BVI companies activity and administrative services by omcgroup.com? The British Virgin Islands are located in the northeastern part of the Caribbean Sea. It is a British overseas territory and its legislation is consequently based on the British law. Ninety percent of the BVI population lives in the capital city of Road Town on the island of Tortola. The two pillars of the local economy are financial services and tourism. A large number of offshore companies are registered in the BVI, which also greatly contributes to the overall prosperity of the territory. The official currency there is the US dollar and there is no currency control. The official language is English.
Insurance business means the business of undertaking liability under a contract of insurance to indemnify or compensate a person in respect of loss or damage. Including the liability to pay damages or compensation contingent upon the happening of a specified event, and includes life insurance business and reinsurance business. Could my BVI company be conducting “fund management business”? Is the company subject to any fund or securities management regulation or supervision anywhere? If “Yes”, your BVI company is conducting fund management business. Is the company licenced to sell securities, pension schemes, mutual funds or other types of investments? If “Yes”, your BVI company is conducting fund management business.
Continuation: The BVI BC Act establishes that a company, which desires to continue its operations under the jurisdiction of the BVI, will have to file satisfactory evidence that the law of the foreign country allows the migration of the company. Economic Substance Act: The BVI (“the British Virgin Islands”), along with other major offshore jurisdictions, introduced the Economic Substance Law. The BVI Economic Substance (Companies and Limited Companies) ACT, 2018 came into effect on January 1, 2019. Companies incorporated as of January 1, 2019, must comply immediately with the law. The transition period extended until June 30, 2019, to entities established before January 1, 2019. This in response to the various efforts of the European Union (“EU”) and the Organization for the Economic Cooperation and Development (“OECD”) to improve fiscal transparency. A company name can be verified with the Registrar online and it can be confirmed within one hour of being requested. The incorporation will usually take two (2) or three (3) working days. Registered Office/Agent: All companies must apply to the Registry for incorporation by filing a Memorandum and Articles of Association, duly signed by the proposed as incorporator registered agent. See extra info on BVI jurisdiction.
If you aim for the former group, you should consider everything carefully. Some no-tax jurisdictions are changing their policies fast. They are starting to impose taxes and regulations on certain kinds of income and business activities. And some places have a really bad reputation in the business world. These are the ones you should avoid. Bad-reputation jurisdictions would cost you a hard time opening a bank account and running your company. In particular, banks in Singapore or Hong Kong are very concerned about opening an account for companies in tax havens. The same goes with customers and clients. They would also be concerned to do business with your company if it is incorporated in such jurisdictions.
Established in 1955, OMC Group (OMC) is a solid multinational company that provides world-class corporate solutions from its global network of offices. OMC can offer clients more than 65 years of experience as an international management company and provides valuable services in many areas of international business. Our culture is built on the importance of providing high-quality customer service, ensuring a fast, friendly and efficient response to our clients’ needs. 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. See even more information at OMC Group.