Specialist in British Virgin Islands (BVI) Offshore Company Incorporations
I have not paid to renew my BVI Offshore Company. What will it cost to restore the company to good standing?
It will cost more than you expect. In certain circumstances it is not worth it to restore the company. You will make this determination after you receive the restoration price quote. Only the current BVI Registered Agent of your company can arrange for the restoration. The BVI company cannot be transferred before the restoration of the company.
The cost to restore the company is determined by the length of time the company has not paid to renew. The restoration fee involves the following items:
Annual Renewal Fees for each year not paid.
Government Late Payment Penalty for each year not paid.
Government Restoration Fee.
Service fee for attending to the restoration.
Certificate of Good Standing (optional)
We cannot provide specific numbers because government fees increase depending on the amount of time that has passed in relation to each year's renewal. For example - If you did not pay the 2017 and 2018 renewal for your BVI company, the government late payment penalty would be higher on the 2017 renewal fee. The same thing applies to the government restoration fee. The fee depends on the length of time the company has been struck-off by the BVI Companies Registry for non-payment of the renewal fees.
Before we would proceed with a restoration, we would request updated due diligence in relation to the BVI offshore company.
If you have any questions about the above, send us an email.