Declaration in Respect of Registered Charges (Section 184(1A), BVI Business Companies Act, 2004)

Summary

This is a statutory declaration form required under section 184(1A) of the BVI Business Companies Act, 2004 (as amended). It is used when a BVI company that has a registered charge against its property wishes to continue as a company incorporated in a jurisdiction outside the Virgin Islands.

The declarant (a director or the registered agent) must confirm that the charge does not prohibit continuation outside the BVI, and must select which of three circumstances applies regarding the chargee's position.

• Option (a): A notice of satisfaction or release of the charge has already been filed and registered under section 165.
• Option (b): The chargee has been notified in writing of the intended continuation and has consented or not objected.
• Option (c): The chargee has neither consented nor objected after notification, but the company confirms the chargee's secured interest will not be diminished or compromised, and the charge will continue to operate as a liability under section 181(5)(a).

The declaration must be dated, signed by the declarant in the stated capacity, and witnessed before it can be relied upon to support the company's continuation out of the Virgin Islands.

Key obligations

• A company with a registered, unreleased charge that intends to continue outside the Virgin Islands must complete this declaration confirming the charge does not prohibit continuation.
• The company must select and confirm one of the three prescribed scenarios (satisfaction filed, chargee consent/non-objection, or non-diminishment of chargee's interest) under section 184(1A).
• The declaration must be signed by a company director or the registered agent and executed before a witness.

Applies to

BVI business companies, registered agents