BVI companies activity and administration services with OMC Group? Any company that conducts business activities in such spheres now has to demonstrate that it has a registered legal address in the BVI and an office with a sign. In addition, the company shall have a local director or manager, a telephone number and/ or a website. The company founders shall take active part in company management and visit the BVI regularly for business meetings. The BVI is a reputable jurisdiction and this fact is internationally recognized. The OECD has the BVI on the white list of countries. Besides, the jurisdiction is neither on the EU nor on the FATF black lists. The taxation system there is stable and the corporate laws are applied in a consistent manner.
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.
Continuation: The BVI BC Act establishes that a company, which desires to continue its operations under the jurisdiction of the BVI, will have to file satisfactory evidence that the law of the foreign country allows the migration of the company. Economic Substance Act: The BVI (“the British Virgin Islands”), along with other major offshore jurisdictions, introduced the Economic Substance Law. The BVI Economic Substance (Companies and Limited Companies) ACT, 2018 came into effect on January 1, 2019. Companies incorporated as of January 1, 2019, must comply immediately with the law. The transition period extended until June 30, 2019, to entities established before January 1, 2019. This in response to the various efforts of the European Union (“EU”) and the Organization for the Economic Cooperation and Development (“OECD”) to improve fiscal transparency. The name must not include words such as bank, insurance, assurance, reinsurance, trust, trustee, cooperative, royal, imperial, municipal, chartered, building, chamber of commerce, securities, fund, or their derivatives, without a written approval of the Registrar and a special license, where required. Read more information at BVI companies.
If you aim for the former group, you should consider everything carefully. Some no-tax jurisdictions are changing their policies fast. They are starting to impose taxes and regulations on certain kinds of income and business activities. And some places have a really bad reputation in the business world. These are the ones you should avoid. Bad-reputation jurisdictions would cost you a hard time opening a bank account and running your company. In particular, banks in Singapore or Hong Kong are very concerned about opening an account for companies in tax havens. The same goes with customers and clients. They would also be concerned to do business with your company if it is incorporated in such jurisdictions.
Established in 1955, OMC Group (OMC) is a solid multinational company that provides world-class corporate solutions from its global network of offices. OMC can offer clients more than 65 years of experience as an international management company and provides valuable services in many areas of international business. Our culture is built on the importance of providing high-quality customer service, ensuring a fast, friendly and efficient response to our clients’ needs. 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. Discover extra information on https://www.omcgroup.com/.