10 October 2016
Administrative strike off of a British Virgin Islands Company
Administrative strike off of a British Virgin Islands company
The office of the Registrar of Corporate Affairs (the ''Registrar'') in the British Virgin Islands (the ''BVI'' has responsibility for the incorporation, striking-off and restoration of struck off companies to the register of companies (the ''Register'').
The Registrar may strike a company off the Register on a number of different grounds, including:
- the failure of a company to appoint a registered agent in the BVI;
- the failure of a company to file any return, notice or document that it is required to file under the BVI Business Companies Act (as amended);
- the failure of the company to pay to the BVI Registry of Corporate Affairs (the “Registry”) its annual Registry fee or any late penalty payment by the due date (the “Registry Fees”);
- where the Registrar is satisfied that the company has ceased to carry on business or that the company is carrying on business without the requisite licence, permit or authority required under the laws of the BVI; or
- if the company is regulated under the BVI financial services legislation and has its licence (“FS Licence”) cancelled or revoked by the BVI Financial Services Commission (the “FSC”).
The Registrar may decide not to strike off a company from the Register if the Registrar has reason to believe that the company should not be struck off, for example because the company is trading or has property. In such circumstances, the Registrar has the power to refer the company to the FSC for further investigation.
To read more about the administrative strike off of a BVI Company please read the full briefing at the Briefings section of careyolsen.com or access via the Related New link on the right hand side of this page.