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Thursday, 04 February 2016 08:57

BVI RENEWAL SCHEDULE & CHANGES IN THE LAW

 

 FEBRUARY 2016

BVI RENEWAL SCHEDULE & CHANGES IN THE LAW

Kindly be reminded that all BVI companies incorporated between January 1st and June 30th, are due for renewal for 2016.

 

In order to be able to provide you with the best service possible, we are kindly ask you to confirm whether you wish to renew these companies should you have not done so far, so that we send you the relevant invoices to be settled and for the companies to be renewed at the Registrar.

Renewal Schedule

First semester companies incorporated between the months of January and June:

  • Licence Due May 31st  
  • 10% penalty – USD 35 – from June 1st to July 31st  
  • 50% penalty – USD 175 – August 1st to October 31st  
  • Strike off – November 1st  

 

Restoration

Restoration fee (within 6 months after strike off) – USD 800

Restoration fee (more than 6 months after strike off) – USD 1500

 

Please pay the annual fees invoices at least 30 days before the due date to avoid incurring the Government penalties.

Important matters that need to be taken into consideration for BVI companies

1. Accounting Records

You were already informed about the record keeping rules for companies and limited partnerships enacted late in 2012 by the British Virgin Islands (BVI) Government. From January 1st, 2016 besides from the address where the accounting records of the BVI companies we manage are kept, we are obliged to know the name of the individual who has the same in custody.

 

Further to the above, and in relation to the companies to which we are providing nominee services, please note that copies of all the documentation consisting the accounting records, must be kept in our offices as well.

2. Register of Directors

The filing of the Registers of Directors is now mandatory in the BVI, therefore additional costs should be taken into consideration for existing companies, when a company is incorporated and when the board of directors of the same is changed. Please note that this information will NOT BE PUBLIC as only the Registered Agent and BVI Authorities will have access to this information.

2a. Compliance Periods

1. BVI companies incorporated after December 31, 2015 are required to file their Register of Directors within 14 days after the appointment of its first directors with the BVI Companies Registry.

2. BVI companies incorporated before January 1, 2016 will have a transition period to file their Register of Directors, until September 30th, 2016.

3. All changes of directors must be filed within 21 days after the change.

4. Any BVI company incorporated before January 1, 2016 will only have to file the names, addresses and dates of appointment of the directors acting on December 31, 2015, but they do not have to file any information about other directors, which they may have had in the past.

2b. Penalties

The penalty for failing to comply with the filing of the Register of Directors within the term indicated in point 2a.2. is US$25.00 if the Register is filed between October 1st, 2016 and March 31st, 2017 and US$50.00 if the Register is filed after March 31st, 2017.

Kindly note that our fees and expenses for coordinating the filing of the Register of Directors of a BVI company will be included in the amended price lists.

3. Ultimate Beneficial Owner Information

The name, date of birth, residential addresses and nationalities of the ultimate beneficial owner(s) of BVI companies must be disclosed to the registered agents of the company, as per the new statutory amendments.

As with the registers of Directors, these information will not be available to the public, but only to the Registered Agents of the companies.

Should you require further assistance and/or advice, please do not hesitate to contact us.[i]

 

From the Management of

MILS CORPORATION LIMITED
Supported by bestauscasinos.com

 



[i] Disclaimer

The above information is only a brief description of the provisions of the relevant Law up to the date of publication of this Memo and in no way is exhaustive. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information. Also, please visit our website for further updates.  

 

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