Amendments to the BVI Business Companies Act 2022 – Existing Companies Removed from the Register

The BVI Business Companies Act 2004 was amended in 2022 to include changes to the process for reinstating companies removed from the register.

The new guidelines applicable to existing companies that are removed from the register (companies removed from January 1, 2023) are as follows:

Companies that were removed from the register from January 1, 2023 (“existing companies removed from the register”) will only have until June 30, 2023, to be reinstated in the Register.

• Reinstatement is not automatic, and payment of outstanding balances does not guarantee reinstatement.
• To reinstate a company, an application must be submitted to the Companies Registry, and the Registered Agent must confirm in writing that the due diligence and corporate records of the company are in compliance with current regulations. Registration fees will be charged for submitting this application.
• If an existing company removed from the register is not reinstated within the given six-month period (from January 1 to June 30, 2023), it will be deemed dissolved on the day following the end of this period (i.e., July 1, 2023). It will also be considered that the registered agent has resigned.
• To reinstate an existing company removed from the register that is considered dissolved as of July 1, 2023, an application must be made to the BVI Courts. In addition to licensing fees, fines, reinstatement fees, and legal costs, a fine of US$5,000 will be imposed on the Company.

If you have any questions related to this matter