembers? Does it participate in the relevant logistics, like getting the plane tickets, airport transfer etc.? If “Yes”, your BVI company is conducting shipping business.
Records and Underlying Documentation: StartingfromJanuary, 15th 2016 all companies shall keep records and underlying documentation for a period of at least five (5) years. In case the records and underlying documentation are kept in a place different from the registered agent’s office, the registered agent shall be informed about the physical address where the records and underlying documentation are kept and the name and address of the person responsible for their custody. BVI BC’s are not required to specify the par value of its shares or the currency; however, clients may request this option. All companies must state the classes of shares they are authorized to issue, and, if the company is authorized to issue two or more classes of shares, the rights, privileges, restrictions and conditions attaching to each share. Find more information at BVI company.
The offshore incorporation process is rather simple and fast. In fact, you can register a company in certain countries just within a few days. The incorporation requirements are normally very minimal. The best thing is that many service providers out there can help you with the registration. All you need to do is find a trustworthy provider, pay for service, and supply necessary documents. They will go on and register the company on your behalf. You do not need to travel or care about the hassle of paperwork. As for the company maintenance, it varies according to different jurisdictions. However, you can expect the reporting requirements to be very minimal too. Some countries also offer many exemptions for small businesses in regard to annual compliance. You can always get help from outsourcing services to relieve the burden of accounting or tax filing requirements.
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. See more information on this website.