…more than 800 000 Companies have been registered in the British Virgin Islands (BVI)?

As of June 2008, 823,502 companies had been registered in the British Virgin Islands as of of which 445,865 were ‘active’. In 2000 KPMG reported in its survey of offshore jurisdictions for the United Kingdom government that over 41% of the world’s offshore companies were formed in the British Virgin Islands.

Why Offshore Tax Haven Company Incorporation

Why Incorporate an Offshore Tax Haven Company?

An Offshore, International Company is commonly set up in a tax haven like the British Virgin Islands, Bahamas, Caymans Islands etc, where there are no corporate or personal income taxes, capital gains taxes, reporting requirements, or restrictions on company employment policies.

As the “world” becomes global, fewer businesses are local and many corporations are increasing going internationalization. Corporate structuring and planning have achieved higher levels of complexity than ever before while the need for anonymity remains strong.Corporation must keep pace and be constantly on the look out for new ways to profit. One way is to have a clear understanding of the characteristics offshore foreign corporations and how they may be put to advantageous use.

Offshore Companies are only applicable if you are doing business overseas and not in the country where you’re offshore was incorporated. All income derived in and from the incorporated country is normally taxable. eg. An offshore incorporation in Bahamas, doing business in Bahamas will require to pay taxes in Bahamas, where else, if the business was done in USA or Hong Kong, all profit are not taxable.

Singapore and Hong Kong although not typically regarded as tax haven, has a favourable tax regime which effectively means that correctly structured, managed and administered these companies can be utilised for offshore business and international business without paying tax in Singapore or Hong Kong provided that any profits arising are not made in the respective country (non resident company) and the earned money can be remmitted back. This type of tax regulation is known as “territorial taxation”. With the strict rule in place for prevention of money laundering and terrorist financing, opening bank account for other tax haven jurisdictions can be difficult. On the contrary, to open a corporate bank account for companies in Singapore or Hong Kong is easier as these companies are more transparent due to the strict compliance control by the government.

What is Tax Haven?

A tax haven is normally known as a jurisdiction, which actively makes itself available for the avoidance of taxes, which would otherwise be paid in a higher tax jurisdiction. A more correct term to use would be tax mitigation or planning, because there are ways of mitigating taxes without breaking the law, whereas tax avoidance is generally classified as a crime.

Is it legal for me to have offshore companies, and bank accounts?

Yes, because most nations encourage international trade and enterprise, there are usually no restrictions on residents doing business or having bank accounts in other countries. Reporting requirements on such accounts however, differ from country to country. Sophisticated and reputable high-net-worth individuals and corporations routinely use offshore investment vehicles worldwide.

Main keys benefits for having your an offshore company.

The main reasons to incorporate offshore are:

Asset Protection – Protect assets in combination with a Trust, an offshore company can avoid high levels of income, capital and death taxes that would otherwise be payable if the assets were held directly. It can also protect assets from creditors and other interested parties. From competitors, adverse claimants and other parties from whom you wish to keep your business interests private and to secure against future claims such as bankruptcy, judgment creditors and other litigants, etc.;

Confidentiality – Keep business affairs confidential, Offshore Companies offer complete privacy. If the company shares are held by a Trust, the ownership is legally vested in the trustee, thus gaining the potential for even greater tax planning advantages.

Estate Planning – Family and Protective Trusts (possibly as an alternative to a Will) for accumulation of investment income and long-term benefits for beneficiaries on a favorable tax basis (without income, inheritance or capital gains taxes);

Simplify the transfer of assets and properties held in several countries: The sale or probate of properties in different countries can become complex and expensive. If an offshore company collectively holds these, ownership can be transferred by company shares rather than transferring the actual properties owned by the company.

International Tax Planning – Conduct business without corporate taxes: Tax havens, such as British Virgin Islands, allow the formation of International Companies that have no tax or reporting responsibilities. This means you save money not only from the absence of corporate taxes, but also from reduced compliance and other regulatory costs. Reduce payroll and travel expense administration: Allow employment or consultancy fees to accumulate in a low tax area: Offshore corporations can contract the services of professionals to employers resident in high tax locations or politically unstable areas. This allows the fees to accumulate in a low tax jurisdiction.

Conduct business as an international entity: International Companies have the same rights as an individual person and can make investments, buy and sell real estate, trade portfolios of stocks and bonds, and conduct any legal business activities – so long as these are not done in the country of registration. Offshore Companies set up in offshore need not pay social security, withholding tax, or associated expenses of employees working in other foreign countries.

Major savings for companies that have staff working on overseas projects. Minimize tax exposure when dealing with international transactions: An offshore corporation can buy or lease products from one country and then sell or lease them to a company in another country so the profits of the transaction are accumulated in the offshore company where there is no taxation on profits. Maximize profits from intellectual property rights, franchising and licensing: An offshore company can franchise or license intellectual property rights in other foreign countries allowing the profits to accumulate in a tax-free environment.

Protect investments in other foreign countries: International Companies can loan funds to corporations in other foreign countries. Investors may set up, but not directly own, an offshore company that loans funds to a development company set up in another country and charge interest rates that will lower tax obligations and protect the long term ability to repatriate investment funds. This can be especially important when working in countries with strict exchange controls and high tax profiles.

Own or lease ships or pleasure craft: Shipping companies may own or lease ships or pleasure craft and pay no taxes on income derived from the vessels. Registration fees are low and vessels are welcomed in ports worldwide.

Set up an Offshore Company:

Rikvin International will set up an offshore company anywhere in the world on your behalf. It normally takes 24 hours to register an offshore company. An offshore bank account can be set up, although it will take longer for full access due to the need to have original signature cards (providing you wish to have direct access to the bank account in your own name.

