Table of Contents
- 1 How long does it take to strike off a BVI company?
- 2 When a company is struck off what happens?
- 3 How do I close my BVI company?
- 4 How do you strike off a company in BVI?
- 5 Why would a company be compulsory struck off?
- 6 Who can liquidate a BVI company?
- 7 What is a strike off in the BVI?
- 8 What happens when you no longer need your BVI company?
How long does it take to strike off a BVI company?
Restoration after dissolution/unwinding of dissolution
| Cayman | BVI | |
|---|---|---|
| Time limit for restoration (from date of strike off) | 10 years (Cabinet consent required after two years) | 10 years |
| Time limit for application to void dissolution/restore, following liquidation | Not possible | 10 years following dissolution |
When a company is struck off what happens?
Once a company strike off form has been filed, the company can no longer trade, sell company assets or become involved in any other business activities. For all intents and purposes, your business is closed. If your company is found liable for the above, you could face severe penalties.
Why would a company be struck off the register and dissolved?
Company directors who want a company struck off the register (also known as a company being dissolved) want to have a company marked down as non-existent and still retain full control of the business. Dissolution is usually voluntary by the members (shareholders) if they have no further use for the company.
How do you wind a BVI company?
The procedure for carrying out a voluntary liquidation is as follows: • the directors must: ◦ make the declaration of solvency not more than four weeks; and ◦ approve the liquidation plan not more than six weeks, before the resolution to appoint the voluntary liquidator(s) is passed (in practice, the directors make the …
How do I close my BVI company?
When you no longer require your BVI company you have two options:
- The company can be left to be struck off – strike off is automatic and free of charge.
- The company can be formally liquidated – this is the formal way to close the company in the eyes of the law.
How do you strike off a company in BVI?
Strike off from the Register There are a number of circumstances in which the Registrar may strike a company off the Register under section 213 of the BVI Business Companies Act. The most frequently used is the automatic strike off for non-payment of the annual Registry fee.
How do you revive a company after a strike off?
Following is the process for revival / restoration of the Companies through NCLT:
- Appeal to NCLT under.
- Preparation of Petition.
- Submission of Petition with ROC.
- Hearing by Tribunal.
- Directions by Tribunal.
- Filing of order with ROC.
- Publication of order In Gazette.
- Filing of pending documents with ROC.
How long does it take for a company to be struck off?
The compulsory strike off process is usually initiated by Companies House in response to a failure to file accounts or an annual confirmation statement. A notice will be published in the Gazette declaring that the company will be struck off in three months and removed from the Companies House Register.
Why would a company be compulsory struck off?
What if the Company is Insolvent? If the company has debts it cannot afford to repay i.e. it’s insolvent, you might feel like a compulsory strike off is an effective way to close the company down without having to repay its debts.
Who can liquidate a BVI company?
Where the company to be liquidated is a regulated entity under BVI law, the prior approval of the Financial Services Commission must be obtained. Other than in the case of a regulated fund, the voluntary liquidator of a regulated entity must be a licensed insolvency practitioner.
How long does it take for a company to be dissolved?
There is no legal time limit on business liquidation. From beginning to end, it usually takes between six and 24 months to fully liquidate a company. Of course, it does depend on your company’s position and the form of liquidation you’re undertaking.
Who can act as liquidator of BVI?
This requires the company to identify one or more liquidators. A voluntary liquidator cannot be another company or other body corporate – it must be an individual – but, save for regulated companies, does not have to hold any specific qualifications or be resident in the British Virgin Islands.
What is a strike off in the BVI?
Striking off In the BVI, the process of being “struck off” involves an administrative procedure whereby the name of a BVI company is removed from the Corporate Register by the Registrar. Only the Registrar may initiate a strike off.
What happens when you no longer need your BVI company?
BVI companies are often transactional, and there comes a point in time when the company is not needed any more. When you no longer require your BVI company you have two options: The company can be left to be struck off – strike off is automatic and free of charge.
How do I strike a company off the British Virgin Islands Register?
The office of the Registrar of Corporate Affairs (the “Registrar”) in the British Virgin Islands (the “BVI”) has responsibility for the incorporation, striking-off and restoration of struck off companies to the register of companies (the “Register”). The Registrar may strike a company off the Register on a number of different grounds, including:
What happens when a company is struck off the Register?
Initially, the company will merely be struck off, but will continue to exist as a legal entity until the date that it is dissolved and continues to incur liabilities. BVI Business Companies struck off the Register on or before 15 October 2006 were dissolved after having been struck for a continuous period of 10 years.