Minimum number of each of director and shareholder is one.Sole Director and sole shareholder can be the same person/corporation;
All shareholders/directors shall be over 18 of age, and hold valid identification documents including passport or identity card (no restriction on nationality);
The company name should be ended in "Limited", "Ltd", "Incorporation" or "Inc.".
Director/shareholder can be individual or corporation.For corporate director/shareholder, a copy of business registration license/Certificate of Incorporation/Registration and copies of identity document(s) of the director of the corporation shall be provided;
Ways of Registration
There are 2 ways of registration:
Set up a brand new company; or
Purchase of "shelf-company".
The original Certificate of Incorporation and the whole company kit is immediately available for the shelf company.For setting up a brand new company, company can be registered within two days but the original Certificate of Incorporation and the company kit can only be available 10 working days after date of incorporation.
Pros and cons of setting up BVI or other offshore company
An offshore company is normally used by clients for the following reasons:-
For investment holding;
For funds holding;
For confidentiality reason; and
For tax planning purpose.
Listed below please find the pros and cons of setting up an offshore company:-
Chinese names are registrable;
There is no requirement for filing annual return or audited accounts in BVI;
Unless the Company is going to carry business in Hong Kong, no business registration is needed in Hong Kong; accordingly, no profits tax return will be issued to the BVI Company by the Hong Kong Government;
There is no requirement of appointing a Company Secretary for the BVI Company;
Bearer shares are permitted; thus confidentiality of ownership can be achieved without appointing nominee shareholder;
The maintenance of local government register of Directors and Shareholders is optional; and
The annual cost in keeping an offshore company as listed below is simple and easily budgeted. The cost is normally only subject to annual regular adjustment.
Registered Agent's fee
Annual Licence fee
Annual Fee charged by ACS for using ACS's address as corresponding address
Local registered office/agent is required; and
Though bearer share is allowed, a higher annual licence fee has to be paid and the bearer share certificate/details of beneficial owner(s) have to be held/disclosed by/to the authorised/recognised custodians.
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