In the British Virgin Islands (“BVI”), the regulatory landscape for corporate governance has evolved, making it more critical than ever for companies to remain vigilant in ensuring compliance with their ongoing regulatory filing requirements.
These requirements include the timely filing of corporate registers, beneficial ownership information, economic substance filings and providing certain financial information to registered agents. Non-compliance—such as failing to pay annual fees or file required documents—can result in a company being struck off and dissolved with immediate effect.
To avoid your company being struck off, the directors must ensure that:
- All annual fees are paid promptly.
- Registers of members and directors, as well as beneficial ownership information, are kept up to date and filed within statutory deadlines.
- Economic substance filings are filed within statutory deadlines.
- Annual financial returns are provided to the registered agent within statutory deadlines.
Consequences of strike off include:
- The company and its officers are prohibited from conducting business, dealing with assets, or commencing legal proceedings.
- Company assets may vest in the Crown, making recovery complex.
- Directors and shareholders remain liable for pre-existing obligations, and the company continues to accrue penalties until dissolution.
- Restoration is possible but subject to strict conditions, time limits, and potentially substantial costs.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
