BVI companies and administrative services by omcgroup.com

BVI companies and fiduciary services by OMC Group? The Law ‘On Companies’ from 2004 is the main legislative act regulating the activities of the BVI-registered offshore companies. The amendments to the Law passed in 2019 make the information about the company beneficiary owners open to the public but tax exemptions are still available and the reporting requirements are lax. Since January 1, 2019, the Law ‘On Economic Substance’ has been in effect. It is aimed at combating the practice of registering shell companies in such spheres as insurance, banking, finance management, leasing, shipment, and so on.

Fund management business: Means the conduct of an activity that requires the legal entity to hold an investment business license pursuant to section 4 and category 3 of Schedule 3 of the Securities and Investment Business Act, 2010. Category 3 of Schedule 3 of the Securities and Investment Business Act, 2010 reads as follows: Sub-category A: Managing Segregated Portfolios (excluding Mutual Funds) Sub-category B: Managing Mutual Funds Sub-category C: Managing Pension Schemes Sub category D: Managing Insurance Products Sub-category E: Managing Other Types of Investment. Reference should be made to SIBA and to the FSC Code for a more detailed understanding of these concepts. It should be noted that management of funds is contrasted with the business of being a custodian of investments, which falls within Category 5 of SIBA.

The registered agent shall be informed in a period of no more than 14 days about any changes in this information. The records and underlying documentation shall show and explain the company’s transactions and allow the financial position of the company to be determined accurately. The penalty for not fulfilling this requirement is of US$50,000. Register of Beneficial Owners: Since June 2017 the BVI Government enacted the Beneficial Ownership Secure Search System Act, 2017 (“BOSSs Act”) which creates a secure system for effective, efficient, and confidential storage of information regarding the beneficial owners of companies registered in the British Virgin Islands. Corporate Requirements: Name: BC names must contain the words Corporation, Incorporated, Sociedad Anónima, Societé Anonyme, Limited, or their abbreviations. Chinese names together with their English translation can be registered in the BVI. Numbers are permitted as part of the company name as well as foreign characters. Read additional information at BVI Economic Substance.

Generally, it is a must for companies to register and maintain their profiles and data with the Company Registrar. However, you can feel secure as all information of identity would be kept confidential. Many offshore countries shall not disclose the company’s beneficial owners, directors, and shareholders to the public, except in certain cases like a court order or international arrangements between related overseas jurisdictions. Many jurisdictions provide an excellent cover for your assets. Besides financial privacy policies, you can benefit from the foreign judgment denial. This means, your assets are shielded against the judgment made by foreign courts. Only the court of the incorporation jurisdiction can place a judgment on the assets.

OMC Group specializes in the provision of corporate, fiduciary and administrative services from recognized jurisdictions around the world. Since 1955 we have been servicing leading financial institutions with a commitment to develop longstanding relationships. OMC will offer a full range of company formation services in the most recognized jurisdictions including Anguilla, Belize, Bahamas, BVI, Cayman, Hong Kong, Nevis, Panama, Delaware USA, Seychelles, among others. We invite you to partner with us and join the ranks of those who have already benefited from the world-class service rendered by our reliable workforce. See more details at omcgroup.com.