Offshore companies were initially started for the purpose of ship registrations. This was expanded to the extensive use of commerce, later on. If you want to ensure a smooth transfer of money to your children or heirs, then it is a good option to register and incorporate an offshore company. This is especially important for traders, exporter and importers, internet marketers, international consultants and even for expatriates. If you want to know to learn the secrets of saving your wealth, then read on below. One especially ideal place for the registration and incorporation of offshore companies are the British Virgin Islands [BVI]. Offshore companies are usually incorporated in countries or regions labelled as ‘tax havens’. Countries where taxes are levied at a low rate or not even at all are called tax havens. These can also be states or territories and individuals like to establish their businesses or move themselves to such areas where they have to pay lesser taxes in comparison to international standards. Offshore companies such as BVI incorporation can offer individuals many different kinds of benefits such as offshore asset protection, enhanced privacy, confidentiality, and tax savings. It also allows you to grow and expand your business outside of your home country. The British Virgin Islands have no inheritance tax or capital gains tax. In addition to that, they have no sales tax or gift tax. This has made them one of the most popular tax havens in the world both for investors and entrepreneurs. BVI government also does not levy any charges in the wealth or income of International Business Companies. When your company makes profits, you would obviously want save your wealth and keep your profits secure. You can be sure that your assets are secure in and your bank account information are kept private in places like the British Virgin Islands. If such a breach of confidentiality does occur, the BVI incorporation owners can be certain that there will be severe consequences to be paid by those who disclose such information. Any access to such information has to be supported and granted permission by court order. You do not need to make physical trips to the banks to make transactions, as banking regulations are followed very carefully. The identities of owners and controllers of the British Virgin Island incorporation have to identified and verified in order to set up bank accounts.
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The documents required for this include:
Copies of passports
A second mode of identification.
A banker’s or a professional reference is also required
A description of the business details
A cash flow forecast or management report
The BVI incorporation’s method of operation
As long as you have submitted the required documents, and paid the registration fee, the incorporation takes only 2 working days and the bank account is created within an additional 15 working days. The BVI also has many banking branches in other major financial centers such as Switzerland, U.K, Austria, Isle of Man, Luxembourg, Cayman Islands, and the Channel Islands. This allows you to transfer money between branches in BVI and abroad. The British Virgin Islands offer various international banking means and services such as many commercial banking options. Examples of such banks in the BVI include the First Caribbean International Bank, First Bank BVI and VP Bank (BVI). The best part about registering an offshore company or creating a bank account in the British Virgin Islands is that the charges are very low in comparison to similar incorporations in other countries. Most of the banks in the British Virgin Islands will also allow you to use international debit cards from which you can withdraw funds from ATM machines. Some of these banks have the added option of credit cards backed by funds deposited in your personal or company’s bank account.