BVI companies economic substance and administration services with OMC Group? The main advantages of registering an offshore company in the British Virgin Islands are as follows: Tax exemption is legal in the BVI and the jurisdiction applies the territorial taxation system. This means that no taxes are due if the resident company does not make any income in the territory of the BVI. The application of this taxation system is going to continue in the foreseeable future while some other offshore jurisdictions are increasing the tax burden on business companies registered there.
Fund management business: Means the conduct of an activity that requires the legal entity to hold an investment business license pursuant to section 4 and category 3 of Schedule 3 of the Securities and Investment Business Act, 2010. Category 3 of Schedule 3 of the Securities and Investment Business Act, 2010 reads as follows: Sub-category A: Managing Segregated Portfolios (excluding Mutual Funds) Sub-category B: Managing Mutual Funds Sub-category C: Managing Pension Schemes Sub category D: Managing Insurance Products Sub-category E: Managing Other Types of Investment. Reference should be made to SIBA and to the FSC Code for a more detailed understanding of these concepts. It should be noted that management of funds is contrasted with the business of being a custodian of investments, which falls within Category 5 of SIBA.
The BVI Business Companies Act, 2004 (“BC Act”) came into force on January 1st, 2005, to replace the International Business Companies Act, 1984 and the Companies Act (Cap 285). The following types of companies can be incorporated under the BVI BC Act: Companies Limited by Shares, Companies Limited by Guarantee, Companies Limited by Guarantee Authorized to Issue Shares, Unlimited Companies with or without Shares, Restricted Purposes Companies (or SPVs), Segregated Portfolio Companies (or SPCs), Limited Partnerships (LP), PTC. Corporate Requirements: Name: BC names must contain the words Corporation, Incorporated, Sociedad Anónima, Societé Anonyme, Limited, or their abbreviations. Chinese names together with their English translation can be registered in the BVI. Numbers are permitted as part of the company name as well as foreign characters. Discover more details on BVI jurisdiction.
Offshore companies operate according to the local regulations and law acts of where they are incorporated. Normally, investors choose a foreign jurisdiction that has more favorable policies than their home countries. Then, they set up a company and start a business there in order to enjoy the benefits from such policies. For instance, if you opened and managed your company in Australia, its worldwide income would be subject to the corporate tax rates from 25% to 30% (depending on the business size). However, if you registered a company in Hong Kong, its income would only be taxed from 8.25% form 16.5%. On top of that, the income that is earned outside of Hong Kong can be completely exempted from local tax.
OMC Group specializes in the provision of corporate, fiduciary and administrative services from recognized jurisdictions around the world. Since 1955 we have been servicing leading financial institutions with a commitment to develop longstanding relationships. OMC will offer a full range of company formation services in the most recognized jurisdictions including Anguilla, Belize, Bahamas, BVI, Cayman, Hong Kong, Nevis, Panama, Delaware USA, Seychelles, among others. We invite you to partner with us and join the ranks of those who have already benefited from the world-class service rendered by our reliable workforce. Discover extra details on OMC Group.
