Starting a business in the British Virgin Islands generally involves two separate steps: establishing the legal business entity and obtaining the Trade Licence required to operate.
1. Choose your business structure
For many businesses, this means forming a BVI Business Company. The BVI also has other structures, including limited partnerships. The BVI Financial Services Commission notes that a BVI Business Company can generally carry on business activities and must maintain a registered office and registered agent in the Territory.
2. Engage a registered agent
If you’re forming a BVI Business Company, a licensed registered agent must be engaged. The agent assists with:
- Reserving the company name
- Vetting proposed beneficial owners
- Preparing the Memorandum and Articles of Association
- Selecting directors and officers
- Preparing required filings
- Paying government incorporation fees
- Identifying any licences or permits required for the proposed activity
The FSC maintains the Registry of Corporate Affairs and provides access to company-registration services through its online VIRRGIN system.
3. Obtain your Trade Licence
Registering the company does not by itself mean you can begin operating. Anyone intending to operate a business in the BVI generally needs a Trade Licence.
For a company applying for a first-time Trade Licence, the Government currently lists requirements including:
- Cover letter describing the company’s operations
- Certificate of Incorporation
- Memorandum & Articles of Association
- Share certificates
- Register of Members
- Register of Directors
- Details of shareholders and directors
- Source of financing
- Expected number of employees
4. Check whether your business needs additional approvals
Certain businesses require additional inspections, permits or regulatory approvals.
For example, restaurants and food-handling businesses may require Environmental Health inspection before a licence is issued. If the business involves a significant change to the use of a building, Planning permission may also be required.
5. If you’re a non-Belonger
There are additional requirements for individuals who are not BVI Islanders/Belongers. The Government’s current Trade Licence guidance lists items such as personal and business references, financial information, police clearance, passport identification, qualifications and a cover letter explaining the proposed business.
6. Keep the business compliant
Once established, businesses need to maintain their corporate records and comply with applicable licensing, tax, employment and regulatory requirements. BVI companies also have obligations concerning beneficial ownership information and company records.
📍 Where to get help
Department of Trade, Investment Promotion and Consumer Affairs
Sebastian’s Building, Road Town, Tortola
Tel: 284-468-2008
Email: bvitrade@gov.vg
BVI Financial Services Commission — Registry of Corporate Affairs
18 Pasea Estate Road, Road Town, Tortola
Tel: 284-494-1324 / 284-494-4190
Important: Requirements and fees can change depending on the type of business, ownership structure and whether the business is regulated. The Government’s current online Trade Licence guidance should be checked before submitting an application.