BVI Business Companies – Increase in Government Charges into force in January, 2018.
By the BVI Business Companies Act (Amendment of schedules) Order, 2017 approved on February 17th, 2017, the fees will be increased in some legal services. This order shall come into force in the 1st day of January, 2018.
The annual incorporation and maintenance charges payable to the government for companies authorized to issue up to 50,000 shares will increase from USD $ 350 to USD $ 450 and for companies authorized to issue more than 50,000 shares from USD $ 1,100 to USD $ 1,200.
The fees will be increased in some legal services such as:
- For the registration of a notice of amendment of the memorandum or articles or of a restated memorandum or articles;
- For an application for consent to use a restricted word or phrase;
- For an application to register an additional foreign character name;
- For an application to change a name or foreign character name;
- For the issuance of certificate of change of name;
- For the reservation of a name;
- For filling a notice of change in the number of shares a company is authorized to issue; among others.
In addition, the penalties will be increased for the late payment of annual fee and for the failure to file copy of register of directors.
This order shall come into force in the 1st day of January, 2018.
For further information, please do not hesitate to contact with us.