Virgin Islands Statement of Reduction of Capital of a Corporation
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How to fill out Statement Of Reduction Of Capital Of A Corporation?
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THE MOST IMPORTANT CHARACTERISTICS OF A BVI BC IN DETAIL EXEMPTION FROM TAX? ... LEGAL PERSONALITY. ... STRUCTURAL FLEXIBILITY. ... Provisions against confiscation. ... Keeping of accounting records/ FINANCIAL RETURN REQUIREMENT. ... BVI Economic Substance requirements. ... Various types of incorporations. ... No requirement to state operational objects.
Standard requirement for BVI Limited Company Standard authorised share capital: USD50,000 at USD1 each or no par value; Minimum USD1 share capital; At least 1 Natural person or legal entity as Company shareholder and Director; Bearer shares is acceptable.
The strike off process is as follows: the Registrar must: send the company a notice stating that it will be struck off on the date specified in the notice (which must not be less than 90 days after the date of the notice) (the Expiration Period) unless the company shows cause why it should not be struck off; and.
There is no concept of authorised share capital as a matter of BVI law (the only similar limitation is that the memorandum of the company will provide that it is only authorised to issue a certain number of shares, although this may be an unlimited number), and so there are no minimum share capital requirements.
Solvency Requirements for Distributions For companies incorporated under the BVI Business Companies Act the relevant solvency test is that: the value of the company's assets exceed its liabilities; and. the company is able to pay its debts as they fall due.
Under BVI law, shareholders are not entitled to intervene directly in decisions made or actions that may be taken by the directors. The directors of the business company are required to comply with their common law duties as well as specific duties which are imposed on the directors under the BC Act.
BVI companies now have to file a new annual return with their registered agent setting out certain financial information, unless they are exempt. The annual return has to be filed within nine months of the calendar year end or at the end of the company's financial year, if different.