Closing a BVI Company – BVI Company Dissolution
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.
We can arrange to have the company struck off the register through a Voluntary Liquidation in accordance with the BVI Companies Act.
We strongly recommend that a company be formally liquidated rather than struck off.
Any property not disposed of prior to a company’s dissolution is deemed to be owned by the BVI Government, so it is important to dispose of any property that is held by the company prior starting the formal dissolution process.
The proper procedure for discontinuation of an International Business Company is a voluntary winding-up. It is a fairly straightforward process, which involves preparing and filing a declaration of solvency, producing a statement of assets and liabilities, appointing an administrator, publishing announcements the local media, preparing and filing several resolutions and documents with the Registry.
Our liquidation service includes:
- appointing liquidator
- providing all liquidation documents
- making statutory filings
- publishing statutory adverts
- obtaining the certificate of dissolution
After a voluntary winding-up is completed, there is no more recourse for any creditors against the IBC, neither there is any deferred or potential liability for the directors, shareholders and owners of the IBC.
BVI Company Dissolution fees
- Company Search: £68
- Our Service fee: £600
- BVI Registry discontinue fee: US$250
- BVI Agent / Liquidator: – from £2500
- Economic Substance filing: (mandatory): £450
charge $470 of standard disbursements to make the filings on VIRRGIN and publish statutory adverts in the BVI.
Having your BVI company Dissolved
Having your company dissolved in accordance with the BVI Companies Act through liquidation, rather than struck off by the Companies Registry, has the following important advantages:
- Maintains the company’s directors and shareholders reputation for future business ventures
- Is a straightforward process which can be finalised within 8 – 12 weeks.
- It ensures that a company officially ceases to exist upon completion.
- The statutory duties and liabilities of the directors and shareholders come to an end.
British Virgin Islands Company Liquidation
Liquidation under the BVI Companies Act is a voluntary process requiring a resolution of the shareholders or a resolution of directors.
A company may only be liquidated under the Companies Act if it has no liabilities or, where it does have liabilities, it is able to satisfy them in full as they become due for payment and the value of its assets equals or exceeds its liabilities.
BVI Dissolution Process
- We draft a Declaration of Solvency stating that the company will continue to discharge and settle its debts
- We design a liquidation plan for your BVI company dissolution, this plan includes the reasons for the dissolution and the required period to liquidate your company
- We draft the Resolution of Directors and the Resolution of Shareholders
- The Notice of Dissolution is advertised in the Official Gazette newspaper in the BVI,
- All forms are completed, we file the documents with the BVI Financial Services Commission and have the company dissolved
- Once dissolution approved, we forward the confirmation from the Registrar
Link to upload Due-Diligence Link to upload Company Documents