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BRITISH VIRGIN ISLAND COMPANY FORMATION

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Regulations on Virtual Assets

 

The new VASP law of the BVI came into effect on February 1, 2023, and any entity that provides virtual asset services or intends to act as a VASP in or from the BVI must register with the Commission.

Registration and Licensing of VASPs: To operate VASPs in the BVI, you must obtain a license and complete the registration process.

The registration process is as follows

Business processes and corresponding internal management systems: VASPs must establish and maintain reasonable internal management systems in relation to business processes.

Prevention of money laundering and terrorist financing: VASPs must take measures to prevent money laundering and terrorist financing, and implement appropriate procedures and technical measures to carry out such measures.

Customer Identification and Authorization: VASPs must implement appropriate processes for identifying and authorizing customers.

Reporting and Recordkeeping: VASPs must collect and retain information that must be reported to the regulator.

Authorization and Revocation: The BVI Financial Services Commission (FSC) may authorize or revoke the license of VASPs.

This law is intended to improve the safety and transparency of the virtual asset market by supervising and regulating the work of Virtual Assets Service Providers (VASPs).

 

FSC Virtual Asset Regulations Go to the relevant laws and regulations

 

* This is not a consultation and may contain subjective estimates, and we are not liable for any legal issues related to this.

BVI (British Virgin Islands) Incorporation Guide

(Same for for-profit and nonprofit companies)

 

 

Estimated Turnaround Time (Incorporation) :

7 business days, after all documents are obtained

 

 

Incorporation Requirements:

Must have at least one shareholder and one director, one person can be both shareholder and director.

 

No restrictions on the nationality of shareholders or directors at the time of incorporation

 

Some industries may not be able to be incorporated or may require a license, so check beforehand

 

(For non-profit companies, capital contributors are called members instead of shareholders, and the establishment requirements are the same)

 

 

Establishment fee: USD3,000 (based on capital of USD50,000 or less) *Same for for-profit and non-profit companies

 

Annual renewal fee: USD2,000 (annually)

 

 

Includes:

1. Company registration

2. Articles of Incorporation and incorporation documents required for company formation

3. Government registration fees

4. Company formation agent

5. Certificate of incorporation

6. Director's appointment letter and acceptance letter

7. Register of members and directors

8. Registered BVI Local Company Agent (1 year)

9. Provision of local business registered address (1 year)

 

Additional cost:

- Notarized copy of registered documents: USD575

- Certificate of Incumbency: USD400

- Registration and management of accounting and financial data storage address (1 year): USD300

 

Bank account opening.

USD 2,000 Account opening arrangement and advisory service fee: USD 2,000

(USD500 discount if combined with incorporation)

 

VP Bank (BVI)

Opening requirements: USD 100,000 initial deposit + purchase of financial instruments

 

Bank of Asia (BVI)

Requirements: Initial deposit of USD 25,000 + shareholder/member's proof of source of wealth (bank statement, bank statement, stock portfolio or real estate asset statement, etc.

 


Requirements and required documents for incorporation:

1. A copy of the shareholder/director's passport

2. Original fact authentication for the passport copy of the shareholder/director 
  - Korean passport: English passport copy certificate (issued by the ward office)     ( View sample )
  - Passport from other countries: Certified True Copy or Notarial Certificate      ( see sample  )
 
3. Two types of documents for the most recent (within 3 months) address in English for shareholders/directors (however, the address must be the same)
  - Residency in Korea: English certified copy (community center) + Scan the front/back of the driver’s license  ( View sample )
  - Residence in another country: Utility Bill + Bank Statement (or equivalent official document)   ( View sample )

4. Expert Recommendation Letter
  - Expert Recommendation:  Confirmation of customer relationship for more than 2 years from experts (accountant/lawyer/lawyer/tax accountant, etc.)  ( View sample )

 

5. Bank statement in English for the last 3 months or BANK REFERENCE LETTER

6. English resume (CV/RESUME)

 

7. Fill out the application for incorporation  ( Go to application )

Procedure:
1. Submit the required documents for the shareholder/director to be registered:

2. Payment of establishment cost
3. Confirmation after confirming whether the name of the corporation is possible
4. Sign the incorporation document provided by our company and send it by international mail
5. Proceed with establishment after receiving documents
6. Incorporation within 7-10 days after receipt of documents
completion

*If you wish to open an account after establishment, please contact us in advance.

Additional cost:

- Notarized copy of registered documents: USD575

- Certificate of Incumbency: USD400

- Registration and management of accounting and financial data storage address (1 year): USD300

 

Bank account opening.

USD 2,000 Account opening arrangement and advisory service fee: USD 2,000

(USD500 discount if combined with incorporation)

 

VP Bank (BVI)

Opening requirements: USD 100,000 initial deposit + purchase of financial instruments

 

Bank of Asia (BVI)

Requirements: Initial deposit of USD 25,000 + shareholder/member's proof of source of wealth (bank statement, bank statement, stock portfolio or real estate asset statement, etc.

Requirements and required documents for incorporation:

1. A copy of the shareholder/director's passport

2. Original fact authentication for the passport copy of the shareholder/director 
  - Korean passport: English passport copy certificate (issued by the ward office)    
( View sample )
  - Passport from other countries: Certified True Copy or Notarial Certificate      ( see sample  
 
3. Two types of documents for the most recent (within 3 months) address in English for shareholders/directors (however, the address must be the same)
  - Residency in Korea: English certified copy (community center) + Scan the front/back of the driver’s license 
( View sample )
  - Residence in another country: Utility Bill + Bank Statement (or equivalent official document)   ( View sample )

4. Expert Recommendation Letter
  - Expert Recommendation:  Confirmation of customer relationship for more than 2 years from experts (accountant/lawyer/lawyer/tax accountant, etc.) 
( View sample )

 

5. Bank statement in English for the last 3 months or BANK REFERENCE LETTER

6. English resume (CV/RESUME)

 

7. Fill out the application for incorporation  ( Go to application )

Procedure:
1. Submit the required documents for the shareholder/director to be registered:

2. Payment of establishment cost
3. Confirmation after confirming whether the name of the corporation is possible
4. Sign the incorporation document provided by our company and send it by international mail
5. Proceed with establishment after receiving documents
6. Incorporation within 7-10 days after receipt of documents
completion

*If you wish to open an account after establishment, please contact us in advance.

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MIRR ASIA BUSINESS ADVISORY & SECRETARIAL COMPANY LIMITED

HONG KONG OFFICE

WORKSHOP UNIT B50 & B58, KWAI SHING IND. BLDG
(PHASE 1), 36-40 TAI LIN PAI RD, KWAI CHUNG, HK 

Tel: 852-2187-2428

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