Main Characteristics of a BVI Trust
October 12, 2022
The BVI government has approved important amendments to the BVI Business Companies Act 2004 that will come into force on January 1, 2023.
The most relevant areas covered by these amendments are the following:
Struck off and Dissolution
Under the current legislation, companies have a seven (7) year struck-off period before being automatically dissolved for non-payment of their annual fees. The new legislation abolishes the seven (7) year struck-off period and introduces a new process for stricken-off companies to be automatically dissolved for non-payment of their license fees.
Companies that are struck-off at the effective date of this amendment (existing struck-off companies) will have six (6) months from the Act’s effective date to be restored with the Registry. Companies that are struck off/dissolved after the six (6) month period may be restored by making an application to a BVI Court.
Struck-off or dissolved companies with underlying assets should take immediate action to bring them back to good standing.
Register of Directors
The BVI Registrar of Companies may make available upon request the name of the directors of a company, according to the register of directors filed at the Registry.
Financial Information and Annual Returns
Companies will have to provide the Registered Agent with certain financial information in a prescribed form once a year. The form must be provided to the Registered Agent up to nine (9) months after the end of the company’s fiscal or financial year. This form has not been released yet. As soon as it becomes available, we shall share it with you.
This information will be kept by the Registered Agent only, and it will not be filed with the regulator or any BVI authority. However, the Registered Agent shall inform the regulator if the company does not provide the information in due time.
Voluntary Liquidator
To voluntarily dissolve a company, the liquidator must be a BVI resident who has been physically living in the BVI for not less than 180 days and has liquidation experience and professional competence to liquidate the specific company concerned.
If you have any questions regarding this information, please contact the lawyer of our firm who usually handles your requests or email us at: bd@icazalaw.com.
