Wind Down or Pay Up

The annual licence fee for BVI companies incorporated between 1 July and 31 December is due by 30 November.  If such a company has become surplus to requirements and a wind-down is contemplated or in progress, please notify us as soon as possible and we will assess whether the company could be liquidated and dissolved prior to the deadline to avoid having to pay the annual licence fee unnecessarily. 

Non-payment of the annual licence fees will result in a 10% penalty fee if the payment is up to two months late and 50% late penalty fee if the payment remains unpaid for the next three months.  Five months after the due date, the company will be struck off the Register of Companies. 

Using an independent voluntary liquidator brings closure in a quick and cost efficient manner 

A voluntary liquidation delivers a mechanism for your company to demonstrate a responsible approach to identifying and discharging the company’s liabilities.  This raises the question of whether a voluntary liquidation is appropriate and who is best equipped to conduct such a voluntary liquidation.

In 2012 the BVI Business Companies Act was amended to require the appointment of an independent voluntary liquidator and not a director or officer of the company.  Currently the liquidator must be resident in the Virgin Islands and meet professional eligibility criteria.  These amendments reflect the BVI’s commitment to lead in areas of corporate governance.

Belmont Group offers liquidation services.  Clients benefit from our industry knowledge in delivering a cost-effective and efficient service and directors obtain a full and final discharge on current and future liabilities.