How to Open a BVI Company in Singapore
- Roger Pay
- Jun 19, 2024
- 3 min read
How to Open a BVI Company in Singapore
While you can't directly register a BVI (British Virgin Islands) company in Singapore, you can incorporate a BVI company and then open a corporate bank account for it in Singapore. Here's a general roadmap:
1. BVI Company Incorporation:
Choose a Company Name: Check for availability through a registered BVI agent.
Appoint a Registered Agent: They will handle filings and registrations.
Prepare KYC Documents: Passports, proof of address for directors/shareholders.
Company Structure: Decide on directors, shareholders and company secretary.
Submit Documents: Your agent will handle the BVI company registry filing.
2. Singapore Bank Account:
Choose a Bank: Research banks in Singapore that accept BVI companies.
KYC for BVI Company: Expect stricter KYC (Know Your Customer) requirements due to it being an offshore company.
Prepare Documents: Company incorporation documents, business plan etc. (depending on bank).
What are the Disadvantages of BVI Companies
Here are some of the disadvantages of BVI companies to consider:
Increased Regulations and Compliance: BVI has stricter Know Your Customer (KYC) requirements and Economic Substance Rules compared to the past. This means more paperwork, filing fees, and potential audits.
Reputational Concerns: BVI has been associated with offshore tax haven activities and can be seen as a red flag by some banks and partners.
Ongoing Costs: While formation costs might seem low, annual maintenance fees, registered agent fees, and potential audits can add up.
Limited Local Operations: BVI companies cannot conduct business directly within the BVI itself. They need to be registered and operate elsewhere.
Alternatives Exist: Depending on your needs, other jurisdictions might offer similar benefits with less regulatory burden or a better reputation.
How Much does it Cost to Set up a Company in BVI
The cost to set up a BVI company can be broken down into two main parts:
Government Registration Fees: These depend on the authorized share capital of your company.
Up to 50,000 shares: around US$550
More than 50,000 shares: around US$1,350
Registered Agent Fees: This covers the services of a registered agent who will handle filings and registrations on your behalf. This can range from US$500 to US$1,000 annually.
Additional Costs to Consider:
Nominee Services: Appointing nominee directors or shareholders for privacy attracts additional fees, typically starting around US$6,600 annually.
Bank Account Opening: Opening a corporate bank account for your BVI company can incur separate fees depending on the bank.
Professional Service Fees: Engaging a corporate service provider in Singapore to help with the process will involve their fees.
Total Cost:
While the minimum government registration fee is around US$550, the total cost to set up a BVI company can vary depending on your chosen structure and additional services. Expect a range of US$1,500 to US$8,000 or more to account for registered agent fees, potential nominee services, and bank account opening assistance.
Resources:
Here's some additional information you might find helpful:
BVI Company Incorporation from Singapore Bestar SG (company formation singapore bvi ON Bestar SG bestar-sg.com)
BVI company with Singapore Bank Account Bestar MY (bvi company bank account singapore ON bestar-my.com)
Setting up your company in the BVI [Guide](setting up a company in bvi ON Bestar Asia bestar-asia.com)
How Bestar can Help
How to Open a BVI Company in Singapore
Here's how Bestar, a corporate service provider in Singapore, can guide you through the process of setting up a BVI company with a Singapore bank account:
BVI Company Registration:
Company Name Check and Reservation: Bestar can check for name availability in the BVI company registry and reserve your chosen name.
Document Preparation: We can assist with gathering and preparing all the necessary paperwork for BVI company incorporation, including KYC documents for directors and shareholders.
Singapore Bank Account:
Bank Selection: Based on your needs and the BVI company's profile, Bestar can recommend banks in Singapore that cater to BVI companies.
KYC and Application Assistance: We can guide you through the stricter KYC requirements for BVI companies and help prepare the documentation needed for the bank application.
Liaison with Bank: Bestar is able to facilitate communication with the bank during the application process.
Compliance:
Ongoing BVI Requirements: Bestar can stay updated on BVI regulations like Economic Substance Rules and remind you of any filing deadlines or compliance needs.
Singapore Regulations: We can advise on any Singapore regulations that might apply to your BVI company with a local bank account.
Overall Benefits of Using Bestar:
Streamlined Process: Bestar can manage the complexities of BVI registration and Singapore bank account opening, saving you time and effort.
Expertise: We have the knowledge and experience to navigate the process efficiently and ensure everything is done correctly.
Compliance Guidance: Bestar can help you stay compliant with regulations in both BVI and Singapore.
By using a service provider like Bestar, you gain guidance and expertise throughout the process.
