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.
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.