Increased BC Fees, VIRRGIN Updates, ROD Filings and BVIFSC Holiday Hours

Increased BC Fees 

Practitioners are reminded that the BVI Business Companies (Amendment of Schedules) Order, 2017 takes effect on 1 January, 2018. The Order among other things increases the new registration fees for BVI business companies and the annual renewal fees for existing BVI business companies. The new fees take effect on 1 January, 2018.

VIRRGIN Updates

All Registered Agents and other VIRRGIN users are advised that on 1 February, 2018 the Commission will resume the usual user policies and enforce the VIRRGIN user agreement for VIRRGIN access to facilitate the filing of transactions with the Registry of Corporate Affairs.

ROD Filings

The Commission hereby restates the administration of policy on the filing of particulars of Directors for BVI business companies in the following circumstances:

If the company had been struck from the Register of Companies prior to and was struck on that date when the change in legislation requiring particulars of directors to be filed took effect, the company may be restored to the Register solely by the payment of the applicable restoration fees. Following restoration, the company must file the required particulars of directors within 21 days or incur a penalty for failure to file.

If the company was struck from the Register on a date later than the date when the filing requirement took effect, had not previously sought and was granted an extension, the company must pay all applicable restoration fees to be restored to the Register AND is subject to the escalating penalty applicable in respect of the failure to file as required.

BVIFSC Holiday Hours

The BVI Financial Services Commission wishes to advise members of the Financial Services Industry of its revised hours of operation during the Holiday Season.

BVIFSC Headquarters

Registry of Corporate Affairs

Friday, 22 December, 2017                    8:30 a.m. – 1:00 p.m.

Friday, 29 December, 2017                    8:30 a.m. – 1:00 p.m.

BVIFSC (HK) at BVI House Asia

Friday, 22 December, 2017                    9:00 a.m. – 4:00 p.m.

Friday, 29 December, 2017                    9:00 a.m. – 4:00 p.m.

The FSC will observe the Public Holidays on 25 and 26 December, 2017 and 1 January, 2018