Jordans Trust Company blog

Our blog will keep you up-to-date and reliably informed about the latest insights and news from the world of business.

BVI - Licence fees, penalties and strike off – timeline

As we raise our 2015 annual invoices, I thought it would be timely to briefly remind you how the licence fee system works in the BVI.

Licence fees in the BVI are payable on a calendar year basis.

The due date for these licence fees is determined by the date of incorporation of the company as follows: 

  • Licence fees for companies incorporated January to June are due before 1 June (Group 1)
  • Licence fees for companies incorporated July to December are due before 1 December (Group 2)

Once the licence fee is overdue the company is no longer in good standing, its status is ‘inactive’ at the registry and the company is unable to order a certificate of good standing, or file amendments to its M&A, or register of charges for example. 

There are 2 levels of penalty – when the licence fee is overdue for less than 2 months the penalty will be 10%. This rises to 50% once the licence fee is overdue for more than 2 months.

If the licence fee and appropriate penalty is not paid to the registry the company will be automatically struck off once the licence fee has been overdue for 5 months. Group 1 companies are struck off on 1 November if their licence fee for that year has not been paid, and Group 2 companies are struck off on 1 May of the following year.

Once struck off, in order to be reinstated a company would need to pay to the registry all outstanding licence fees, penalties and restoration fees. Registry Restoration fees are dependent on how long a company has been struck off: less than 6 months, $374; over 6 months $775. In addition to these registry fees we’ll need to receive our registered office and agent fees, and settlement of our restoration fee.

Important items to bear in mind:

If you would like any further information, or have a specific query regarding the status of an existing BVI company we’d be happy to assist (even if we’re not the registered agent). 

  • The registry disbursement for incorporation covers the registry licence fee for the remainder of the calendar year. Companies incorporated late in the year will be invoiced for the licence fee for the following year and our fees from the anniversary of incorporation to the end of the calendar year.
  • Licence fees can only be submitted to the registry by the company’s registered agent or by a BVI lawyer. 
  • Once a company is restored at the Registry it is deemed never to have been struck off in the eyes of the law.

If you would like any further information, or have a specific query regarding the status of an existing BVI company we’d be happy to assist (even if we’re not the registered agent).

Contact

Our team of friendly experts are here to answer your questions

Events & seminars

Browse our programme of training events.

Find out more

Subscriptions

Keep informed with our online newsletters and email updates.

Find out more