In connection with the entry into force of amendments to the Law on Commercial Companies of 2004 (as amended in 2005), since January 1, 2018, the official fees have been increased in the BVI, levied from business companies in the Register of Corporate Affairs. These changes were adopted and published by the Government of the British Virgin Islands at the end of 2016. Initially, it was assumed that the amount of official payments will be increased from July 1, 2017, but in March of last year, the entry into force of the changes was postponed until January 1, 2018. The increase in the amount of following payments is among the most notable changes:
Accordingly, the fines for late payment of annual fees have also been increased, since they are set as a percentage of the annual fee. The amount of payment for the restoration of the company in the Register has also been significantly increased.
Some new duties have been introduced, including:
- for the primary registration of a copy of the register of company participants;
- for registration of changes in the register of participants;
- for registration of an application for consent to use a limited in the use word or a phrase in the title;
- for registration of an application for the use of an additional foreign name;
- for registration of an additional foreign name;
- for registration of an application for the deregistration of an additional foreign name;
- for registration of an application for the change of the name or additional foreign name;
- for notification of a decrease in the share capital;
- for filing with the Register of the Judicial Act;
- for filing an annual report of a foreign company;
- for issuing a certificate confirming the information about the company from the Register or the status of the company.