If your British Virgin Islands ("BVI") company was incorporated in the second half of any given year, then the 2022 annual BVI Registry fees will be payable by 29 November 2021. Accordingly, it is time to start planning the liquidation of those entities that have reached the end of their life cycle to ensure that unnecessary Registry fees are not incurred.
To prevent the expense of annual 2022 government registration fees, an appointed voluntary liquidator will be required to file the final notice for a company on or before 29 November 2021. To meet this deadline, we recommend that the voluntary liquidation commence prior to 15 October 2021.
When determining who will be appointed as voluntary liquidator of a BVI company, consideration should be given to the requirements of Section 19(2) of the BVI Business Companies Regulations (2013 Revision) (as amended). This section disqualifies certain individuals from acting as voluntary liquidator, including individuals that in the past two years have either been a director of the company (or an affiliated company) or that have acted in a senior management position in relation to the company.
Leveraging our legal and specialised fiduciary and fund services teams, the Maples Group provides clients with a comprehensive range of restructuring and liquidation services including a team comprised of dedicated individuals with extensive experience that can act as voluntary liquidators to BVI companies.
For a straightforward, no assets voluntary liquidation of a BVI company, we can generally complete the process within six to eight weeks.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.