Set up Offshore Business with BVI Shelf Company
By acquiring a ready-made company in BVI, you can move ahead of the competitors with offshore business ready for operations . Enjoy the following :
- Instant Access to the Business Entity
- Easy Ownership Transfer
- Minimal Documentation
BVI Shelf Company
Are you looking to set up a business in the offshore jurisdiction of the British Virgin Islands, commonly referred to as BVI? If yes, then buying a BVI shelf company can be a good bet.
But you must be wondering what a shelf company is. To answer in brief, it is a company which is fully incorporated and ready for immediate use.
In this article, we take a look at BVI shelf company in detail and learn how it is useful, the benefits offered, and the process involved with purchasing one among other things. Read on to know more.
Overview of Shelf Company
A shelf company is a pre-registered company which entrepreneurs and businesses can use immediately when establishing a business. It is referred to as a ‘shelf’ company because they are not associated with any prior business activity.
Commonly associated with offshore company formation, these companies are incorporated with the sole purpose of entrepreneurs buying them to begin business operations in offshore jurisdictions. In addition to them being ready to use, they ensure confidentiality of the investors and entrepreneurs, allow them to avail tax benefits and enjoy global recognition.
BVI Shelf Company and Relevant Authorities
When a shelf company is purchased in the offshore jurisdiction of the British Virgin Islands (BVI), the company will be ready with all the compliance requirements such as registered agent, registered address and required validity . This will reduce all the hassles to being operations.
The primary regulatory framework with regard to a shelf company in the offshore jurisdiction is provided by the BVI Financial Services Commission (FSC) and the BVI Business Companies Act. For KYC and AML requirements, you can refer to BVI Anti-money laundering regulations.
What are the Common Uses of a BVI Shelf Company?
As mentioned earlier, the use of a BVI shelf company is primarily made by entrepreneurs and businesses because it allows them to save time and the hassle of going through the process of new company registration in BVI. However, there are other uses of a BVI shelf company, let us take a look at them:
Corporate Restructuring - A BVI shelf company can help with restructuring or rebranding the business as they already have a legal standing.
Hold Assets - Given the high level of confidentiality offered, entrepreneurs make use of shelf companies to hold assets and intellectual properties.
Mergers and Acquisitions - When planning for mergers and acquisitions in BVI, a shelf company can be a quick solution as all the formalities can be completed fast and in a hassle-free manner.
Business Expansion - Owning a BVI offshore shelf company helps in expanding the business in the jurisdiction quickly. It helps in saving both time and trouble of going through the incorporation process.
Benefits of BVI Shelf Company
Some of the advantages that you can enjoy for buying a BVI shelf company are mentioned below:
- Quick Setup: One of the main benefits is that it can be used for business purposes immediately
- Offers Flexibility: You get the option of modifying the company’s structure as per the business needs, appoint new directors as well as change the name of the company
- Privacy and Confidentiality: The British Virgin Islands follow stringent privacy protection laws. . It needs to be mentioned here that the authorities do not disclose information regarding the company owners and shareholders on public domain.
- Tax Advantages: With no kind of tax imposed, BVI allows businesses to minimize their tax liability
- Recognition: Purchasing a BVI shelf company offers global recognition as the British Virgin Islands is a reputed offshore jurisdiction.
Process of Buying a BVI Shelf Company
Now that you know about the use and benefits of a BVI shelf company, let us learn how to go about purchasing one. The stepwise process is mentioned below:
When looking to buy a shelf company, the first step involves research to find a reputable service provider. Given the fact that there are many specialized firms in the market, you need to figure out and go ahead with a trusted name like Gryffin Capitalist.
Once the service provider is finalised, you can choose a BVI shelf company based on your business needs. It must be stated here that post purchase, you can make changes to details like company name and directors. A registered agent should be able to obtain a BVI shelf company list.
The third step involves verification and ensuring compliance with the local regulations put in place by the British Virgin Islands company registry. You must submit necessary documents as part of the Know Your Customer (KYC) process to verify identity and ensure legitimacy.
When the paperwork is completed, ownership of the BVI shelf company is transferred to your name. It enables you to have full control and pave the way for appointment of new directors, change of the company name as per business requirements. Further, you can proceed to open a corporate bank account for BVI shelf company.
When purchasing a BVI shelf company, the authorities require certain documents. These are obtained as per BVI’s Anti Money Laundering (AML) and Know Your Customer (KYC) rules. Let us take a look at the list of the required documents.
Documents Required for BVI Offshore Shelf Company
- Identity proof of all beneficial owners and directors (Documents like valid government issued ID)
- Address proof (Documents like utility bill, bank and tax statements)
- Document pertaining details of the ultimate beneficial owner(s)
- Copy of the original company formation certificate
- AML compliance documents
- Copy of corporate resolution
What our clients say
I had a great experience registering my company in the UAE with Gryffin Capitalist. The Gryffin Capitalist team assisted in selecting the right Emirate to complete all legal steps.
Thanks to Gryffin Capitalist, starting my business in the UAE was smooth and efficient. They offered advice on company formation and licensing and assisted in opening a bank account.
Starting a business in the UAE seemed complicated, but Gryffin Capitalist made it seamless. The team is very knowledgeable, professional, and responsive.
Why Choose Gryffin Capitalist?
We, at Gryffin Capitalist, a corporate service provider specialise in company formation across jurisdictions be it mainland, free zones or offshore. Our business setup experts are completely aware of the different regulations and ensure that the entire process is completed in a seamless manner. We put our efforts to understand your requirements and take it upon us to navigate the complexities in acquiring a BVI shelf company. Contact us to know more!
Quality Professionalism
High Privacy
Strong belief in long-term client relationships
Competitive Market Pricing
Global Footprint
Efficient and Transparent Process
Frequently Asked Questions (FAQs)
If you own a BVI shelf company, annual filings with the BVI government are necessary. It includes maintaining proper corporate records and appointing a registered agent.
The price you must incur for a BVI shelf company varies depending on a number of factors. It includes the age of the company, the chosen service provider, and the fees they incur with regard to the company registration in BVI.
Yes, companies are registered in the commercial register.
Yes, it is necessary to open an offshore bank account. It helps in conducting financial transactions related to the business conducted in BVI and internationally.
If you wish to maintain the legal status of a BVI shelf company, you must demonstrate the business activity you are conducting in the offshore jurisdiction.
