The British Virgin Islands are an attractive offshore destination, particularly because of the light requirements for management and taxation. A company secretary in BVI
is not mandatory, however, investors are advised to follow this step nevertheless as hey will benefit from several administrative advantages.
Our BVI company formation agents
can help you throughout the company formation steps and can offer you advice and assistance tailored to your specific business needs, including dedicated secretarial services.
What is the role of the secretary in BVI?
The decision to appoint a company secretary in BVI
is an optional one, according to the rules and regulations for a BVI offshore company
Secretarial services can be of great importance for BVI companies. The will commonly refer to the local administration of the company and to the preparation of various company documents as well as the timely and lawfully tax submissions, when applicable.
The company secretary in BVI will act as the corporate liaison and will handle the basic communications of the company and can be appointed to handle the signing obligations.
Because appointing a secretary is not a mandatory step during the BVI company set up, one of our agents can help you handle this procedure as soon as possible after the company is incorporated.
What are secretarial services in BVI?
Secretarial services for those who open a BVI offshore company will mainly include those related to the normal functioning of the business after incorporation. The list below includes some of these:
• Managerial services: keeping the company registers, handling daily managerial activities, mail and cal answering and forwarding, organizing meetings and handling other business matters.
• Filing services: preparing the annual returns, assisting in the submission of documents or, when needed, working with the appointed accountant for streamlining the process.
• Corporate changes services: the secretary can, when needed, be the one to prepare the documentation and handle the steps for making changes to the company.
• Compliance supervision: ensuring that the company complies with the annual submissions and the payment of fees as well as all of the relevant local laws.
The secretary, once appointed, will have a central role in the daily functioning of the company and will handle a number of matters, some of them essential for the continuation of the business. For example, the company secretary can assist with preparing all of the needed documents for changing the company name or making other changes to the company particulars, such as appointing new directors or changing the registered address (to another location in BVI, as the registered address needs to be based in the Islands). Investors should note that the registered agent and the secretary are not the same in BVI.
Investors who are interested in BVI company formation can choose an annual company secretarial plan that includes a number of services. This is common in the British Virgin Islands and there are numerous providers, like our team of agents. Clients can choose to appoint a secretary provided by our company or another business and, in general, the package will include the following:
• Acting as company secretary for the appointed period, usually on a one-year basis
• Preparing the annual fees and preparing the annual accounts that reflect the situation of the company
• Preparing the minutes of the director’s and member’s meetings
• Handling all other company secretarial matters and office matters.
In some cases, albeit this situation is less common, investors may decide to appoint a company secretary only for a specific period of time. This can be called ad hoc services and will target the secretarial assistance for a particular situation, such as when the change of company name is required. Our team of agents who specialize in BVI company incorporation can also provide this particular service, and others, as part of singular packages and not those included for secretarial services. It is the decision of the investors if they choose ad hoc company secretarial services or separate services, as per the needs of the company, offered by a different team.
The fees for secretarial services in BVI will vary according to the company with which investors choose to work. In most cases, an annual package is presented and optional or additional services can be included in addition to the ones that are part of the basic package and that include the services related to the annual submissions and the daily secretarial services.
What are other managerial and administrative requirements for BVI companies?
Investors who open a company in BVI
need to observe a few basic requirThere are no restrictions on appointing company shareholders and directors and no mandatory requirements for a company secretary, however, the company must have a local registered office and a registered agent. The registered agent may not perform the function of company secretary; however, he can appoint one after incorporation. The role of the registered agent and that of the secretary may seem to overlap at times, however, the registered agent is the one who will handle the majority of the communications with the BVI agencies and government, as needed, and will be the one to formally handle certain business matters. On the other hand, the secretary is the one who will generally handle matters such as keeping the minutes of the meetings, a mandatory step and one for which the aid of a secretary is important. The agent and the secretary will work together for the good functioning of the business and for ensuring that it remains compliant with the British Virgin Islands for locally registered companies.
The company secretary has an important role not only as a liaison between the company and the local authorities but also, when needed, between the company and its clients. As far as the good functioning of the business is concerned, tailored company secretarial services can be of important aid when running a business in BVI, especially for those foreign investors who are not present in the Islands at all times.
Requesting company secretary services is optional in BVI, however, investors are advised to select a secretarial package in order to benefit from having complete administrative options.
Please contact us
for more information about the British Virgin Islands company formation process. Our team of experts can help you with complete company formation services and additional facilities such as appointing a company secretary or working via a virtual office.