The BVI Business Companies Act (Amendment of Schedule 1) (No. 3)
Order, 2016 was passed on 20 December 2016 and sets out new fees to
be charged to BVI Business Companies by the Registry of Corporate
Affairs in the BVI. The new fees will come into force in the coming
months although the exact timetable is subject to change –
currently it is envisaged that changes may not come into force
until 2018. Key changes are summarised below.
The incorporation fee for a standard company authorised to issue
up to 50,000 shares will increase to $450 (from US$ 350) and, for a
standard company authorised to issue more than 50,000 shares, to
$1,200 (from US$1,100). There will no longer be a separate fee for
a new company to register its initial Register of Directors (the
current fee is US$50).
The annual fee payable to maintain a standard company authorised
to issue up to 50,000 shares increases to $450 (from US$350) and,
for a standard company authorised to issued more than 50,000
shares, to $1,200 (from US$1,100).
General filing fees
Other Registry fees will also increase by varying amounts, for
Filing fees for a notice of amendment
or restatement of memorandum and articles of association will
double (from US$25 to US$50 if filed within 30 days)
Filing fees for an application to
change a name will double (from US$25 to US$50)
Filing fees for a registration of
charge will increase from US$100 to US$200
For the continuation into the BVI as
a standard company authorised to issue no more than 50,000 shares,
the fee will increase from US$ 500 to US$1,000 and for the
continuation into the BVI as a standard company authorised to issue
more than 50,000 shares, the fee will increase from US1,100 to
For the registration of a notice of
continuation out of the BVI, the fee will increase to US$1,100 from
For the restoration of the name of a
company to the Register if the application for restoration is made
six months or less after the date that the name of the company was
struck from the Register, the fee will increase from US$375 to
US$500, and if the application for restoration is made more than
six months after the date that the name of the company was struck
from the Register, the fee will increase from US$775 to
There are no changes to the percentages according to which
penalties for late payment of annual fees are calculated. If annual
fees are paid within two months after the due date, the percentage
is 10%, and if paid on or after the date falling two months after
the due date, the percentage is 50%. However, due to the increased
base fees, the monetary value of late payment penalties will be
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.
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