When should arrange for the annual renewal of BVI company after it is incorporated?

BVI company incorporated in or before June should be renewed before 31 May each year to ensure its legal status and recognition.Whereas BVI company incorporated in July to December can be renewed before 30/ Nov each yearRead more: British Virgin Islands offshore company formation What happens if I don't pay the annual renewal fees?

Is there any other compliance rule for BVI company?

Basically, except for the annual renewal of the BVI company, the company is not required to submit any other form of annual return or financial statements to the BVI government, thus, this has greatly increase the simplicity of managing a BVI company.

Does the company have to file accounts or a financial statement?

There is no requirement to file accounts or a financial statement

Is the company taxed on profit?

A BVI company is exempted from all local taxes

Does the company have to maintain books and records in the BVI?

The company does not have to keep records in the BVI. If the company chooses to keep records they can be kept anywhere in the World.

Choose the name to set up a BVI Business Company from UK

Choosing a company name is the first step to set up a company in BVI from UK. The procedure to choose the name to set up a BVI company is simple but you need to take note some important following points:

BVI companies must select a unique corporate name that is not similar to already existing corporation names.
A company name must have one of the following suffixes: “Limited”, “Corporation”, “Incorporated”, “Société Anonyme”, or “Sociedad Anonima” or the abbreviations “Ltd.”, “Corp.”, “S.A.” or “Inc”
The company name can be in Chinese (Mandarin - Mainland China language), as a result, the country is one of the most favorite countries for Chinese, Taiwanese, and Hong Konger investors.
The company name cannot use a word in the name that connects with the patronage of Her Majesty, a member of the Royal Family, Her Majesty’s Government or with other local authority and body incorporated by Royal Charter
The name for the special business which is required licenses, such as Insurance or Banking business. Therefore, some words cannot be used in the BVI in a company name: Fund, Mutual Funds, Assurance, Bank, Banker, Casino, Council, etc.

If you are struggling with choosing a name for setting up a BVI company from UK. Our advisory team will help you to choose a suitable name that fits your business activity and check the eligibility of your new company name.

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