BVI IBC is the most commonly used offshore corporation in the world, it constitutes more than 1/3 of the numbers of offshore company. IBC is suitable any international business activity. BVI IBC is the most popular type of offshore company given its track record. Most of the time, a lot of offshore banks are able to open bank account for BVI IBC. The major downside of having a BVI IBC is, there is BVI has no DTA (Double Tax Agreement) with any country. For BVI IBC owners, they will be taxed according to their onshore tax rate if they send their profit back to their own country. BVI IBC must keep records but there is no need to file returns and there is no audit requirements.
There is no corporate tax.
For BVI locally run companies, the rate rate are 4.5% social security contributionand 2% or 6% of payroll tax.
Cost of setting up
Offshore CorpServe charges US$1,050 for full incorporation and disbursement of documents.
The privacy of shareholders and directors' names is protected. Only the Certificate of Incorporation, address of the registered BVI office and the Memorandum and Articles of Association are available on public record. That information stays with your registered agent which is required by law to only disclose the information under a lawful request such as a TIEA, DTA or Court.