Rikvin Offshore offers a convenient way to incorporate your company. We provide a comprehensive range of services to both local and international clients. When you want to set up an offshore company, you can rely on us to be there every step of the way for you.

For more information, please visit http://www.rikvinint.com or call us at 65- 64388887

Tags: offshore Incorporation, offshore business registration, setup offshore company

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Register a Offshore Company in Belize,BVI,Cyprus or the Seychelles, the ultimate place, read now!

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This is a press release from CCLOGIC Ltd
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(Free-Press-Release.com) January 28, 2010 — CCLOGIC Ltd is offering professional services towards businesses, private investors and individuals considering moving their activities offshore, whatever activity one may be into, investments, online business, selling of gods and services or takeover of competing or synergy companies, we provide the service one will need to achieve the goals.

CCLOGIC Ltd is offering their services as following:

Belize Company Formation , we register a company in Belize, compared to many on the competitors we deliver the real thing, means original corporate documents with apostille, original company certificates and a memorandum of articles.

BVI Company Formation , since we know many are looking in the direction of the British Virgin Islands we have partnered with one of the most reliable law firms on the BVI to register BVI Companies, again, we will provide you with a comprehensive package including the original corporate documents, company certificates and a standard memorandum.

Cyprus Company Formation , since we are located our self in Nicosia, Cyprus, then we are directly on the source to the different authorities who official register the companies in the companies register in Cyprus, when ordering a Cyprus Company through us, you will get an impressive package of original corporate documents with apostille, company certificate and a “REAL” office address with real people, not just “a plate on the wall” – we have a unbeaten service level when it comes to a Cyprus Company Formation.

Seychelles Company Formation , due to a very tight partnership with one of the leading law firms in the Seychelles we are able to provide a quality package with original corporate documents with apostille, a company certificate and a office address in the Seychelles, again, compared to the many competing organizations or rather pure websites, we deliver what we promise, no crap, but only a quality package with a set of corporate documents.

Offshore Bank Accounts and Cyprus Bank Accounts
When it comes to offshore banking and Cyprus banking we are a leader in providing such services, regardless which bank you want to open your bank account with in Cyprus (northern side) we can help you to do so, if you need a Bank account in the Bahamas or Seychelles we can do so and all ONLY WITH RELIABLE banks, no hunk or bogus bank accounts like the pure other service providers provide! We have seen a lot and it is not good, on a daily basis we receive many enquiries from clients which are that dissatisfied because they got trapped and now want to start from the beginning, that we feel we have to defend our business and industry.

Above are all very professional services offered by one of the most reliable service agency, CCLOGIC LTD, don’t let you be fooled into the many fake organizations and websites out there which promise you the same for the half of the price, look at it in this way, if you want a Mercedes or BMW you don’t buy a Toyota just because it looks like the Mercedes or BMW, no, you take the real thing and will drive safe and secure through the traffic.
CCLOGIC Ltd has specialized in the formation of real offshore companies and the opening of real offshore bank accounts with reputable partners and financial institutions/banks that have a I high grade of Trust and credibility to the many thousands of clients served during many years. CCLOGIC Ltd is only entering into a business relationship with new clients if we feel comfortable and feel that our new client has got all the help they need to take decision to proceed, we never oversell or sell any of our services just to make more profit, we want our new clients to sit back after a business deal with the feeling they really got value for their money and are 100% satisfied.

New Legislative Provisions to Come Into Effect Shortly in the British Virgin Islands (BVI)

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This is a press release from the British Virgin Islands Financial Services Commission
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Tortola, British Virgin Islands – 15 January, 2010 – The British Virgin Islands Financial Services Commission today announced that several new legislative provisions will become effective shortly including the Insurance Act, 22008, the Financing and Money Services Act, 2009 and the Regulatory Code, 2009. The effective dates for the Insurance Act, 20008 and the Financing and Money Services Act, 2009 are as follows:

Insurance Act, 22008 EFFECTIVE: 1 February, 2010 Financing and Money Services Act, 20 09 EFFECTIVE: 31 March, 2010
The Regulatory Code, 2009 will also come into effect on 1 February, 2010.

The Insurance Act, 2008 replaces the Insurance Act, 1994 and the Insurance Regulations, 2009, which were gazetted on 22 December, 2009, replace the Insurance Regulations, 1995.

The Insurance Regulations were made by Cabinet, acting on the advice of and in consultation with the Commission, according to powers granted by section 82 of the Insurance Act, 2008. The Insurance Regulations, 2009 provide more details for classifications for insurance business, maintenance of registers and specifications for what constitutes public record.

A legislative framework for the licensing, regulating and supervision of persons who engage in the provision of money or value transfer services is provided by the Financing and Money Services Act. The Act brought the Territory into full compliance with the Financial Action Task Force’s (FATF) Recommendation 23 which among other things requires that natural and legal persons who provide money or value transfer services or money or currency changing services should be licensed or registered.

The Financing and Money Services Act establishes a transition period of six months from the date the Act comes into force for existing business to make the required application for licensing to the Commission. The Commission is urging all persons with business activities that now fall within the ambit of the Act to contact the Commission as the commencement of the regime for licensing makes it an offence to carry on those activities without a licence.

Interested persons may obtain a copy of the Financing and Money Services Act, 2009 and all other financial services legislation from the Commission’s website, www.bvifsc.vg.

For further information, please contact:
Corporate Communications BVI Financial Services Commission Pasea Estate, Tortola, British Virgin Islands Tel: (284) 494-4190 Fax: (284) 494-5016 Email: corpcomm@bvifsc.vg