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Company Formation
Introduction
British Virgin Islands is the most popular jurisdiction for company formation. Annual return and auditor report are not required. The directors and the shareholders are kept anonymous. Our company also specializes in incorporation in other jurisdictions such as Samoa, Cayman Island, Marshall Islands and Seychelles etc. We have strong linkage with Registered Agents in the offshore jurisdictions.
The Reasons to Set Up a Company
Companies in offshore jurisdictions can be used for a wide range of business purposes, such as trading, market entry, re-invoicing, investment, asset holding etc.
Many foreign business partners use offshore companies to engage in trading activities. To expand your business and explore a wider market, it is a good idea to set up an offshore company through us. In addition, it can help to expand research, promote planning and promote trading.
Besides, offshore companies can be used to hold overseas or local real estate, companies, stock etc. This can help owners to avoid estate tax, probate and divorce settlements. The estate can be changed easier and the cost of transferring the shares of the holding company would be cheaper.
Advantages of a BVI Company
- The names of directors and members are kept anonymous. The Registers of Directors and Members are kept by the Registered Agent which would not be disclosed without the permission of the directors or courts.
- No tax is levied on the profit made by BVI Company.
- Local meetings or annual returns are not required.
- Assets held by BVI Company can be protected from taxation and estate duties, and also the privacy of the beneficial owners can be protected.
- Uncomplicated procedure for change of directors or transfer of shares.
- The maintenance of BVI Company is simple and the cost of which is low, as no annual return is required for filing.
- High flexibility in company structure in respect of issuance of shares, arrangement for meetings, change of company name etc.
Requirements
- At least one director and one member who can be any individual or corporate of any nationality and do not need to be resident in the BVI. Nevertheless, the Registers of Directors and Members are not available to the public but are kept by the registered agent. The director must be appointed by given a notice and the Register of Directors to the Registered Agent within 6 months of the date of incorporation. Nevertheless, if a company has a sole member acting as the sole director, that person can appoint a reserve director who will become the director upon the decease of the sole director by giving consent in writing to act as director.
- Every company must have a registered office and a qualified registered agent in the BVI for registration.
- Names of BVI companies must contain the words such as Corporation, Incorporated or Limited, or their abbreviations. Chinese names can also be registered in the BVI, which must correspond with their English translation. In addition, name with words such as Bank, Insurance, Assurance, Trust etc. would be restricted in the BVI.
- Shares can be issued as registered shares and in any currency, and there is not necessary to specify the par value of its shares. However, all companies must state the classes of shares it is authorized to issue.
- You can set up a company with a new name. Alternatively, you may choose a name from our shelf company list.
Required Documents from You for Incorporation
- Passport copy of each Director and Shareholder certified by either notary public or certified public accountant.
- Valid residential address proof of each Director and Shareholder certified by either notary public or certified public accountant. Valid residential address proof should be telephone bill, electricity bill or bank statement issued within the latest 3 months showing name and address in English.
- Completed Information Form with details of proposed company name, shareholders, and directors.
Procedures of Company Formation with Us
Bank Account Opening
Hong Kong is the financial centre of East Asia with no control on foreign exchange or transfer of funds. Its currency is freely convertible in international markets. It has one of the highest concentrations of banking institutions in the world. Most of the worldwide largest banks have presence in Hong Kong. Many foreign business partners use offshore companies to engage in trading activities. To expand your business and explore a wider market, it is a good idea to set up an offshore company through us. In addition, it can help to expand research, promote planning and promote trading.
We can assist you with the opening of company account with banks in Hong Kong. Account types include multi-currencies savings account, Hong Kong dollar current account and trade account. Internet banking is available for most banks in Hong Kong.
All banks in Hong Kong now require the beneficial owners, directors & authorized signatories to be witnessed in front of their bank officers in Hong Kong when they submit the application. Different bank has different requirements and procedures to approve account opening application. Time required ranges from around 1 week to 1 month after all necessary documents are provided, depending on the bank and situation.
Generally, documents required include:
- Passport copy
- Residential address proof – such as telephone bill, electricity bill or bank statement issued within the latest 3 months showing name and address in English.
- Business strategy / business plan and business proofs, such as contracts, invoices & bill of lading etc.
- More documents may be required by the bank officer after meeting
Nominee Services
If needed, we can also provide nominee director, nominee shareholder and nominee company secretary for your company.
If you use our nominee director service, our nominee will issue a General Power of Attorney to you so that you may act on behalf of the company; if you use our nominee shareholder service, we will issue a Declaration of Trust to show that you are the beneficial owner of the company.
Virtual Office Services
Our virtual office services include:
- Provision of our address for the collection of mails for your company with our service to open & scan important incoming mails to you (included in our basic package)
- A local telephone number for your company with incoming calls answering service (additional services if needed)
- A local fax number for your company with our service to scan incoming faxed documents to you (additional services if needed)
