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Important Information

OFFSHORE: British Virgin Islands (BVI)

  • All procedures, requirements, timelines and costs are valid at the time of going to print, and may become subject to change without notice.
  • Timelines correlate to working days not calendar days.
  • Applications are submitted for processing and indicated timelines commence upon realization of payment.
  • The CREATIVE ZONE package (Support Services and company registration) is valid for one year starting from the commencement date on the Company Incorporation docs and both must be renewed annually.
  • Any payments received by CREATIVE ZONE towards any product or service are non-refundable unless agreed otherwise. This condition is valid even if the payment received isn’t for the full amount of the service or product subscribed for and/or the customer has yet to provide CREATIVE ZONE with all the correct documentary requirements for said product or service and/or their application is rejected by the licensing authority for any reason.
  • The cut-off time for documents to be submitted/received, and payments to be received/realized is 1pm, anything received after this time will be considered towards the following working day.
  • Business Center services are provided by the Business Center under their Department of Economic Development (DED) License. These services aren’t provided directly by CREATIVE ZONE.
  • With regard to your dedicated phone number with the Business Centre, please note that a call forwarding charge is applicable e.g. when they receive a call on your dedicated phone number and forward the call to your mobile.
  • Printing and photocopying at the Business Centre is also chargeable.
  • Furthermore should you wish to use the ‘honesty bar’ at the Business Centre you will need to lodge a credit card with them as security, and settle your bill daily. Please note only hot beverages are complimentary i.e. tea and coffee everything else is chargeable.
  • With regard to meeting rooms hours and days at the internet cafe, no partial bookings are accepted, i.e. a half hour meeting room booking will be viewed as 1 hour, and similarly if you use the internet cafe for 2 hours it will be viewed as 1 day. Furthermore if for example 2 of you are using the internet cafe on the same day and occupying 2 desks, that will count as 2 days usage. Furthermore desk space cannot be shared, you can only have 1 person occupying 1 desk. If you would like additional meeting room hours and/or internet cafe days you may approach the Business Centre and pay them the applicable rates directly. Also please note that desk usage at the internet cafe is on a first come first serve basis, and meeting rooms need to be booked in advance and are subject to availability. Unused meeting room hours or internet cafe days cannot be rolled over to the following month.
  • Any regular mail received will be kept for 60 calendar days and will be discarded thereafter if not collected. Any parcels received will carry a handling fee of AED 100 per item in addition to any applicable customs fees; parcels will be discarded after 21 calendar days if not collected.
  • All Company Incorporation Documentation are issued by the BVI Financial Services Commission in the British Virgin Islands and the company is governed by the BVI Business Companies Act of 2004
  • For a BVI company to be the beneficial owner of a UAE based company or to open an account with a UAE bank, the BVI company documents are required to be Apostilled in the BVI and attested at a corresponding consulate/embassy as well as at the UAE Embassy and Ministry of Foreign Affairs.
  • The registered address for your new company will be as per what appears on your Memorandum and Articles.
  • Please note that you will not be able to secure an independent physical PO Box in Dubai with Empost for your company.
  • The following words or phrases aren’t permitted in the company name; “Trust”, “Insurance”, “Chamber of Commerce”, “Trustee Company”, “Assurance”, “Chartered”, “Bank”, “Building Society”, “Cooperative”, “Imperial”, “Municipal”, “Royal”, “Foundation”, furthermore any words or phrases conveying similar meanings cannot be used either. Please also note that names of countries or cities are also not permitted in the company name.
  • The suffix for all companies will be “Limited”
  • For companies looking to issue more than 50,000 shares, the shareholders will need to sign a declaration from the Registrar and additional information will be required. An additional surcharge of AED 6,000 (USD 1,665) will be applicable each year.
  • Some banks in the UAE won’t open a bank account for your BVI Company if less than the default 50,000 shares have been issued.
  • With regard to the introduction to the bank representative by CREATIVE ZONE, this is an introductory service only and CREATIVE ZONE aren’t involved in the process beyond the introduction. After the introduction it is for the client to liaise with the bank representative directly and satisfy the requirements of the bank in order to successfully have their account opened
  • In order to keep your company bank account active, you will need to visit your bank annually with your original Certificate of Good standing which will indicate you have renewed your license and present it to the bank for sighting, this must be carried out on or before the expiry date of your current License
  • No cheque books will be issued by UAE Banks for BVI Company accounts
  • Hand-written passports are not accepted; all passport copies submitted should be electronic/typed passports.
  • Passports bearing only your first name and no surname won’t be accepted.
  • When selecting a business activity, specific information will be required detailing the exact nature and activity of the business and the countries where you will be conducting said business, i.e. if the business activity will be trading related you will need to provide information on the items you are looking to trade along with the countries in which you will be trading.
  • The client can only carry out the business activities listed in their Memorandum and Articles and cannot carry out or invoice for any of the following business activities in any jurisdiction under their BVI Offshore Company: Insurance, Banking, Financing, Funding, Private Equity, Financial Services, Arms and Ammunitions Trading, Intellectual Property Services, Security Services, Gambling, Casino, Tobacco and Liquor Trading.
  • The client also certifies that they understand and are compliant with the Anti Money Laundering standards setout by the BVI Authorities and understand that failure to comply with said standards will result in the client being reported to the relevant authorities and be liable for prosecution, the same will apply should the client use the company to carry out any illegal or terrorist related activities.
  • All information provided to CREATIVE ZONE by the client must be authentic and accurate, and the client accepts that should any information or documents submitted found not to be authentic or accurate that they will be reported to the relevant authorities and be liable for prosecution.