BVI Business Companies (Amendment of Schedule 1) (No. 2) Order, 2022

Summary

This Order amends Schedule 1 (the fee schedule) of the BVI Business Companies Act, Revised Edition 2020. It increases a range of existing statutory fees and introduces new fees for filings and applications under the Act, replacing several outdated fee references tied to sections that have been renumbered or restructured by the BVI Business Companies (Amendment) Act, 2022.

• Registration and incorporation fees: Fees under sections 7(1) and 8(1) (initial registration/incorporation fees) are increased, e.g. from $450 to $550, $1,200 to $1,350, and $7,500 to $8,000, among others.
• Name and charitable purpose applications: New fees ($100 to $200) are added for applications and approvals relating to company names ending in section 17(1) for charitable or non-commercial purposes, and for name authorisation applications.
• Foreign companies: New fees are set for filing a notice of resignation as registered agent of a foreign company ($550) and for re-registering a foreign company previously removed from the Register, with different fees depending on whether the application is made within or after 12 months of removal ($1,000).
• Voluntary liquidation: New or revised fees ($75 to $250) apply for consent to place a company into voluntary liquidation, approval of a voluntary liquidator, resignation or removal of a liquidator, and appointment of a replacement liquidator.
• Directors' register filings: Fees for filing or amending a register of directors are revised (e.g. $100 for filing, $50 for changes) and a $75 fee is set for the Registrar providing a list of directors on request.
• Continuation and restoration: New and increased fees apply to filings for a company continuing under foreign law (section 184), and to restoration of dissolved companies to the Register, with tiered fees depending on whether the application is made within or more than 12 months after dissolution.
• Inspection and other fees: New inspection fees ($50 and $100) are introduced for registers and qualifying documents held by the Registrar, and the fee under section 235 rises from $50 to $100.
• Part II amendment: Paragraph 2A of Part II of Schedule 1 is amended by removing sub-subparagraph (1)(c) and subparagraphs (1A), (1B), (1C) and (2), and adjusting punctuation in subparagraph (1).

The Order takes effect on the same date as the BVI Business Companies (Amendment) Act, 2022 comes into operation, namely 1 January 2023. It does not create new ongoing compliance obligations beyond payment of the revised fees when making the relevant filings or applications.

Key obligations

• Applicants and registered agents must pay the revised statutory fees set out in Schedule 1 when making filings or applications under the BVI Business Companies Act from 1 January 2023 onward.

Applies to

BVI business companies, registered agents, foreign companies, voluntary liquidators

Deadlines

• 1st January, 2023: Order comes into force, coinciding with commencement of the BVI Business Companies (Amendment) Act, 2022, applying the revised fee schedule.

Related documents

• This document commences BVI Business Companies (Amendment) Act, 2022 (No. 6 of 2022)