BVI company incorporated in or before June should be renewed before 31 May each year to ensure its legal status and recognition. Whereas BVI company incorporated in July to December can be renewed before 30 November each year.

There is no requirement to file accounts or a financial statement

A BVI company is exempted from all local taxes

A company shall, at all times, have a registered office and agent in the Virgin Islands.

The British Virgin Islands (BVI) is one of the largest international financial jurisdictions and the oldest tax havens in the world. According to Transparency International, BVI hosted 430,000 offshore companies in 2016.

The main advantages of BVI commercial registry :

• Total absence or minimum paid of taxation
• No public the personal information on the public file
• Easy for management - the meetings can be held anywhere
• No audits, tax reports, and financial information

Although the British Virgin Islands (BVI) are The British Overseas Territories, BVI is a well-known offshore location and the procedure to register a company in BVI is easier than the UK.

The main advantages to register a company in BVI:

• Modern, flexible and commercially minded corporate legislation
• The cost-effective and straight forward incorporation process
• Offering a high level of privacy and confidentiality
• Minimum ongoing compliance requirements
• Exempted from income tax, capital gains tax, gift taxes, inheritance taxes and VAT

If you cannot pay the fee on time, your BVI company will lose its status of Good Standing and can be strike-off from the Registry for non-payment of fee. Striking-off a company means your BVI company is unable to continue trade or enter new commercial agreements, and its directors, shareholders, and managers are by law precluded from any operations or transactions with the assets of the company until the company is restored in Good Standing.

Moreover, late penalties will be applied for non-payment of an annual renewal fee.