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.
Our specialists will create paperwork necessary for legally dissolving your company and facilitating cancellation and withdrawal of existing licences.
We will file your company dissolution with the relevant authorities in BVI.
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.
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:
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.
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.
We are open Monday – Friday
9 am – 6 pm (UTC+8)