Richmond has strategic relationships with service providers in the British Virgin Islands (“BVI”) which enables it to offer company formations, corporate administration and management services to Richmond’s clients that wish to incorporate in the BVI.  BVI companies which are foreign owned are incorporated under the International Business Companies Act and such companies (IBCs) may conduct business outside of the BVI.

Clients who are seeking speedier incorporations at cheaper rates may find the BVI IBC useful.  Generally, it 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:

1. Share Capital Requirements:       Shares and capital requirements for BVI companies are more flexible than 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.
2. Maintenance of Records:  BVI Companies’ records do not have to be filed with authorities in the BVI or held in the B.V.I.  Such records may be maintained anywhere in the world, including Bermuda.
3. 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;
4. 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.

For Further Information on Costs of Incorporation in the BVI, please contact LMW@richmond.bm