The BVI Business Companies (Amendment of Schedules) Order, 2017 takes effect on 1 January, 2018. The Order among other things increases the new registration fees for BVI business companies and the annual renewal fees for existing BVI business companies. The new fees take effect on 1 January, 2018. For authorised shares 50,000 or below, the registry fee is US$450, for authorized shares exceed 50,000, the registry fee is US$1,200.
The Commission restates the administration of policy on the filing of particulars of Directors for BVI business companies in the following circumstances:
If the company had been struck from the Register of Companies prior to and was struck on that date when the change in legislation requiring particulars of directors to be filed took effect, the company may be restored to the Register solely by the payment of the applicable restoration fees. Following restoration, the company must file the required particulars of directors within 21 days or incur a penalty for failure to file.
If the company was struck from the Register on a date later than the date when the filing requirement took effect, had not previously sought and was granted an extension, the company must pay all applicable restoration fees to be restored to the Register AND is subject to the escalating penalty applicable in respect of the failure to file as required.