The fees charged to BVI Business Companies by the Registry of Corporate Affairs are to increase following the first substantive review since the BVI Business Companies Act came into force in 2005. Through secondary legislation passed by the Cabinet and published in late 2016, the new fees will come into force on 1 January 2018. On 29 March 2017, the BVI Government confirmed that these changes, previously proposed for 1 July 2017, would take effect from 1 January 2018.
The most notable changes are as follows:
- The incorporation fee for a standard company authorised to issue up to 50,000 shares increases from $350 to $450 and, for a company authorised to issue more than 50,000 shares, to $1,200
- The existing $50 fee payable by a new company to register its initial Register of Directors is scrapped and absorbed into the new incorporation fee
- The annual fee payable to maintain a standard company authorised to issue up to 50,000 shares increases to $450 and, for a company authorised to issued more than 50,000 shares, to $1,200
- As a percentage, the penalties for late payment of annual fees remain unchanged (at 10% for up to 2 months late and 50% for between 2 and 5 months late) but will obviously increase in absolute terms in line with the increases in annual fees
- Most other filing fees and fees for issue of certificates by the Registry have been increased, and some new fees introduced (for example, for filing a scheme of arrangement)
The full text of the updated Fee Schedule is available here. As soon as further announcements are made by Government or the Registry we will update this page.
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.