BVI IBC Authorised Activities

British Virgin Islands – Authorised Activities

A IBC in the BVI may engage in all of the following activities, which are not considered “carrying out business within the BVI”:

• Make or maintain business contacts with professional firms such as lawyers, accountants and registered agents
• Maintain bank accounts
• Make or maintain deposits with a person having banking business in the BVI
• Prepare and maintain books and records within the BVI
• Hold meetings of its directors or shareholders
• Lease property to use as an office from which to communicate with shareholders, or to prepare and maintain books and records of the company
• Hold shares or securities in another BVI company

A British Virgin Islands IBC may not

• Carry on business with residents in the British Virgin Islands
• Own property in the British Virgin Islands
• Carry on the business of a bank, trust company, insurance company or a registered agent unless specifically licensed to do so

Public Records

The documents that need to be filed at the Companies Registry are the incorporation documents, which include details of the registered office and registered agent, and a directors register  The names of directors  shareholders beneficial owners do not appear on public record .

A IBC company is not required to file accounts with the Registrar of Corporate Affairs. The only documents available for public inspection are the Memorandum, Articles of Association and the Certificate of Incorporation.

Taxation

On January 1st, 2019, The Economic Substance (Companies and Limited Partnership) Act 2018 (“ES Act”) came into force in the British Virgin Islands (“BVI”) .

The ES Act simply requires that companies and limited partnerships conducting specifically targeted relevant activities will have to show substance/presence in the British Virgin Islands, unless they are tax resident in another jurisdiction.