On 20th December 2016 the Government of the British Virgin Islands passed the BVI Business Companies Act (AMENDMENT of SCHEDULE 1) (NO. 3) Order, amending the schedule of fees and penalties charged by the Registry of Corporate Affairs in BVI. The new fees, previously proposed for 1 July 2017, will come into force from 1 January 2018.
The incorporation fee for a standard company authorized to issue no more than 50 000 shares will increase form USD 350 to USD 450, and for standard company authorized to issue more than 50 000 shares the fee will increase from USD 1100 to USD 1200.
The annual government license fee will increase same as above, for standard company authorized to issue no more than 50 000 shares annual government license fee will be USD 450, and for standard companies authorized to issue more than 50 000 shares – USD 1200.
Percentage of the penalties for late payment of annual fees remain the same (10% penalty fee if the payment is up to 2 months late, and 50% late penalty fee, if the payment is over 2 months late), however due to the increases in annual fees the invoice value of late penalties will be higher as well.
General certificate request and filing fees, e.g., request for certificate of good standing, filing a name change or registering a charge will increase as well.
Please note that, due to the changes in Registry fees, our schedules of fees for standard services, such as request for certificate of good standing and other, will increase accordingly. We will provide more information once available.
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