At the time of writing, there is no current regulatory framework for cryptocurrency and blockchain businesses in BVI and it is not prohibited. That, combined with the government’s willingness to embrace the industry and look towards regulation in the future, in a positive way, means that BVI has become one of the world’s most popular bases for bitcoin, blockchain, and crypto businesses. It also means that to get your crypto business up and running, the process is pretty simple.
If you want to locate your crypto or blockchain company in BVI, all you need to do is incorporate a company there. Here are five reasons why you should go for it!
Great tax benefits
You will be glad to know that offshore companies located in BVI are not subject to any income tax, corporation tax, capital gains tax, wealth tax or similar. Having a BVI company is a great and perfectly legal way to book your tax-exempt international profits. If you are setting up a BVI company to conduct business within the territory however, you will be subject to local corporate and income tax laws.
Setting up a company in BVI is cost effective and simple. Firstly, there are no minimum capital requirements and as long as all of your documents are in order, you can be up and running in around a week. Your only costs are engaging Fast Offshore as your required registered agent, and then getting us to take care of the rest.
You only need one director and shareholder to register your BVI Business Company and they can be a company or an individual, can be the same person or entity, and there are no restrictions on their nationality. To incorporate, we will file the Memorandum and Articles of Association and the BVI Registrar of Companies will do the rest. We are however obliged to do our due diligence on you such as proving your identity and that of anyone wishing to form and manage a company in BVI.
Companies that are incorporated in BVI are not required to state the objectives of the company or its legal structure. In addition to this, there is no legal requirement to file any company audits or hand over any financial information to the authorities. Maintaining the company is hassle free and of course, due to the fact there is no tax payable, you will not be required to file annual tax returns to the authorities. Lastly, there is no requirement to have annual meetings and you don’t have to register initial or ongoing changes in either directors or shareholders.
It’s one of the best
Did you know that around 40% of the world’s companies are BVI incorporated? It is popular for a reason. The ease of doing business in BVI combined with high levels of confidentiality, flexibility, and a zero tax rate for businesses operating outside of the jurisdiction, means that setting up here is a bit of a no-brainer. Its reputation is solid and furthermore, the country itself is stable, secure, and with an English speaking workforce. If you are a bitcoin, crypto, or blockchain start up taking your first steps in the industry, BVI could be the perfect choice.
If you are thinking of operating a cryptocurrency exchange, you may have to be sure you adhere to some rules set by the authorities as it could be construed as the provision of money services. For example, you might need to apply for a Brokers License or similar. If you aren’t sure, do not worry- we can guide you, advise you, and assist you every step of the way.