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.
As annual British Virgin Islands ("BVI") Registry fees are now payable for those BVI companies that were incorporated or registered in the first half of the year, 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 2020 government registration fees, an appointed voluntary liquidator will be required to file the final notice for a company on or before 29 May 2020. To meet this deadline, we recommend that the voluntary liquidation commence prior to 15 April 2020.
Consideration should be given to the requirements of Section 19(2) of the BVI Business Companies Regulations (2013 Revision) (as amended) when determining who will be appointed as voluntary liquidator of a BVI company. 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.