BVI Company Restoration
If your BVI company is in Strike Off or has been dissolved we can assist you with having it restored to the Companies Register. To restore the company to good standing and continue trading you need to bring the companies filings up-to-date, and pay any outstanding government fees. There are two different ways to bring the company back into good standing , depending whether or not it is in Strike Off, or Dissolved.
BVI Administrative Company Restoration Procedure
An administrative company restoration is submitted to the BVI Registry of Corporate Affairs if the company is in Strike Off . The time frame allowed for this procedure is within 6 years of the Strike Off date.
A successful application requires the following documents and procedure to be met:
- The application must be made within a 6 year period following the Strike Off date
- Copy of a company search from the BVI Registry of Corporate Affairs showing Strike Off status
- Copy of the incurred Penalties and outstanding Government Fees
- Copy of the Certificate of Incorporation
- Copy of the Directors register filed
- Copy of the Members register
- Copy of the company statutes
- Payment all outstanding government fees and any associated fines.
If the company has been in Strike Off for over 6 years the company is dissolved and an application to the BVI Court will be required.
BVI Court Restoration
Restoring a BVI company that was dissolved over 6 years ago will require authorisation from the commercial Courts.
An application to the court must be made within a 10 year period following the dissolution of the company.
Court Order restoration followers the same procedure as administrative restorations, apart from additional legal fees, which are:
- Payment of Financial Services Commission legal costs
- Filing at High Court Registry
- Attending Court hearing
After 10 years of being dissolved a company cannot be restored to the BVI Register and all assets ceased by the BVI government.
Inactive or Struck Off
If your BVI company has unpaid licence fees less than a year old it will have an Inactive Status at the Registry of Corporate Affairs, therefore the company is not in Good Standing, but is not yet in Strike Off. Your company must pay its licence fee and the appropriate penalties in order for it to be restored to good standing.
Whilst your company is inactive or Strike Off:
- No Certificate of Good Standing or Certificate of Incumbency can be issued.
- No filings can be made with the BVI Registry.
- The Registrar sends a notice warning the company that it will be struck from the BVI Register in 30 days.
- Neither the company nor any directors or shareholders may carry on any business or in any way deal with the assets or affairs of the company.
- It does not affect the liability of any of its shareholders and directors. Nor does it prevent the company from incurring liabilities, or any creditor from making a claim against the company.
Late Filing Penalties
After the application is made to the registry or Court and the order granted, the Corporate Registry will indicate the amount of renewal and penalty fees owing in order to bring the company into Good Standing, and once that amount is settled a Certificate of Restoration will be issued.
A company that fails to pay its licence fee will incur a 10% penalty automatically, with this penalty increasing to 50% if the licence fee still remains outstanding 6 months later.
Company Restoration Form
If you require your company restored please complete our form and we outline our fees and timescale.