BVI companies can be the victim of serious fraud and (offshore) bank failure. Also, offshore companies can be utilized by fraudsters to shield their illicit behavior and hide their ill-gotten gains. Legal Floris LLC is specialized in asset tracing, collection and recovery for victims of (offshore) bank failure and investment fraud, theft and embezzlement. Therefore, we advise victims of fraud in complex international recovery procedures.

The opening and maintenance of a bank account for offshore companies can be a daunting task. Banks are seen as gatekeepers and can be heavily penalized for regulatory violations and breaches of global standards that aim to protect the financial system. Our vast experience in offshore jurisdictions allows us to satisfy the requirements banks have these days to open and keep a bank account active.

Tax liability is derived from the center of activities. Offshore companies often use the country of incorporation as their business base. The result is that, even when a beneficial owner is located elsewhere, corporate tax residency can be offshore. The BVI allow for such a position whilst granting the company resident status with all associated advantages. Corporate and personal tax residency are distinct and must be handled accordingly.

Traditional holding companies do not trade, but passively hold shares in subsidiaries. Holding companies receive compensation for management and share holding duties. As such, the scope and nature of these limited activities allow lawmakers to designate special standards. Risk mitigation involves the choice for a suitable company name and a detailed description of activities to avoid being considered a financial holding company.

Company formation and the subsequent incorporation is more than just the completion of paperwork to submit to the corporate registry. Standard memoranda and articles of association not always justify business activities and financial transactions outside the scope of the defined pursuit. As a result, financial institutions and tax authorities not always accept the reasoning of the owner, which clarifies the significance of tailor made and personal advice when incorporating offshore.

Nominee services for BVI companies aim to enhance substance and presence outside the country of residence of the beneficial owner. A civil agreement between the nominee and the beneficiary protects the rights of both parties whilst the exclusive duties are defined by the beneficiary. Furthermore, a nominee provides another layer of confidentiality to the company. As part of our services package we can offer BVI companies with nominee services.