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The set of corporate documents for a BVI Business Company or will always include the standard logical sequence of documentation: electronic copy of Certificate of Incorporation, Memorandum of Association, Articles of Association, the Minutes and Resolutions dealing with the appointment of Directors and the allocation ...
USVI Tax System Bona fide USVI residents pay taxes to the Virgin Islands Bureau of Internal Revenue (BIR) instead of the IRS.
For BVI company authorized to issue no more than 50,000 shares, the incorporation fee is US$550. For BVI company BCs authorized to issue more than 50,000 shares, the incorporation fee is US$1,350. The fee for registered agent are typically around US$500 to US$1,000 per year.
Only 1 director and 1 shareholder are required in a BVI Company Formation, the director and shareholder can be the same person. You do not need to be resident in BVI to be a director or shareholder. A BVI Company Registration can be set up with no personal visit required. Minimal accounting requirements.
Doing business in the BVI brings significant tax benefits. The BVI is also a tax neutral territory. There is no income tax, corporate tax, capital gains tax, wealth tax, or similar fiscal laws. Alongside tourism, financial services are one of the BVI's main economic drivers.
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.
The USVI is an organized, unincorporated territory of the United States, meaning it follows U.S. laws but also has its own local government. It also means that not all of the U.S. Constitution applies to the people living there.
A USVI corporation pays an effective tax rate of approximately 23.1% on its eligible income, and with the 90% tax credit, the effective rate is 2.31%. (Salaries and other forms of compensation, such as guaranteed payments, are fully taxable.)