BVI Company Dissolution
If you no longer require your company and wish to have it struck off the register we can assist with a BVI Company Dissolution.
We can have the company struck off the register through a voluntary liquidation in accordance with the BVI Companies Act.
Why have your company Dissolved
Having your company dissolved in accordance with the BVI Companies Act through liquidation rather than struck off by the registry has the following advantages:
- liquidation will allow the company to be wound up correctly with all of the property and liabilities of a company recognised
- liquidation will allow a voluntary liquidator to commence and defend legal proceedings in the company’s name and to deal with the company’s assets
- dissolution ensures that all of the assets of the company are distributed correctly
- liquidation will provide a speedier solution, as the company will be dissolved immediately upon completion of the liquidation process.
BVI Company Liquidation
Liquidation under the BVI Companies Act is a voluntary process requiring a resolution of members or, in certain circumstances, a resolution of directors.
A company may only be liquidated under the 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.
The process takes around 8 weeks for completion.
Penalties will accrue if the company has not paid the necessary renewal fees such as agent fees and government fees and will be administratively struck off by the Registrar for non-compliance/payment.
A struck-off company remains liable to any due and unpaid fees; it also remains liable to all obligations and debts.
Administrative strike off lasts for 7 years before a company is officially dissolved.
- We write a Declaration of Solvency stating that the company will continue to discharge and pay for its debts. This declaration can be accompanied by a recent bank statement.
- 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 and signed by the directors and the shareholders.
- The notice of dissolution is then advertised in the Official Gazette newspaper in the BVI
- Once all forms are completed we file the documents with the BVI registry to have the company dissolved.
- Once the dissolution is approved, we will forward the confirmation from the register.