British Virgin Islands (BVI) Company Formation

iBVI Company Formation Overview

Estimated Timeframe (Incorporation)

Approximately 7 business days after all documents are obtained.

Formation Requirements

• At least 1 shareholder and 1 director are required; one person may serve as both.
• No nationality restriction on shareholders or directors at formation.
• Depending on the industry, formation may be restricted or require a license, so prior confirmation is necessary.
• For a non-profit company, the capital contributor (equivalent to a shareholder) is called a "member"; the requirements are the same.

$Formation & Renewal Costs

Item	Cost
Formation cost capital up to USD 50,000 Same for profit / non-profit	USD 3,000
Annual renewal (per year)	USD 2,500

Included in Formation Cost

1. Company registration
2. Articles of association and incorporation documents
3. Government registration fees
4. Registered agent service
5. Certificate of Incorporation
6. Director appointment & acceptance letters
7. Register of members and directors
8. BVI local registered agent (1 year)
9. Local registered office address (1 year)

Additional Costs

Notarized copy of registration documents	USD 575
Certificate of Incumbency	USD 400
Accounting/financial records keeping address registration & management (1 year)	USD 300

Service Options

Foreign Director Service 1 person / year

USD 5,000

★VASP License (Virtual Asset Service Provider)

License Costs

Item	Cost
FSC agency fee BVI Financial Services Commission	USD 10,000
VASP license — total service fee	USD 45,000

Estimated Timeline

Document preparation (by agent)	Min 1 week – Max 2 months
Review until issuance	Min 2 weeks – Max 4 months

Regulatory Overview & VASP Definition

A VASP refers to a person who, as a business and on behalf of others, provides any of the following virtual asset services:

• Exchange between virtual assets and fiat currencies
• Exchange between one or more forms of virtual assets
• Transfer of virtual assets on behalf of others
• Custody and administration of virtual assets
• Provision of financial services related to an issuer's offer and/or sale of virtual assets

→Procedure

1. Submit the required documents of the registering shareholder(s)/director(s)
2. Pay the formation cost
3. Confirm and finalize the company name availability
4. Sign the formation documents we prepare and send them by international mail
5. We proceed with the incorporation upon receipt of documents
6. Incorporation completed within 7–10 days after receiving the documents

* If you wish to open a bank account after formation, please inquire in advance.

🏦Bank Account Opening

Account opening arrangement & advisory fee: USD 2,000 (USD 500 discount when processed together with formation).

VP Bank (BVI)

Requirements: initial deposit USD 100,000 + purchase of financial products.

Bank of Asia (BVI)

Requirements: initial deposit USD 25,000 + source-of-wealth evidence for shareholders/members (bank balance certificate, statements, stock portfolio or real-estate asset statement, etc.).

📋Requirements & Documents for Formation

1. Passport copy of the shareholder(s)/director(s)
2. Certification of the passport copy (issued within the last 3 months)
   - Korean passport: certified English passport copy (issued by district office) / Other passports: Certified True Copy or Notarial Certificate
3. Two types of recent (within 3 months) English address proof per shareholder/director (addresses must match)
   - Korea resident: English resident registration + driver's license (front/back) / Overseas: Utility Bill + Bank Statement
4. Professional reference letter (confirming a client relationship of 2+ years from an accountant/lawyer, etc.)
5. Bank statement for the last 3 months (in English or English translation)
6. English résumé (CV/RESUME)
7. Completed incorporation application form