BVI Government Fee Increase Effective January 2018

BVI Government Fee Increase Effective January 2018

January 2018

Introduction

The British Virgin Islands (BVI) Business Companies Act (Amendment of Schedule 1) (No. 3) Order, 2016 has passed on 20 December 2016 setting out new fees to be charged to BVI Business Companies by the Registry of Corporate Affairs in the BVI. On 28 March 2017, the BVI Government confirmed the new fees will come into effect on 1 January 2018.  

Companies within scope

All BVI incorporated companies.

How it could affect you

The most significant changes are highlighted below:

  • Incorporation fee for a standard company authorised to issue up to 50,000 shares will increase from US$350 to US$450, and for a company authorised to issue more than 50,000 shares, from US$1,100 to US$1,200.
  • The annual fee payable to maintain a standard company authorised to issue up to 50,000 shares will increase from US$350 to US$450, and for a company authorised to issue more than 50,000 shares, from US$1,100 to US$1,200.
  • The existing US$50 fee payable by a new company to register its initial Register of Directors will be absorbed into the new incorporation fee.
  • Most other filing fees and fees for the issuance of certificates by the Registry will also increase.

Please click below links to download:
BVI Business Company Act (Amendment of Schedule 1) (No. 3) Order, 2016; and
BVI Business Company Act (Amendment of Schedules) Order, 2017

How Vistra can support

While this will result in an increase of up to US$100 on many of our invoices, these increases in the incorporation fee and annual licence fee are mandated by the BVI government – please note that Vistra’s professional fees shall remain unchanged in 2018.

Please do not hesitate to contact us or your account manager should you have any queries or require an updated 2018 fee schedule.