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| (BVI) - British Virgin Islands |
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» A British colony with a stable political situation that uses the US dollar as its currency, these islands have instituted a system for domiciling IBC’s (International Business Corporations) that has several interesting advantages for businessmen.
- No tax on profits, interest payments or other revenues earned outside of the BVI
- No annual financial report required
- No need to hold an annual general meeting
- Complete confidentiality with regard to the operations of the company
- Shares in the company can be held by a nominee or made out to bearer
- A single director required to be nominated to operate the company
- Company officers and shareholders can be resident anywhere in the world
- Company officers do not need to be shareholders
- Company officers may be individuals or companies
- Banks present on the islands include the Bank of Nova Scotia, Barclays, Chase Manhattan, First Pennsylvania etc.
» Costs of creating a BVI company
• Incorporation and domiciliation during the first year of operations 2,500€
(includes constitution of the company with a capital of $50.000, issue of share certificates, share register, local agent’s costs and domiciliation in an office on the BVI).
• Second and subsequent years :
Domiciliation and local agent costs 1,500 €
Cost of forwarding mail (if applicable) 450 €
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