BVI Company Dissolution / Striking off

[Sambucabra]

Hi,

I have a BVI company which I no longer need and understand there are two methods for closing a company. Has anyone ventured down either path and can share some light on the experience?

For dissolution services, I've been quoted a large fee by my agent plus the $300 filing fee for the most recent period. Their services include;
"preparation of a draft resolution and liquidation plan, filing of the liquidation plan and resolution extracts, publication in BVI newspaper and remitting the Certificate of Dissolution"

Is this just a cash grab?

If I was to enter down the strike off route, given the new annual reporting requirement, is this something I can do myself or do I still need to retain the services of an agent?

Thanks

 

[Sols]

If you don't renew the company, it will simply expire. If there are multiple shareholders or if there are any creditors or other liabilities or obligations of the company, this can come back to haunt you. Do it properly in that case.

If you're the sole director, sole shareholder, and if the company has no outstanding liabilities or obligations, it's generally quite safe to just ignore it and have it expire. The advantage of winding down or dissolving properly is that you can clearly show it in the future if you need to explain your personal source of wealth, for example.

 

[Sambucabra]

Thanks for the reply. I am considering the latter however the agent has reverted noting that the Economic Substance reporting is still an ongoing annual requirement and charges for this. My initial thoughts were that I could just simply submit this myself for the next 7 years however it appears that only registered agents have access to the BOSS portal. Is there any other way?

 

[Ready Offshore]

I'm interested. Do you want to sell It?

Hi,

I have a BVI company which I no longer need and understand there are two methods for closing a company. Has anyone ventured down either path and can share some light on the experience?

For dissolution services, I've been quoted a large fee by my agent plus the $300 filing fee for the most recent period. Their services include;
"preparation of a draft resolution and liquidation plan, filing of the liquidation plan and resolution extracts, publication in BVI newspaper and remitting the Certificate of Dissolution"

Is this just a cash grab?

If I was to enter down the strike off route, given the new annual reporting requirement, is this something I can do myself or do I still need to retain the services of an agent?

Thanks

Hi, I'm interested. Do you want to sell It?

 

[unshore]

What ever happened with this? I'm interested because I have a BVI company which never did any business, never opened a bank account, sole shareholder and let to expire. The agent wants about $2k to do the ES filings for the next 7 years, only being offered in bulk to me. This is literally more than I spent to form the company in the first place and just doesn't make sense to me for a company that never did anything other than the initial formation and quite frankly feels like extortion. I've asked them if I can just do a single year filing for now and figure the rest out later because that is a much easier decisions however no reply. The agent only even reached out to me about this ES filing very shortly ago with a Dec 29th deadline to file and now they are all closed for the holidays so it's pretty clear it would be impossible to file by the 29th at this point anyway. Some reading indicates a $10k instant fine may occur as soon as it's a moment late and that quickly ratchets up to huge amounts. So then we're talking way way more than I originally paid to form the company that never did anything. It seems at this point it just won't be getting done and curious if anyone has had any experience with this. The company is long dead and I don't want it any more. It would never make sense to restore it at this point, especially if some of these huge penalties pile on top. Will the essentially mean I can never visit BVI as a tourist? Would I ever be able to create a BVI company again (not that I think I ever would).