BVI Voluntary Liquidations: End-of-Year Dates and Deadlines to Consider
With the end of the calendar year coming into view, entities incorporated in the British Virgin Islands (“BVI”) nearing the end of their life cycle should consider the relevant deadlines and steps necessary to save money, alleviate administrative burdens and ultimately have more peace of mind as a company reaches its natural endpoint.
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The BVI voluntary liquidation process need not be complicated. With some simple steps and considerations, firms can efficiently, and cost effectively wind down a company.
What are the deadlines for BVI voluntary liquidation for companies incorporated during the second half of the year?
BVI companies that were incorporated or registered during the second half of a calendar year need to have an appointed voluntary liquidator file the final notice for a company before 30 November to avoid paying unnecessary Registry fees.
To ensure there is enough time to get all related paperwork in order, we recommend that interested parties begin the voluntary liquidation process prior to mid-October.
Who can be appointed as a BVI voluntary liquidator?
At least one of the voluntary liquidators appointed by a BVI company must be resident in the BVI. In cases of joint voluntary liquidators, the BVI residency requirement only applies to at least one member of the team.
There are also guidelines for the qualifications of BVI voluntary liquidators: at least two years of liquidation experience and professional competency in liquidations, as well as an insolvency practitioner’s licence issued by the BVI Financial Services Commission or an appropriate similar professional qualification.
Voluntary liquidators must also collect records kept and maintained by the BVI company and, at the conclusion of the liquidation, send copies to the BVI company’s former registered agent.
What are the benefits of BVI voluntary liquidation?
Leveraging our legal and specialised fiduciary and fund services teams, the Maples Group provides clients with comprehensive restructuring and liquidation services, including a team comprised of dedicated individuals with extensive experience who can act as voluntary liquidators to BVI companies. For a straightforward, no assets/no liabilities voluntary liquidation of a BVI company, we can generally complete the process within six to eight weeks.
The Maples Group has a dedicated Voluntary Liquidations team based in the BVI to meet all compliance requirements for corporate dissolution and liquidation in the jurisdiction. The global Liquidations group works with the best practices for statutory processes across our follow-the-sun international network, providing that the wind down of any entity will be completed with objectivity and in keeping with local procedures.
For further information on the team and our liquidation services, please view our brochure on our Liquidations and Dissolutions Services.
Liquidation is a natural part of the business life cycle. Please do not hesitate to get in touch with our specialist team who can guide you through this process.