RM offers I.B.C. incorporation services and ongoing company management in the British Virgin Islands. We provide readymade shelf companies as well as a "Name of your choice" service. Ongoing Registration agency and registered office services are provided for as well as legal advice and support services.

The British Virgin Islands are situated in a sub-tropical climate just 60 miles east of Puerto Rico and adjacent to the US Virgin Islands. Road Town on the main island of Tortola is the Capital. The B.V.I. are a dependent territory of Britain. The Islands' Governor is appointed in London and presides over the Executive Council which consists of an elected chief minister, his attorney general and three other ministers. The islands are largely self governing with a 12 member legislative council.

With 17,000 inhabitants the islands run boasts two thriving economies, tourism and offshore Investment. Major world banks and state of the art communications make the B.V.I. an ideal offshore financial center.

INTERNATIONAL BUSINESS COMPANIES

Since their creation in 1984 there are in excess of 150,000 International Business Companies currently registered in the islands, 33,000 were registered in 1994, making it one of the fastest growing offshore investment centers in the world.

Through our sister company Mossack Fonseca & Co (UK) Limited RM provide a professional IBC Company Formation and administration service and have a stock of ready made Companies at our London office. IBC Companies offer a host of benefits to the offshore investor looking for a safe and cost effective haven for funds and assets. Some of the I.B.C benefits are:

TAXATION

IBC's are exempt from all local tax and stamp duty.

ASSET PROTECTION

Maximum security of assets includes the ability to transfer domicile.

CONFIDENTIALITY

There is no requirement for an IBC to file accounting or director information with the Registrar of Companies.

FLEXIBILITY

IBC's can re-acquire and re-issue shares for a consideration other than cash denominated in any currency.

APPLICATIONS

Applications include; investment, property holding, financial management, general trading and copyrighting or licensing.

Requirements for IBC Companies

One Director and one Shareholder - each of whom may be an individual or Corporate body.

Formation

Only one subscriber (which is the Registered Agent) may incorporate the IBC. Memorandum and Articles of Association are standard.

Shelf Companies

We have a number of already existing companies for sale. These companies have never traded or engaged in any transaction whatsoever.

Name

The use of the following words is restricted: "Assurance," "Bank", "Building Society", "Chamber of Commerce", "Chartered", "Cooperative", "Imperial", "Municipal", "Royal", or any word conveying a similar meaning. Endings such as "Limited", "Corporation", "Incorporated", "Societe Anonyme", or"Sociedad An¢nima" or its abbreviations may be used.

Objects

Ultra vires doctrine is applicable.

Shareholders

There are no limitations as to number, nationality or residency. We can if required supply nominee shareholders.

Shares

Bearer, nominative, par or no par value shares, as desired.

Capital

No minimum or maximum authorised share capital. Our standard share capital amounts to US$50,000.00.

Directors/Officers

There are no requirements in respect of nationality. It could be one or more. Companies may be directors. We can assist you with the provision of two nominee companies to serve as directors upon our receiving acceptable references from the relevant parties. We would like to point out that our nominee directors cannot act as authorised signatories in bank accounts.

Directors' Meetings

Director's meetings may be held in any part of the world.

Shareholders' Meetings

Shareholder's meetings may be held in any part of the world. The quorum will depend on what is set forth in the Articles of Association.

Resolutions

No special formalities need to be followed.

Company Seal

The Company Seal is mandatory. An imprint of the seal must be sent to the Registered Office.

Accounting

There is no need to file annual accounts or tax returns.

Auditing

Not applicable.

Registered Agent/Registered Office

The registered agent must be a trust company registered in the British Virgin Islands. Registered Office should be in the British Virgin Islands.

Taxation

Full exemption from taxation.

Note: I B C Companies may not:- 1. Carry on business with residents of the BVI, but are permitted to maintain contact with professional firms 2. Own Property in the BVI apart from a business office where records are kept.

Whilst every precaution has been taken to check the accuracy of the information contained in this page, no responsibility can be taken for any inaccuracies contained herein. Please also note that we are not tax advisors. Professional tax advice should always be taken if in doubt.

Copyright © The Raymond Morris Group Limited. 1997. All rights reserved.