BVI registrar prepares to strike off companies that fail to file directors' particulars

Thursday, 27 September 2018
The company registrar of the British Virgin Islands has been given new powers against companies that have still not reported particulars of their current directors, two years after legislation was introduced requiring them to do so.

 

The BVI Business Companies (Amendment) Act 2015 introduced an obligation to file particulars of their current directors with the Registrar of Corporate Affairs by 31 March 2017. Companies incorporated after that date have been required to file particulars of their directors with the Registrar within 21 days of the appointment of their first directors. The register of directors is not public but can be made available pursuant to a court order, or on the written request of a relevant authority acting in the exercise of its powers. Late filing fees and penalties were specified for any companies that failed to comply.

Now the regime is to be further tightened up for companies that have still not complied. As from 1 October, non-compliant companies will no longer be able obtain a certificate of good standing from the registrar.

If a company has still not supplied its directors' particulars by 31 December 2018, it risks being be struck off the register. If that happens, its directors, members and any liquidators or administrators will be forbidden to act for it in any way. However, an extra measure has been introduced to ease the path to compliance. The maximum late-filing penalty payable by a non-compliant company has been reduced from USD8,000 to USD5,000.

 

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