By: Ramapati Singhania
The famous vacation hub of the Caribbean, beautiful and appealing. Yes you guessed right. We are talking about the British Virgin Islands. The British Virgin Islands is the best destination for you, your family and colleagues not only if you are planning a holiday to get your best holiday experience but also if you have decided to incorporate your business in an offshore destination. Here you can not only enjoy the beauty of the sea, do shopping, buy souvenirs for your friends and family and dine out in various locations with exotic food varieties available, but you can also enjoy the unique incentives given to investors for promoting a British Virgin Islands offshore corporation. Spending a vacation in the British Virgin Islands is really all about beaches and the sea. But if you want to incorporate your business in an offshore destination the British Virgin Islands offshore corporation is a choice that has been made more than 600,000 times before! In fact 5,000 incorporations are made every month. The incentives offered by the British Virgin Islands government and the concessions granted to the British Virgin Islands offshore corporation make it an ideal location for the offshore incorporation. The corporations incorporated in the British Virgin Islands for the purpose of offshore business are termed as International Business Companies or IBCs. These can also be termed as BVI IBC. For regulating the formation and operation of the BVI IBC a legislation was introduced in 1984. This legislation was subsequently amended to accommodate the changes required by the international BVI corporations. If all the requisite BVI info is provided and documents filed, and the relevant authorities grant approval, theoretically, the process of formation of an international BVI Corporation can take a minimum of 6 to 8 working hours. Normally though it takes more like 3 working days. However, if you are planning to use the company in Dubai, UAE to buy property you will need a series of attestations by the UAE and British Embassies, followed by the UAE Ministry of Foreign Affairs. Thsi process not only takes time but also costs more than an additional US$ 2,000+! To provide you BVI info, striking characteristics of British Virgin Islands offshore corporation are provided below: * Only one shareholder is required for incorporating a British Virgin Islands offshore corporation * There is a requirement of only one director for British Virgin Islands offshore corporation * A resident secretary is not required by virtue of law * The company meetings can be held all over the globe, holding meetings in the British Virgin Islands is not required * The meetings of shareholders and directors are not compulsory * Meetings can be held by using telephone or any other means of communication through which voice can be transmitted and clearly heard. * A natural or artificial person (e.g. a corporate body), both can be a shareholder and appointed as a director of the company * A single person can be director and shareholder * Appointment of local shareholders or directors is not required * Keeping of accounts, records and financial statements is not required * Records can be kept anywhere in the world if there is a need to keep records.
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Ramapati Singhania specializes in creating and managing web businesses. His latest website www.incorporation-offshore-saves-wealth.com focuses on helping you to incorporate offshore companies in Seychelles, Mauritius and BVI. You can also visit his blog, www.ramapatisinghania.com
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