BVI company liquidation & dissolution.

Regardless of the reason, it’s important to remember that liquidating & dissolving a British Virgin Islands (BVI) company involves a legal process that must be followed in order to ensure that all obligations are met and the company’s assets are distributed properly. We assist you in dissolving your BVI company to protect the interests of all parties involved and ensure a satisfactory outcome.

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Company dissolution in Hong Kong

Closing your company in BVI with finality in three steps.

Evaluating your business

We will assess the current state of your business and advise on the best way of dissolving or suspending it.

Preparing the paperwork

Our specialists will create paperwork necessary for legally dissolving your company and facilitating cancellation and withdrawal of existing licences.

Filing with the relevant authorities

We will file your company dissolution with the relevant authorities in BVI.

Company dissolution services

Two ways we can close your company.

Your company continues to exist as a legal entity until you decide to dissolve it. There are two conventional means to close a company – voluntary liquidation or strike-off & dissolution from the Register.

  • Voluntary liquidation

    The voluntary liquidation process in BVI has a finality to it, thereby reducing risks for shareholders and directors. It is also a fairly straight forward process and can usually be completed in as little as 4-6 weeks.

    The steps to dissolve the company through voluntary liquidation are:

    • Appoint a liquidator – This must be a qualified individual or individuals (not company) with at least one residing in BVI. The liquidator(s) cannot be an individual who has worked in a management capacity for the company in the previous two years. Neither can the liquidator(s) be a close relative of the directors.
    • Declare solvency – The company must formally adopt the liquidation plan and the appointment of the liquidator. The directors must declare that the company can meet its debts as they fall due and that assets of the company exceed liabilities.
    • Distribute assets – The liquidator will pay and discharge the obligations and liabilities, distributing surplus assets to the members.
    • Certificate of Dissolution – Upon completion the liquidator will make the necessary filings and publish that the liquidation process is complete. The Registrar will then strike off the company from the Register and issue a Certificate of Dissolution. Note that all records handed over by the liquidator will need to be kept for a period of five years from the date of dissolution.

    It is important to realise that the voluntary liquidation process leads to dissolution of the company entirely leaving no legal existence. Therefore, if the company needs to deal with an asset that was missed in the liquidation process, it will need to go through a lengthy and costly process of legal restoration.

    The company will have no further Economic Substance reporting requirements once the company has been issued the Certificate of Dissolution, but not prior to it.

  • Strike off & dissolution from the Register

    If the company makes an application to be struck off because it has ceased to carry on business, the Registrar will do so if satisfied.

    The Registrar will unilaterally strike off a company for non-payment of the annual Registry fee and associated penalties. As the notice period for striking off for non-payment of Registry fees is as little as 90 days, the company will need to be sure that it has no further need to make claims in its name. Otherwise, the process of Restoration may become lengthy and costly.

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FAQ

Common questions.

How long does it take to dissolve a company in BVI?
There are two main ways to dissolve a solvent company in BVI: by voluntary liquidation and by striking off. A company with no assets and liabilities can be struck off within 90 days or be liquidated within 4-6 weeks.
Who can be the liquidator of a company?
The Liquidator is an individual or individuals appointed by members of a company if it is to be wound up voluntarily by its members. The liquidator will monitor and handle the whole process of liquidation. The liquidator must be qualified for the role, not be a close relative of any of the directors and not have worked as a director at the company in the previous two years.
Are directors personally liable for company debts?
Generally speaking, directors are not personally liable for company debts, unless they have obtained advantages from the company unlawfully or in breach of the duties as a director.
What happens to company assets once the business is closed?
When a company is closed down, the company assets and liabilities are dealt in various ways depending on the method of closure of the company. For example, assets can be distributed to shareholders prior to closing down, or sold to recoup for payments of creditors.
Ready to get started?

Let our teams cover all requirements for closing your BVI company with finality.

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