High quality BVI companies economic substance tips by omcgroup.com? The offshore industry has been developing in the BVI since the 1980s. This is one of the oldest offshore zones in the world. Around 40% of all offshore companies are domiciled in the BVI. The reason for that is not only a favorable geographical position of the islands. The legislation that regulates the activities of the offshore companies registered in the BVI is quite transparent and the recent amendments have put it in conformity with the international efforts to fight money laundering. The British Virgin Islands is a reputable offshore jurisdiction.
Banking Business has the meaning specified in section 2(1) of the Banks and Trust Companies Act, 1990, to wit: “banking business” means the business of accepting deposits of money which may be withdrawn or repaid on demand or after a fixed period or after notice, by cheque or otherwise and the employment of such deposits, either in whole or in part, (a) in making or giving loans, advances, overdrafts, guarantees or similar facilities, or (b) the making of investments, for the account and at the risk of the person accepting such deposits.
Records and Underlying Documentation: StartingfromJanuary, 15th 2016 all companies shall keep records and underlying documentation for a period of at least five (5) years. In case the records and underlying documentation are kept in a place different from the registered agent’s office, the registered agent shall be informed about the physical address where the records and underlying documentation are kept and the name and address of the person responsible for their custody. 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 even more info on BVI Economic Substance.
Generally, it is a must for companies to register and maintain their profiles and data with the Company Registrar. However, you can feel secure as all information of identity would be kept confidential. Many offshore countries shall not disclose the company’s beneficial owners, directors, and shareholders to the public, except in certain cases like a court order or international arrangements between related overseas jurisdictions. Many jurisdictions provide an excellent cover for your assets. Besides financial privacy policies, you can benefit from the foreign judgment denial. This means, your assets are shielded against the judgment made by foreign courts. Only the court of the incorporation jurisdiction can place a judgment on the assets.
Established in 1955, OMC Group (OMC) is a solid multinational company that provides world-class corporate solutions from its global network of offices. OMC can offer clients more than 65 years of experience as an international management company and provides valuable services in many areas of international business. Our culture is built on the importance of providing high-quality customer service, ensuring a fast, friendly and efficient response to our clients’ needs. 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. Read extra information at https://www.omcgroup.com/.