BVI Business Companies (Amendment of Schedule 1) Order, 2021

Summary

This Order amends Schedule 1 (the fee schedule) of the BVI Business Companies Act, 2004, setting or revising specific fees payable to the Registrar for various filings, registrations and certificate requests under the Act. It does not change substantive company law obligations, only the fees attached to certain administrative acts.

• Change of name fee: Adds wording so the fee under section 25 applies for reserving or changing a company name for 90 days.
• Registered agent resignation/rescission: New fees under section 93(4)-(6): $100 for registration of a notice of resignation as registered agent; $75 for filing a notice of rescission as registered agent.
• Section 118B(1) fee: Fee previously set at $0 is changed to $75.
• Foreign company ceasing business: New fee of $100 under section 193(1) for a foreign company filing a notice of ceasing to carry on business in the Virgin Islands.
• Certificates and copies (section 233): New fees: $75 for a certified copy or extract of certain certificates (incorporation, restoration, merger, consolidation, arrangement, continuation, discontinuance, dissolution, good standing); $50 for an uncertified copy or extract of the same; $50 for a duplicate certificate; $50 for a physical copy where an electronic version has been provided; $100 for any other certified or uncertified document or certificate not otherwise specified.
• General/residual fee: The general fee for registering any document or filing any transaction required under the Act for which no fee is otherwise specified is set at $100.

The Order was made by the Cabinet on 1 April 2021 on the advice of the BVI Financial Services Commission, but its commencement is deferred until a date the Minister appoints by Notice in the Gazette, so the revised fees are not automatically in effect from the date of gazetting.

Key obligations

• A registered agent resigning must pay $100 for registration of the notice of resignation.
• A person filing a notice of rescission as registered agent must pay $75.
• Filers relying on section 118B(1) must now pay $75 instead of $0.
• A foreign company ceasing to carry on business in the Virgin Islands must pay $100 when filing the required notice under section 193(1).
• Persons requesting certified or uncertified copies/extracts of certificates, duplicate certificates, physical copies of electronic certificates, or other unspecified certified/uncertified documents must pay the corresponding fee ($75, $50, $50, $50, or $100 respectively).
• Any registration or filing required under the Act for which no fee is otherwise specified attracts a $100 general fee.

Applies to

BVI business companies, registered agents, foreign companies operating in the Virgin Islands

Deadlines

• such date as the Minister may, by Notice published in the Gazette, appoint: Commencement date of the Order, to be fixed later by ministerial notice in the Gazette.