Welcome to ILS World

BVI companies: urgent action

The British Virgin Islands company registrar is preparing to strike off companies which have failed to file details of its directors.
8th October, 2018

The BVI Business Companies (Amendment) Act 2015 introduced a requirement to file particulars of current directors with the Registrar of Corporate Affairs by March 31 2017.

Companies incorporated after that date are required to file particulars of their directors with the Registrar within 21 days of the appointment of their first directors. Late filing fees and penalties were introduced for companies failing to comply.

Now the regime has been tightened for companies still not compliant.

September 1 2018: On this date the maximum late filing penalty paid by a non-compliant company was reduced from US$8,000 to US$5000.
October 1 2018: From this date it was impossible to obtain a certificate of good standing from the Registrar in respect of a non-compliant company.
December 31 2018: If a company has still not supplied details of its directors it risks being struck off the register. If that happens, its directors, members and any liquidators or administrators will be forbidden to act for it in any way.

How ILS World can help:

Our BVI team can assist in advising on the requirements concerning the filing of particulars of a company's directors and more generally on the reporting and filing obligations applicable to a British Virgin Islands company.

For further information contact managing director Gwen Rubaine at enquiries@ils.world

Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.

Managing Director British Virgin Islands