As annual BVI Registry fees are payable by 30 November for those BVI companies that were incorporated or registered in the second half of the year, it is time to start planning the liquidation of those entities that have reached the end of their life cycle, to ensure that unnecessary Registry fees are not incurred.
In order to prevent the expense of annual 2019 government registration fees, an appointed voluntary liquidator will be required to file the final notice for dissolution of a company on or before 29 November 2018. In order to meet this deadline, we recommend that the voluntary liquidation commence as soon as possible. The company must be in good standing in order to commence a members' voluntary solvent liquidation, and to complete the winding up and dissolution process.
Consideration should be given to the requirements of Section 19(2) of the BVI Business Companies Regulations (2013 Revision) (as amended) when determining who will be appointed as voluntary liquidator of a BVI company. This section disqualifies certain individuals from acting as voluntary liquidator, including individuals that in the past two years have either been, a director of the company or an affiliated company or that have acted in a senior management position in relation to the company.