(not for the purposes of compliance with the Economic Substance (Companies and Limited Partnerships) Act, 2018)
Foreign companies are now under intense scrutiny of the controlling authorities in terms of disclosure of the ownership structure as well as the organization of their management. Conducting business on behalf of companies incorporated in tax-free or low-tax jurisdictions has become quiet difficult, especially when opening a new bank account is needed. Moreover, difficulties also arise concerning retaining existing operational accounts.
Passive attitude may cause a bank account to be blocked, transactions with contractors and provision of services and goods to be suspended.
Postal services include:
Services for the provision of a phone line include:
In the territory of the BVI there is limitation for forwarding calls from local numbers abroad. Calls are forwarded using a local SIM card (a call is forwarded from a local phone number assigned to an individual phone line to a postpaid SIM card from which that call can be forwarded to other countries).
The cost of services for the organization of an individual phone line is from USD 3 500 per year (including 1 000 minutes per month at most).
The cost of services for entering into an office lease contract without actual presence of an employee is USD 550 per month. The lease address coincides with the company’s registered address.
The minimum salary of an employee having technical functions (for example, receiving and sorting out correspondence, receiving phone calls) is USD 1 500 per month. The services include the execution of an employment contract without registration of the employee with the BVI Social Security Board.
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Service
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Cost (USD)
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Total cost of incorporation (government fee and payment for the registered agent’s services for the first year of the company’s existence, preparation and provision of the original founding documents of the company and their copy with apostille, documents made for issue of shares, and company seal; excluding the Сompliance fee)
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2 090
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Further annual maintenance of the company (starting from second year):
Government fee + Payment for services of the registered agent (including registered address), excluding the Сompliance fee |
1 975
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Compliance fee
Paid in case of: - company’s incorporation, - company’s renewal, - company’s liquidation, - transfer to another agent, - issue of a power of attorney for a new attorney, - change of director / shareholder / beneficiary, except for a change to a nominee director / shareholder, - signing of documents. |
275 (standard fee – includes check of 1 individual)
+ 165 for each additional individual (director, shareholder or beneficiary) or legal entity (director or shareholder) if legal entity is serviced by GSL + 220 for each additional legal entity (director or shareholder) if legal entity is not serviced by GSL 385 (rate for High Risk companies, includes check of 1 individual) 110 (signing of documents) |
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Postal services, including 1 monthly dispatch to office of GSL Law & Consulting
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from 970 / year
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Individual phone line (including 1 000 minutes per month at most)
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from 3 500 / year
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Office lease contract without actual presence of an employee (at the company’s registered address)
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550 / month
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Services for hiring of an employee with entering into an employment contract without registration with the BVI Social Security Board, including the minimum salary (depending on the functions and qualification of the employee)
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from 1 650 / month
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Consultation on efficient reorganization of business for meeting bank requirements
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300 / hour
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Interaction with a bank for the purpose of finding out and negotiating individual requirements as to substance in the country of incorporation
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200 / hour
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*The cost of services is effective as of September 2025.