How to Register BVI Companies in Singapore
OFFSHORE COMPANY FORMATION
A BVI company is one that has similar structure and formation. A statute in the British Virgin Islands (BVI) developed a type of offshore company with unique characteristics. A modern BVI company is a private corporation that is usually exempt from taxation. This corporate structure is suitable for any international business activity. The BVI company structure is flexible in organization and is not burdened by excessive reporting and record keeping. One of the requirements of this type of company is a strict confidentiality provision. What is frequently known as an offshore company may have this type of international business company formation. (See www.bizcorp.com.sg).
SETUP A SINGAPORE COMPANY
Setting up a Singapore company may involve certain basic requirements for any new corporation. The name registration may be the first order of business. This registration may be completed online. If the name has not be previously used, then the name of the company that is selected will be listed as the business name.
Each new company needs officers for the incorporation procedures, the stock offered, and the bookkeeping requirements. A company secretary will need to be appointed for the minute book entries and for the necessary business filings. A nominee director will be needed to manage the company business and to file for company stock issues. Any banking accounts will need a copy of the company charter and the names of the company officers. You might also be interested to learn more Benefits to Setting Up a Company in Singapore.
BVI companies have unique characteristics that may be of interest to a new offshore entrepreneur. These features may include:
- Corporate benefits may be significantly restricted.
- Company shares do not need share purchase requirements.
- Capital and distributable reserves are not required.
- There are no set board of directors’ duties.
This style of corporate structure does not require a number of forms and procedures to create. Many companies are beginning to be formed in this manner. An international business company and a BVI corporation are seen as the basic building blocks of the offshore financial services industry. A BVI corporation is a private company that has several benefits and advantages:
- Confidentiality is a main feature for an offshore BVI corporation. Reporting and record keeping are restricted. Information about the ownership of the company may be restricted. This privacy requirement is a requested option.
- Regulation has a low burden with a BVI offshore company. Investment strategies may elect to have less regulatory requirements.
Roberto Lee currently works for a Bizcorp business registration. He writes advice on corporate secretarial services and the role of a nominee director in a Singapore company.By theodion in Offshore Business Comments Off