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BVI Voluntary Liquidations Now Require a Locally Resident Liquidator

Recent Amendments to the BVI Business Companies Act Are Now in Force – BVI Voluntary Liquidations Now Require a Locally Resident Liquidator

Recent amendments to the BVI Business Companies Act in the British Virgin Islands (“BVI”) introduces new eligibility criteria for persons wishing to act as Liquidator for solvent liquidations of BVI companies.

Previously, there was no residency requirement for an individual appointed as Liquidator to conduct a solvent voluntary liquidation of a BVI company under Part XII of the Companies Act.

However, with effect from 1 January 2023, the Amendment Act has now introduced a residency requirement for Liquidators. A person must have physically resided in the BVI for at least 180 days prior to the appointment to be eligible as a Liquidator.

In cases where Joint Voluntary Liquidators are appointed, only one must be resident in the BVI.

Choose Richmond Advisory as your Resident Liquidator

At Richmond Advisory, we aim to provide the client with the highest standard of professionalism, at a very competitive low fixed cost and with one of the quickest client onboarding turnarounds in the market.

We adhere to the exacting standards demanded by regulators and other statutory and professional bodies.

Low Fixed Costs

Option 1 – Full liquidation package – $ 2,750

  • Act as sole Liquidator;
  • Provide you with a list of required information in relation to the appointment of the Liquidator;
  • Analyse information provided by you in order to prepare for the liquidation of the company;
  • In an advisory capacity, attend meetings and participate in telephone calls as required;
  • Advise you on the statutory requirements and procedures needed to place the company into liquidation;
  • Prepare all pre and post liquidation documents;
  • Complete and file all required statutory documents to be filed with the Registrar of Companies in the BVI;
  • Complete and place all required statutory advertisements in the appropriate news media;
  • Ensure that the company is fully compliant with all BVI Business Companies Act obligations;
  • Keep the need for client input to a minimum – we take control from start to finish, setting out clear timetables and milestones to keep everybody informed.

Option 2 – Act as Joint Liquidator – $ 1,300

  • Act as Joint Liquidator for the purpose of meeting BVI residency requirement;
  • Review all pre and post liquidation documents;
  • Review and file all required statutory documents to be filed with the Registrar of Companies in the BVI;
  • Review all required statutory advertisements in the appropriate news media.

Both options are based on the company having no residual assets or liabilities at the time of appointment. If this is not the case, please contact us for a tailored low fixed quote.

We offer discounted rates for bulk engagements.

To liquidate your BVI company today contact our liquidation expert; Colm Edwards – colmedwards@richmondbvi.com or +1 284 341 6651

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