The British Virgin Islands is one of our top places to set up crypto companies because of the advantages it offers including tax benefits and a favourable business environment. If you’re considering setting up in the BVI, not just as a Crypto company, understanding the incorporation process is crucial. This guide shows the steps you need to take to set up a company in the BVI.
Step 1: Gathering Required Documents
The first step is to gather the necessary documents. These include:
- Proposed names of the company (2 options)
- Proposed business activities
- Source of funds for beneficial owners of the company
- Geographical location of the company’s activities
- Details of shareholders and number of shares to be issued
- Details of beneficial owners
- Details of proposed directors
- Primary contact
- Location of accounting records and company registers
- Amount of share capital (usually 50,000 shares)
You will also need certified copies of passports and proof of address for all Directors, Shareholders, and Beneficial Owners holding more than 10% of the shares.
Step 2: Document Review and KYC
After gathering and submitting all the required documents, there will be a document review and Know Your Customer (KYC) process. This typically takes 2-3 business days.
Step 3: Name Reservation
Once the documents submitted have been reviewed, the next step is to reserve the company name. The name reservation process usually takes 1-2 business days.
Step 4: Company Incorporation
After the name is reserved, the company incorporation process begins. This includes preparing the incorporation documents and filing them with the relevant authorities. Company incorporation in the British Virgin Islands typically takes 2-4 business days.
Step 5 (Optional): Courier of Physical Documents
If required, the physical copies of the incorporation documents can be couriered to you. The courier service and associated fees will be determined based on your preference.
Pricing and Annual Fees:
The cost of incorporating a BVI business company depends on the number of shares and the level of risk associated with the business. Some of the types of incorporation for business company will include:
- Standard BVI Business Company with 50,000 shares
- Standard BVI Business Company with 500,000 shares or more
- BVI Business Company with 50,000 shares (High Risk)
- BVI Business Company with 500,000 shares or more (High Risk)
Fees are usually determined on a case-by-case basis and a call with a Norebase Representative will provide all the clairty you need.
In addition to the incorporation fees, there are also annual fees like:
- Annual License Fee for Standard BVI Business Company
- Registered Agent Fee for Standard BVI Business Company
Incorporating your business in the British Virgin Islands (BVI) can provide numerous benefits which we cover in this post.
With proper planning and understanding of the requirements and utilising the services of a legal professional like Norebase, you can successfully incorporate your business in the BVI taking advantage of its favourable business environment and staying compliant while at it.
