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To start a business in the U.S. Virgin Islands you will need to obtain a business license from the Department of Licensing and Consumer Affairs (DLCA). DLCA will complete the "One Step" review process with the following government agencies: Police Department. VI Bureau of Internal Revenue (tax clearance)
Requirements for Incorporation in the U.S. Virgin Islands. Corporations in the U.S. Virgin Islands are formed by three incorporators who are responsible for electing the company's directors. There is a minimum requirement of one director for every shareholder of the corporation if there are three or fewer shareholders.
Now, to complete the registration of a company in the British Virgin Islands, the beneficial owners must provide bank statements (resident bank) dating at least six months. In addition, confirmation of the registered address of the founders and their personal data is required.
BVI Business Companies increase in Annual Fees effective Company typeFee typeNew fee effective (USD)Annual licence fee550Standard company authorised to issue more than 50,000 sharesGovernment incorporation fee1,350Annual licence fee1,2001 more row ?
Incorporate and open a bank account in BVI Step 1:Select company name and types. Every company in the BVI is required to be registered under an accepted name and as an entity type recognized by the law. ... Step 2:Submit application. ... Step 3:Apply for business license. ... Step 4:Open a bank account. ... Step 5:Stay compliant.
Incorporation costs in Year 1 amount to US$5,850 and annual company costs in Year 2 and thereafter amount to US$1,500. The average fee per BVI engagement amounts to US$19,842 which includes company incorporation, opening a local corporate bank account, and all government fees. Refer to draft invoice embedded here.
BVI Companies fail on the three main cornerstones of your offshore strategy. They fail on asset protection, they fail on tax avoidance for most people and they fail on protecting your privacy. There are much better options available. You should exercise extreme caution if somebody is trying to sell you a BVI company.
The organization of the Government of the Virgin Islands rests upon the Revised Organic Act of 1954 in which the United States Congress declared the U.S. Virgin Islands to be an unincorporated territory of the United States.