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Close Down a BVI Company
Information provider:zanya consultants    Updated:2014/09/30    Website:www.companyformation86.com

There are two ways of Closing down a BVI company

(1) Formal liquidation

If the company has been active, possibly with outstanding assets or liabilities and the directors wish to have a proper discharge from their duties, then placing the company into voluntary liquidation and appointing a liquidator to wind up the business is the preferred choice.

Procedure of voluntary liquidation:

(a) preparing and filing a declaration of solvency,

(b) producing a statement of assets and liabilities,

(c) appointing a liquidator,

(d) publishing announcements in local press,

(e) adopting several resolutions and filing a range of documents with the Registrar.


Result of voluntary liquidation a BVI Company

(a) a certificate of dissolution issued by the Registrar of Companies.

(b) no more recourse for any creditors against the company,

(c) there is not any deferred or potential liability for the directors, shareholders and owners of the offshore company.


(2) Striking-off the Companies Register

If the shareholders and directors are satisfied there are no assets or liabilities remaining in the company, and it has not been considered an active business, they can request the company be struck from the Register. This is the quickest and least expensive option.

Procedure of Striking-off

(a) a company may be struck off the register if the Registrar has reason to believe that a company is no longer trading or if the requisite fees have not been paid.

(b) we advise the Registrar that the company has ceased trading and that the company has no assets or liabilities.


Result of Striking-off a BVI Company

(a) striking does not absolve directors of any ongoing liability, nor does it prevent the company from being reconstituted by petition to the court.

(b) after a continuous period of 10 years without any claim or petition, no further claims may be made against the company or its officers.


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