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2017.05.18 - BVI – increased registry fees for the annual maintenance of companies and other corporate services

 

The British Virgin Islands has adopted BVI Business Companies Act (Amendment of Schedule 1) (3) Order 2016 – according to this rule, from 1st July, 2017 the amount of some statutory fees, including the fees for registration and annual renewal of companies in BVI, will be increased. After that, by adopting of the BVI Business Companies Act (Amendment of Schedules) Order 2017 on 28th March 2017, the date of the introduction of the new fees was postponed to 1st January 2018.

The aforesaid legislative acts adjust the amount of the registry fees currently set in accordance with Section 249 of BVI Business Companies Act 2004.

From the aspect of incorporation and maintenance of companies in the BVI, several significant changes are as follows:

  1. The registry fee for incorporation of a company, if equity capital of the company consists of not more than 50.000 shares, is now determined in the amount of 450 USD (before - 350 USD).
  2. The registry fee for incorporation of a company, if equity capital of the company consists of more than 50.000 shares, is now determined in the amount of 1200 USD (formerly - 1100 USD).
  3. The registry fee for the annual renewal of a company, if equity capital of the company consists of not more than 50.000 shares, is now determined in the amount of 450 USD (formerly - 350 USD).
  4. The registry fee for the annual renewal of a company, if equity capital of the company consists of more than 50.000 shares, is now determined in the amount of 1200 USD (formerly - 1100 USD).
  5. The registry fee for the re-domicile of a company from another jurisdiction to BVI, if its equity capital consists of not more than 50.000 shares, is now determined in the amount of 1000 USD (formerly - 500 USD).
  6. The registry fee for the re-domicile of a company from another jurisdiction to BVI, if its equity capital consists of more than 50.000 shares, is now determined in the amount of 1500 USD (formerly - 1100 USD).
  7. The registry fee for the re-domicile of a company from the BVI to another jurisdiction is substantially increased - now it amounts to 1100 USD (formerly - 250 USD).
  8. Furthermore, the above legislative acts also determine the amount of penalties for the late provision of information on directors of the company to the companies’ register (this requirement was introduced by the BVI Amendment Act 2016). Specifically, if the information on directors of existing companies is provided to the companies register later than by 31.03.2017, then:
    - after 31.03.2017, a penalty in the amount of 300 USD is charged
    - after 30.04.2017, the penalty is increased by additional 500 USD
    - after 31.07.2017, the penalty is increased by additional 750 USD
    - after 31.10.2017, the penalty is increased by additional 1000 USD for each complete or incomplete month of delay.

Comments by INTERNATIONAL OVERSEAS SERVICES:

Currently, fees for the rights of a company to belong to a particular jurisdiction are changing in many countries – and the British Virgin Islands is not an exception in this aspect.

Besides the registry fees the costs of maintenance of BVI companies are also affected by the relatively high due diligence requirements of this jurisdiction. Namely, in addition to the standard service fees, the majority of BVI registered agents have also introduced fees for the review and the updating of the due diligence file.

BVI is certainly one of the world’s most progressive and developed classical offshore jurisdictions – but these advantages come with comparatively higher requirements of BVI that include requirements in relation to service costs.

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