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The Company can buy back or redeem its own shares from shareholders and hold them as treasury shares or cancel them.
It is required to keep only such accounts and records as the directors consider necessary or desirable and these may be kept abroad.
It is not required to prepare financial statements or to appoint auditors.
It is not required to file any return of shareholders, directors or officers, although such registers may be filed at the Companies Registry if so desired.
It is not required to maintain registers of directors or officers, although such registers may be maintained at the registered office.
Its incorporation documents (Certificate of Incorporation and Memorandum and Articles of Association), which include the location of its registered office in the Territory and the identity of its registered agent, are the only documents required to be filed at the Companies Registry as a matter of public record. These documents do not contain the identity of the ultimate directors or shareholders of the Company. An IBC is not required to disclose any particular information on its letterheads.
It can amend its Articles of Association by a director's resolution passed at a board meeting called at three days notice and attended by at least 50% of the directors.
It can be incorporated within 24 hours of the receipt of instructions, if necessary. Actual incorporation documents are available from the Companies Registry within a few days thereafter.
Its name may end with any of the following words, or their abbreviations: Corporation, Incorporated, Limited, Societe Anonyme, or Sociedad Anonima (Corp., Inc., Ltd., S.A.).
RESTRICTIONS ON TRADING
Cannot trade within British Virgin Islands or own real estate there. Cannot undertake the business of banking, trust company, insurance, mutual fund and related businesses, assurance or reinsurance. However, the legislation does allow an IBC to carry on the following activities within British Virgin Islands:
- make or maintain deposits with local banks in British Virgin Islands;
- make or maintain professional contact with persons in British Virgin Islands;
- prepare or maintain books and records within British Virgin Islands;
- hold meetings of its directors or members within British Virgin Islands;
- hold lease of property for use as an office in British Virgin Islands;
- own a vessel(s) registered in British Virgin Islands;
- hold shares in another British Virgin Islands IBC.