What Advantages Are There to a Multinational Company Being Incorporated in the BVI?
The British Virgin Islands (BVI) is a self-governing territory with approximately 60 islands in the Caribbean that attracts multinational businesses due to its thriving economy and is regarded as one of the world’s top financial jurisdictions.
The region’s strong points, on which international companies can capitalize, are as follows:
- Simple and hassle-free company formation
- Flexible organizational structure
- Non-compulsory accounting and auditing
- US dollar acts as the legal currency in the region and can secure a corporate open bank account service.
- It does not collect income, corporate, capital gains, or wealth taxes.
Hong Kong, like the BVI, has an elite and stable business foundation that attracts international entrepreneurs and investors, making it one of Asia’s most popular business hubs. Hong Kong provides businesses with:
- A Strategic Location — This is the most appealing factor for entrepreneurs looking to establish a business in the region. It provides them with convenient access to various exchange points, particularly in Mainland China.
- 2-Tier Tax Regime — Hong Kong has one of the lowest tax rates: 8.25 percent on the first HK$2 million in profits and 16.5 percent on the remainder. There is no withholding tax, capital gains tax, business charges, or import tax in the region.
- Quick Company Formation — The region has direct and simple enrollment and joining procedures for new businesses. In most cases, the incorporation process takes 3 to 5 working days.
- Easy Bank Account Opening — Virtual banking is now used by the majority of Hong Kong banks, making it easier for foreign entrepreneurs to open business accounts service abroad. Bank accounts in Hong Kong accept multiple currencies and provide secure online banking for simple transactions.
The region assists startups and growing SMEs in growing their businesses in Asia’s World City.
Startups and expanding SMEs find Hong Kong to be a valuable asset in helping their businesses grow, and the region continues to support them as they thrive in Asia’s World City.