This publication has been prepared for the assistance of those who are considering the formation of a company in an offshore jurisdiction for the conduct of business outside such jurisdiction, such as a business company (“BC”) in the British Virgin Islands established under the BVI Business Companies Act (the “BVI Act”), or an exempted company in the Cayman Islands (“Cayman”) established under the Companies Act of the Cayman Islands (the “Cayman Act”).
This publication does not deal with all types of companies that may be formed in either of the above jurisdictions, or with the laws and regulations which may be applicable to certain business activities. It deals principally with the more common corporate forms and activities. Certain procedures are summarised but they may require a number of intermediate steps. For the sake of convenience, certain abbreviations are used, such as referring to “governmental approvals”, without specifying the particular body or its function.
This publication deals in broad terms with the requirements of each jurisdiction for the establishment and operation of a company. It is not intended to be exhaustive, but merely to provide brief details and information which we hope will be of use to our clients. We recommend that our clients seek legal advice in relation to each jurisdiction on their specific proposals before taking steps to implement them.
Before proceeding with the incorporation of a company in any of the jurisdictions, persons are advised to consult their tax, legal and other professional advisors in their respective jurisdiction.
For current listings of the government fees for each jurisdiction, please contact Conyers.