Off-shore destinations not only offer significant tax benefits, they also frequently have far fewer reporting requirements and regulatory limitations than Britain, enabling companies to provide their professional services or undertake contracting jobs for maximum profit. The BVI (British Virgin Islands) is a popular location for many off-shore companies. If you're keen to ensure that your business has the right environment in which to thrive, find out how the combination of foreign incorporation and skilled assistance from Coddan can make a real positive difference.
Minimal bureaucracy: although incorporation requires some documentation to be produced, once registration has been achieved the BVI demands little in the way of regular reporting. There is no need to submit annual accounts or produce other paperwork. Many businesses do prefer to keep appropriate records, simply to assist with future growth planning. If help is needed to do this, Coddan can offer a full administrative service as well as assistance with financial matters.
No taxation: the obvious benefit for many investors of incorporating their professional services business on the BVI is that there is no requirement to pay tax. It should be noted that should monies from the business subsequently be repatriated into the UK then there are tax implications. Ensuring that your business pays tax when legally required whilst still engaging in proactive wealth protection policies is a complex area; Coddan can provide further expert advice if needed.
Privacy: many business owners are keen to ensure that their anonymity is maintained, enabling them to pursue their interests without undue scrutiny by competitors. The BVI allows corporate registration to take place without the name of an officer appearing on the register. If necessary we can provide nominated officer contact information should you require one for any aspect of your business's operation.