BRITISH VIRGIN ISLAND COMPANY FORMATION

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

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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 )

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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

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6. English resume (CV/RESUME)

 

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

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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

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