Virgin Islands Exclusive Foreign Sales Representative Agreement with Manufacturer
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FAQ
The British Virgin Islands is not a signatory to the 1980 Hague Convention on the Civil Aspects of International Child Abduction (Hague Abduction Convention), nor are there any bilateral agreements in force between the British Virgin Islands and the United States concerning international parental child abduction.
A BVI company can be incorporated quickly, with a flexible organisational structure and minimal financial reporting requirements. BVI companies are ideal for startup companies as they can be operated from anywhere in the world and there are no restrictions on where a BVI company can carry out its business.
There is no legal requirement for a BVI company to have a company secretary following its incorporation. There is no minimum number of directors that a BVI company must have and it can have either individual or corporate directors.
Here are the steps to incorporating in the British Virgin Islands:Step 1: Reserve your Company Name. The first step is to reserve a company name with the BVI Registry.Step 2: Appoint a Registered Agent.Step 3: Open a bank account.Step 4: Submit all relevant documents.
Tax year and filing requirements There is no requirement for BVI companies to submit a tax return since there is no corporation tax in the BVI.
Section I TIN Description The British Virgin Islands (BVI) does not issue Tax Identification Numbers (TINs) or equivalent identifiers for tax purposes.
There are no strict reporting requirements in BVI and an IBC does not need to prepare financial statements or company accounts. The company should maintain only those accounts or records which the company directors consider to be necessary for their own use; and these can be kept anywhere in the world.
The BVI Financial Services Commission is an autonomous regulatory authority responsible for the regulation, supervision and inspection of all the British Virgin Islands financial services including insurance, banking, trustee business, company management, mutual funds business, the registration of companies, limited
There are no accounting and audit requirements. However, under The BVI Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2012, Companies are required to retain records and underlying documentation for a period of at last five years from the date of transaction.
The main advantages are: (a) total absence or minimum levels of taxation; (b) confidentiality, due to no sensitive personal information available on public file; (c) corporate flexibility: no paid-up capital requirements, no requirement to state operational objects, minimum conditions on directors and shareholders,
