AMENDMENTS TO BVI LEGISLATION
You may recall that the British Virgin Islands (BVI) enacted the BVI Business Companies (Amendment) Act, 2022 and the BVI Business Companies (amendment) Regulations, 2022, which came into force on 1 January, 2023.
BVI BUSINESS COMPANIES (AMENDMENT) ACT, 2022
The following were the key changes to the BVI Business Companies Act and the BVI Business Companies Regulations in relation to strike off / dissolution and restoration:
1. Strike off and Dissolution
Before Amendment
Previously, a BVI company that was struck off the Register of Companies (e.g. for failing to pay annual fees or failing to retain a registered agent) remained in the ‘struck off’ state for 7 years. A company could be restored if payment of the government fees and penalties were made within the 7-year period. If the company was not restored within that seven-year period, it would be automatically dissolved, and any property of the Company vested bona vacantia in the Crown.
After Amendment
Following the amendments, the process and costs are now more onerous.
For companies that were struck off prior to 1 January 2023, transitional arrangements applied so that if they wished to be restored to the Register, the application to restore had to be done by 30 June 2023. A company that was not restored during that time was automatically dissolved by way of notice from the Registrar published in BVI Government Gazette (on or around 2 July 2023).
Such companies now have five (5) years from the dissolution date within which it may apply to be restored.An application to restore the company may only be made to the High Court.
Apart from the legal cost of making an application to the court for restoration, the penalty fee involved in a restoration is now quite substantial at USD5,000. This is in addition to the annual fees for each year that the company has been struck off, legal and all other associated fees costs.
For companies struck off after 1 January 2023, these companies are dissolved within 90 days from the date the Registrar publishes a notice of striking off in the BVI Government Gazette. During the 90-day period a company may be restored by application to the Registrar. Restoration after the 90-day period (i.e. after 31 July 2023) will have to comply with the following requirements.
2. Restoration of companies dissolved after 31 July 2023
Newly dissolved companies are, subject to certain requirements, able to apply to the Registrar for restoration within five years of the date of dissolution without the need for a court order. To apply for restoration, a company will need a licensed registered agent who has agreed to act in that role and the registered agent will need to declare that they hold up to date information on the company, its directors and owners compliant with BVI anti-money laundering laws and regulations. The company is also required to notify the Crown if any property has been vested in the Crown bona vacantia.
1. An application to restore must however be made to the court in the following circumstances:
– Where the company was dissolved following voluntary liquidation;
– On the date of dissolution, the company was not carrying on business or in operation;
– The purpose of the restoration is in connection with legal proceedings or property vested in the Crown bona vacantia; or
– In any other case where the court considers it just and fair to restore the company.
2.The application to the registrar for restoration now involves government fees that range from USD2,400 to USD4,600 plus the annual fees and penalties for each year that the company has been struck off and all other associated fees.
General
1.When a company is restored, it is deemed never to have been struck off and dissolved.
2.Where a company is dissolved, the registered agent of the dissolved company is deemed to have resigned.
3.Where a company is restored to the Register, it shall appoint a registered agent pursuant to the legislation.
FINAL THOUGHTS
Given the substantial increase to costs to restore companies that are dissolved because of not paying the annual renewal fee, Portcullis urges clients to consider carefully if they may need a company in future. If there is any possibility that the company may be needed in future, it may be prudent to renew the company to avoid the hefty restoration fees.
Please contact your Portcullis Relationship Manager or one of our representatives for assistance or further information should you have any questions or difficulty in meeting these regulatory requirements.
Portcullis (BVI) Ltd
Portcullis Chambers
4th Floor, Ellen Skelton Building
3076 Sir Frances Drake Highway
Road Town, Tortola VG1110
+1 284 494 5296
Info.bvi@portcullis.co
www.portcullis.co
英屬維京群島法律之修正
英屬維京群島(BVI)於2022年頒布之《2022年商業公司法(修訂)》以及《2022年商業公司條例 (修訂)》，業已於2023年1月1日生效。
2022 年英屬維京群島商業公司法(修訂)
下列為2022年英屬維京群島商業公司法及商業公司條例中，與公司除名或解散以及復名相關之主要修訂內容：
1. 公司除名及解散
修訂前
任何英屬維京群島公司如經除名(例如因未繳納年費或未保留註冊代理人)，將維持其除名狀態七年。如公司於7年內繳納政府規費及相關罰鍰即可復名。如公司未能於7年內復名則將依法自動解散，且該公司持有之所有財產將沒入英屬維京群島之皇家無主財產。
修訂後
公司復名相關之費用和申請流程經修訂後變得相對複雜。
2023年1月1日前除名後欲復名之公司，可適用過渡條款。復名申請須於2023年6月30日前提交至註冊處。如未能於上述日期完成復名，則註冊處最遲將於2023年7月2日，於BVI政府公報揭露依法自動解散之公司。
日起5年內，可向高等法院提出復名申請。敬請注意：除上述向法院提出復名申請之法律費用及罰鍰外，復名申請費已調漲至美金5,000元。此外，公司還須支付被除名期間之每年年費、法律以及其他相關費用。
2023年1月1日後除名之公司，將於BVI政府公報內揭露除名後90日內，依法自動解散。公司得於前述90日內，向註冊處提出復名申請。逾90日欲復名者(即2023年7月31日過後)，則另須符合下列規定。
2. 於 2023 年7月31日後解散，欲復名之公司
符合既定條件之新解散公司，得於解散日後5年內向註冊處申請復名，無需經過法院裁定。欲復名之公司須有同意擔任其註冊代理之持牌註冊代理人。該註冊代理人需出具一份聲明，確認其對申請復名之公司、公司之董事及實質持有人是否符合BVI反洗錢相關法規之最新資訊之掌握程度。此外，如申請復名公司先前有財產已沒入英屬維京群島之皇家無主財產，則須另行通知政府有關單位。
1. 如有下列情況之公司，則須向法院提出復名申請：
– 公司係於自願清算後解散；
– 公司於解散日已停業或歇業；
– 公司復名之目的，係與法律程序或沒入皇家無主財產相關；或
– 其他經法院基於公平合理之原則，予以復名之情況
2. 向註冊處申請復名之費用，除新增一筆政府規費自美金2,400元至美金4,600元不等外，亦包含公司被除名期間之每年年費以及其他相關費用。
通用條款
– 公司復名後，將被視為營運未間斷並回復至被除名或解散前之原始狀態。
– 公司解散時，其註冊代理人將被視為自動辭任。
– 公司自註冊處復名時，依法須聘請一位註冊代理人。
總結
鑒於公司因滯納年費將導致復名成本大幅增加，保得利在此建議 貴客戶審慎評估公司存續之必要性並按時繳納年費，以免承擔後續的高額復名費用。
若需獲得更多詳細資訊或法遵相關協助，敬請與本公司之關係經理聯繫。
Portcullis (BVI) Ltd
Portcullis Chambers
4th Floor, Ellen Skelton Building
3076 Sir Frances Drake Highway
Road Town, Tortola VG1110
+1 284 494 5296
Info.bvi@portcullis.co
www.portcullis.co