The following are not construed as carrying on any business in the BVI:
- Maintaining a bank account.
- Using the services of a professional firm.
- Maintaining accounting records.
- Holding meetings of shareholders & directors.
- Holding a lease of property for use as an office.
- Holding shares or other securities in another BVI company.
- The memorandum of association must contain the name & address of the BVI registered
Advantages of BVI Company
- No tax & filing requirement.
- Only 1 Shareholder & Director is required.
- Corporate Shareholder & Director is allowed.
- Minimum issued & paid up share capital required is US$ 1.
- No mandatory requirement in preparing financial statements or appointing auditors.
- Totally exempt from BVI income tax & stamp duties (if no business in
- Minimum 1 Shareholder & 1 Director.
- Minimum US$ 1 issued & allotted share capital.
- Registered address in the offshore country (included in package service & in
annual renewal fee).
How to Maintain?
As long as the BVI Company is not carrying on business in Hong Kong,
there is no duty of
reporting or registration to Hong Kong government departments.
Offshore Bank Account
The time actually starts ticking after the completed application
file, which includes quite a lot
of documents and information from the beneficial owner, has reached the bank. We can't really
influence the time taken by the client to fill the forms and to obtain the few due diligence
documents. From the moment the file is with the bank, it can be from a couple of days to a
couple of months until the bank comes up with a letter of acceptance - or, sometimes, rejection.
In some cases the bankers would ask for some clarifications or additional documents from the new
client. Then, obviously, the timer would stop until such information or document is furnished.
All in all, it is practically impossible to determine an exact time. We would certainly share
our previous experience with any particular bank, and sometimes this information gives something
to go by.