BVI companies and corporate services by omcgroup.com
High quality BVI companies economic substance guides in 2021? Companies domiciled in the BVI that conduct business activities abroad do not have to pay the income tax. There are other exemptions as well including the capital gains tax, the inheritance tax, the sales tax, and the VAT. No taxes are due on the dividends, interests, rent, royalties, and other sorts of compensation that a BVI-registered company pays to somebody. High level of confidentiality protection. The registration agent does have exhaustive information about the company beneficiaries. The agent submits the registration documents to the Registrar whose office thus also has access to this information. However, this register is non-public and access to the information that it holds can be given only on a court decision. The public company register does not have to have the information about the company UBOs.
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.
The registered agent shall be informed in a period of no more than 14 days about any changes in this information. The records and underlying documentation shall show and explain the company’s transactions and allow the financial position of the company to be determined accurately. The penalty for not fulfilling this requirement is of US$50,000. Register of Beneficial Owners: Since June 2017 the BVI Government enacted the Beneficial Ownership Secure Search System Act, 2017 (“BOSSs Act”) which creates a secure system for effective, efficient, and confidential storage of information regarding the beneficial owners of companies registered in the British Virgin Islands. EveryBC must have a Registered Office and a qualified Registered Agent in the BVI. Number and Classes of Shares: The “authorized capital” and “share capital” concept, as we know it, no longer exist under the BVI BC Act. The BVI BC Act specifies the requirement for the Memorandum to state the maximum number of shares that the company is authorized to issue. Find even more details at BVI company.
Offshore companies operate according to the local regulations and law acts of where they are incorporated. Normally, investors choose a foreign jurisdiction that has more favorable policies than their home countries. Then, they set up a company and start a business there in order to enjoy the benefits from such policies. For instance, if you opened and managed your company in Australia, its worldwide income would be subject to the corporate tax rates from 25% to 30% (depending on the business size). However, if you registered a company in Hong Kong, its income would only be taxed from 8.25% form 16.5%. On top of that, the income that is earned outside of Hong Kong can be completely exempted from local tax.
OMC Group specializes in the provision of corporate, fiduciary and administrative services from recognized jurisdictions around the world. Since 1955 we have been servicing leading financial institutions with a commitment to develop longstanding relationships. 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. Find extra info on https://www.omcgroup.com/.