British Virgin Islands - IBC Company Guidance

Company Type	Time to Incorporate	Cost
IBC	2 - 3 days	£650

A British Virgin Islands IBC may:

Engage in all of the following activities, which (although the activities themselves may actually take place within the BVI) are not considered "carrying out business within the BVI":

• Make or maintain business contact with professional firms such as lawyers, accountants and registered agents
• Maintain bank accounts.
• Make or maintain deposits with a person having banking business in the BVI
• Prepare and maintain books and records within the BVI
• Hold meetings of its directors or shareholders
• Lease property to use it as an office from which to communicate with shareholders, or where to prepare and maintain books and records of the company
• Hold shares or securities in another BVI company

A British Virgin Islands IBC may not:

• Carry on business with persons resident in the British Virgin Islands
• Own property in the British Virgin Islands
• Carry on the business of a bank, trust company, insurance company or a registered agent unless specifically licensed to do so

Public Records

The names of directors and shareholders do not appear on public record. The only documents that need to be filed at the Companies Registry are the incorporation documents, which include details of the registered office and registered agent. New companies in the BVI have to disclose their business activities.

A IBC company is not required to file accounts with the Registrar of Corporate Affairs. The documents which are filed and available for public inspection are the memorandum and articles of association and the certificate of incorporation. A company may, at its own option, elect to file its share register and register of directors with the Registrar of Corporate Affairs.

Company Records and Annual Financial Statements

It is mandatory for a Register of Directors to be kept at the BVI registered office. There is no need to file the Register of Directors with the Registrar, and information about the directors will remain confidential to third parties.  

Company Secretary

A company secretary is not a requirement under the Act, but a secretary can be appointed to facilitate signing obligations.

Disclosure of Beneficial Ownership to Authorities

Disclosure of the beneficial owners is not required. The share register may be inspected only by shareholders of the company.

Filing Requirements

In the BVI there is maximum confidentiality and anonymity, there is no requirements to file organisational or accounting information with the Registrar of Corporate Affairs.

Only the Memorandum and Articles are required for public records. The Registers of Directors, Shareholders and Mortgages and Charges may optionally be filed.

Financial Statement

Whilst there is no requirement to file audited accounts with the authorities, a company is required to keep financial records which reflect the financial position of a company.

Type of company for International trade and investment

An IBC is not liable to BVI taxes and pays only an annual license fee. This ordinance provides for the establishment of tax exempted companies with extended privileges and contains strict confidentiality requirements. International Business Companies are by far the most popular and widely used type of company.