{"id":10580,"date":"2024-11-01T00:00:54","date_gmt":"2024-11-01T00:00:54","guid":{"rendered":"https:\/\/systemday.wpengine.com\/?page_id=10580"},"modified":"2024-11-22T13:06:05","modified_gmt":"2024-11-22T13:06:05","slug":"bvi-company-dissolution","status":"publish","type":"page","link":"https:\/\/www.shane-english.com\/bvi-company-dissolution\/","title":{"rendered":"BVI Company Dissolution"},"content":{"rendered":"

\"BVI<\/p>\n

Closing a BVI Company – BVI Company Dissolution<\/h1>\n

If you no longer require your British Virgin Islands company and wish to have it struck off the register, we can assist with the Company Dissolution.<\/p>\n

There are 2 options to dissolve your BVI company:<\/p>\n

Cease to Operate Filing<\/b><\/h2>\n

is for the closure of an inactive BVI company and can be arranged for a company that is non- trading, has no creditors and is free from all assets and liabilities. It involves applying to the Registrar to strike the company off on the grounds that the company is not conducting business. Once approved, the Registrar will issue a Strike-Off notice and after a minimum period of 90 days, the company will be struck off and dissolved. This process is quicker than a formal liquidation, and a lot less expensive, as there is no requirement to appoint a BVI liquidator, however it is important to note that the Registrar will not issue an official Certificate of Dissolution. If there are any unresolved matters, a creditor, director, or shareholder can apply to the court to restore the company within 5 years of dissolution.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
Cease to Operate fees<\/strong><\/th>\n<\/th>\n<\/tr>\n
BVI Cease to Operate<\/td>\n\u00a31200<\/td>\n<\/tr>\n
Final Economic Substance filing<\/td>\n\u00a3480<\/td>\n<\/tr>\n
Financial Return & filing fee<\/td>\n\u00a3280<\/td>\n<\/tr>\n
Due Diligence \u2013 per Director and Shareholder<\/td>\n\u00a3100<\/td>\n<\/tr>\n
BVI Registry & Agent fee<\/td>\n\u00a3400<\/td>\n<\/tr>\n
Drafting Directors Resolution & Affidavit<\/td>\n\u00a3180<\/td>\n<\/tr>\n
Compliance & Administration fee<\/td>\n\u00a3200<\/td>\n<\/tr>\n
Company Search<\/td>\n\u00a380<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Members Voluntary Liquidation<\/b><\/h2>\n

is an official procedure which ensures that, once finalised, the company will not become liable to pay any further annual fees or penalties, and the directors and shareholders will cease to have any further liability in respect of the company. A company can be liquidated under the Act if (i) it has no liabilities or (ii) it is able to pay its debts as they fall due, and the value of its assets equals or exceeds its liabilities.<\/p>\n

The process takes 3 months for completion. A qualified, BVI resident liquidator must be appointed, and a declaration of solvency, liquidation plan and appointment of liquidator filed at the Registry. A Notice of Dissolution is advertised in the Official Gazette newspaper in the BVI, and in one other national newspaper where the company traded or held assets.\u00a0 A voluntary liquidation is the safest, most formal way to close a BVI company, as it provides finality for the company and its directors\/members. The Registrar will issue a Certificate of Dissolution upon completion.<\/p>\n

A BVI company must be up to date and in good standing prior to filing a Cease to Operate<\/strong> or commencing with a Members Voluntary Liquidation<\/strong>. If there are overdue renewal fees and penalties, they must be paid in full. The Register of Directors, Economic Substance and Financial Annual Return filings must be up to date, and a final compliance review conducted for closure of the company file.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
BVI Members Voluntary Liquidation fees<\/strong><\/th>\n<\/th>\n<\/tr>\n
BVI Members Voluntary Liquidation<\/td>\n\u00a31000<\/td>\n<\/tr>\n
BVI Registrar’s Discontinuation fee<\/td>\n\u00a3300<\/td>\n<\/tr>\n
BVI Resident Liquidator fee<\/td>\n\u00a31800<\/td>\n<\/tr>\n
BVI Registered Agent<\/td>\n\u00a3600<\/td>\n<\/tr>\n
Due Diligence \u2013 per Director and Shareholder<\/td>\n\u00a3100<\/td>\n<\/tr>\n
Corporate Documents & Affidavit<\/td>\n\u00a3560<\/td>\n<\/tr>\n
Compliance & Administration<\/td>\n\u00a3200<\/td>\n<\/tr>\n
Final Economic Substance filing<\/td>\n\u00a3480<\/td>\n<\/tr>\n
Filings on VIRRGIN and statutory adverts in the BVI<\/td>\n\u00a3500<\/td>\n<\/tr>\n
Financial Annual Return filing<\/td>\n\u00a3280<\/td>\n<\/tr>\n
Company Search x 2<\/td>\n\u00a3160<\/td>\n<\/tr>\n
Certified Certificate of Dissolution by courier<\/td>\n\u00a3260<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Corporate Documents for Liquidation<\/h2>\n
    \n
  • \n
      \n
    • Directors Declaration of Business Activities<\/li>\n
    • Declaration of Solvency<\/li>\n
    • Plan of Liquidation<\/li>\n
    • Resolution of Members<\/li>\n
    • Resolution of Directors<\/li>\n
    • Indemnity Letter<\/li>\n
    • Appointment of Liquidator<\/li>\n
    • Consent to Act<\/li>\n
    • Statement of Assets and Liabilities<\/li>\n
    • Notarised confirmation letter of non-trading in lieu of foreign newspaper.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

      Having your BVI company Dissolved<\/h2>\n

      Initially we will undertake a Company Search, this will enable us to provide you with an accurate quote for the subsequent closure<\/p>\n

      Having your company dissolved in accordance with the BVI Companies Act rather than Struck-Off by the Companies Registry, has the following advantages:<\/p>\n

        \n
      • Maintains the company\u2019s directors and shareholders reputation for future business ventures<\/li>\n
      • It ensures that a company officially ceases to exist upon completion.<\/li>\n
      • The\u00a0statutory duties and liabilities of the directors and shareholders come to an end.<\/li>\n<\/ul>\n