Incorporation of the company
Once the above decisions have been made, your registered agent will be in a position to apply to the Registrar to incorporate the company on your behalf. This is a simple and straightforward process.
The registered agent will file a completed application form at the Registry together with:
- The memorandum and articles of association (and up to 3 copies).
- The agent’s consent to act as registered agent.
If the Registry is satisfied that everything is in order, it will:
- Register the documents.
- Allot a unique number to the company.
- Issue a certificate of incorporation to the registered agent.
- Return the copies of the memorandum and articles stamped with the Registry seal.
How long does it take to incorporate?
Provided that the paperwork is correctly completed and there is no problem with the name chosen, an ordinary company limited by shares (without a foreign character name) should be incorporated within one working day of the application being received by the Registry.
When does the incorporation become effective?
The company is incorporated with effect from the date specified in the certificate of incorporation. It will have the name specified on the certificate.
What are the costs of incorporating?
The fees for incorporating a company limited by shares are as follows:
Where the company is authorised
to issue less than 50,000 shares………………………………………………$350.00
Where the company is authorised
to issue more than 50,000 shares…………………………………………..$1,100.00
Where the company is authorised
to issue an unlimited number of shares..………………………………..$1,100.00
A company will also have to pay an annual fee of the same amount, commencing in the year after its incorporation.
The annual fee is payable:
- On 31 May each year if the company is incorporated between 1 January and
30 June; or
- On 30 November each year if the company is incorporated between 1 July
and 31 December.
If I have a BVI Company, do I still need a Trade License?
If you have incorporated a company, it simply means that your company is incorporated and registered as a BVI Company; it does not mean you can do business or operate in the BVI. To legally conduct business in the BVI, you must have a trade license issued by the Government of the Virgin Islands. See section on Starting a Business for more information.