British Virgin Islands (BVIs) is a British overseas territory in the Caribbean. The area is known for providing one of the best and most secure business opportunities in the world. One such business prospect available in BVI is offshore business. This microstate is one of the world’s biggest providers of offshore business. BVI achieved this status thanks to the facilities like political stability and English as the main spoken and official language.
Importance of BVI for offshore companies
According to reports, more than 1 million offshore companies are present in British Virgin Islands which constitutes around half of the total offshore companies present in the whole world. More than half of the territory’s income comes from financial services and revenue via offshore companies is a major part of this income. These offshore companies are kept completely secure and usually, the government is also not aware about the actual owners of offshore companies in BVI.
Since 2001, the independent Fiscal Services Commission (FSC) is regulating all the financial services in or operating from BVI. The duty of FSC is to prohibit formation of any illegal company and safeguard the privacy of legitimate business. There are several advantages of starting an offshore business in any part of the world. Offshore company formation in BVI provides several other benefits also, apart from providing complete secrecy and security. Few of such benefits are:
Benefits of BVI for offshore business
- The financial law in BVI is based on UK monetary system
- Directors can either be corporate bodies or individuals
- Annual meetings are not necessary and they can be held anywhere in the world
- You are not required to pay royalties, dividends or bearer
- It takes very little time to incorporate offshore company in BVI. The registration process is very simple with requirement of only necessary documents
- Only a single director and shareholder with any nationality and residency are allowed to open company
- You are not required to pay death duties, capital gains or inheritance taxes
Opening bank account in Dubai for BVI offshore company:
You can open a corporate bank account for an offshore company in British Virgin Islands (BVI) from Dubai. There is a clear difference between local and offshore bank account. The process of opening a bank account for a BVI offshore company from Dubai is a simple process. You will mainly require submission of a few necessary documents to complete the whole procedure.
Following are the documents that are required for opening BVI offshore company bank account in Dubai.
- Certificate of Incorporation
- Memorandum and Articles of Association
- Passport copy of signing authority and shareholders
- Singing authority’s last three month’s bank statement
- Power of Attorney in favor of certified signatory in order to open, close and operate company’s bank account
- Share certificate of offshore company in BVI
Apart from submitting these documents, it is also necessary to attest these documents from Ministry of Foreign Affairs in UAE and also from the nearest UAE embassy in the country of origin. There are few other conditions also to be fulfilled for successful opening of your BVI offshore bank account in Dubai.
You can easily complete this process by taking assistance from Riz & Mona Consultancy. We have years of experience in opening various types of bank accounts in UAE including opening of BVI offshore company bank accounts in Dubai. We can assist you in every step of such a type of bank account opening. You can contact us via our WhatsApp # 971-54-5821012.