Formation of B.V.I. Companies

Richmond’s strategic relationships with service providers in the British Virgin Islands (“BVI”) enable us to offer company formation, corporate administration (–> link to “Corporate Administrative Services” page) and management services (–> link to “Management Services” page) to clients that wish to incorporate in the BVI. Foreign-owned BVI companies are incorporated under the International Business Companies Act and such companies (“IBCs”) may conduct business outside of the BVI.

Clients seeking quicker, more economical incorporations may find the BVI IBC useful. It typically takes 3 working days to incorporate an IBC in the BVI and only one Director or Shareholder is required for the company formation process. Also, there is no requirement for appointing local Directors for BVI companies.

Other Benefits:

Share Capital Requirements: Shares and capital requirements for BVI companies are more flexible than in Bermuda. Shares can be issued with or without par value and the minimum paid in and issued capital may be one share which is fully paid.

Maintenance of Records: BVI Companies’ records do not have to be filed with authorities in the BVI or held in the BVI. Such records may be maintained anywhere in the world, including Bermuda.

Keeping Accounts: There is no requirement for any financial statements, accounts or records to be kept for a BVI Company. Such accounts or records may be kept anywhere in the world.

Annual Meetings: There is no requirement for annual meetings of Shareholders or Directors. If meetings of Shareholders or Directors are desirable, these meetings can be held anywhere in the world and may be held by telephone or any other electronic means of communication.