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Industry Circular No. 5 of 2018 - BVI Business Companies Act (Amendment of Schedule) (No. 3) Order, 2018

 
Wednesday, 3 October, 2018

 

Maximum penalty for filing RODs

BVI Business Companies that existed prior to 1st April 2016 (existing companies) were given until 31st March 2017 to file Registers of Directors (“RODs”) at the Registry of Corporate Affairs (“the Registry”).  Companies that failed to file RODs by this deadline were subjected to escalating penalty fees, up to a maximum of $8,000.  The BVI Business Companies Act (Amendment of Schedule 1) (No. 3) Order, 2018 (“the Order”), which came into force on 1st September 2018, has reduced the maximum penalty for late filing of RODs to $5,000.