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Invest in BVI's Financial Industry

Updated on Wednesday 11th September 2019

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Invest-in-BVIs-Financial-Industry.jpgThe business and financial sector, along with tourism, are the two main business sectors in the British Virgin Islands. The location is a favorable one and has long been established as a financial sector because of its tax neutrality as well as the adequate balance between transparency and privacy for foreign investors. 
 
Financial services broadly refer to those types of services that relate to asset and money management and investment. Included here are banks, insurance, and reinsurance companies, trusts as well as others. Offshore financial services target companies and individuals who are interested in conducting these types of business or financial activities around the world. BVI is one of the largest offshore centers for the incorporation of companies in the financial sector. 
 
Entrepreneurs who invest in BVI’s financial industry find that the business climate is a favorable one and that the conditions for incorporating and running a business are favorable irrespective of the size of the company.
 
Our team of BVI company formation agents is here to assist entrepreneurs who are interested in starting a company in the financial industry and are in need of more information about the conditions and the regulations in force.
 

What are the financial industry regulations in BVI?

 
The business and financial center is an important part of the British Virgin Island’s economy. It accounts for approximately 33% of the GDP and it has created thousands of jobs. The workforce in this sector is an international one and many employees are expatriates. This means that entrepreneurs who invest in the financial industry have access to a talented pool of workers and can choose to hire foreign employees, should they be the ideal candidate for a given company position. 
 
As far as the regulation of the companies in the financial industry is concerned, the main regulator is the BVI Financial Services Commission, an autonomous regulator who is responsible for the inspection and supervision of the legal entities, apart from the actual regulation. The regulated activities include the following: insurance and banking, fiduciary services, trustee businesses, investment businesses as well as other legal entities involved in related activities. 
 
Our team can provide adequate details about the ongoing regulations for companies and can answer some of the most commonly asked questions. Reach out to our BVI company incorporation agents for complete details about the Financial Services Commission requirements. 
 

How can investors incorporate a company in the financial sector?

 
Foreign investors can easily open a BVI offshore company. The process can be accomplished in approximately two days when all the documents are prepared as required. Below, we highlight these main steps:
 
  1. Choose a company name: it is important that the name is unique and ends in an abbreviation corresponding to the company type.
  2. Determine the shareholders: the company will need to have at least one shareholder and there are no restrictions.
  3. Appoint the directors: there are no nationality restrictions and entrepreneurs can also use nominee directors.
  4. Select the registered office: this is a mandatory step; the office needs to be based in the British Virgin Islands; the registered agents can also be selected during this stage.
  5. Prepare the documents: draft the Articles of Association and Memorandum and have these documents signed by the company founders.
  6. Register: the company needs to be registered with the Commercial Registry.
  7. Obtain permits: additional permits, as per the financial activity, are to be obtained as needed.

Investments in BVI

 
Regardless of the chosen business sector, the following reasons rank high for all entrepreneurs who are interested in BVI company incorporation:
 
  • - tax neutrality: there are no taxed on local transactions performed by BVI companies.
  • - confidentiality: BVI ensures the security of the investor's data and uses an effective regulatory regime.
  • - fast incorporation: BVI company set up is simple and can very well be performed with the help of one of our agents.
  • - asset holding: investors can successfully use the Business Company (BC) as asset holding vehicles; they can hold UK property and other types of assets.
 
The following information is available on company incorporations in BVI according to the Statistical Bulletin presented by the Financial Services Commission:
 
  • - BC quarterly incorporations in Q2 2019: 6,365.
  • - BC quarterly incorporations in Q1 2018: 7,214.
  • - BC quarterly incorporations in Q2 2018: 9,126.
  • - the total number of BCs registered at the end of June 2019: 396,932.
 
Please contact our BVI company formation specialists for more information about the conditions for investing in the financial industry as well as complete details related to company incorporation. 
 

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