How do I pay an annual renewal fee for my registered BVI Company? What will happen if I cannot pay the fee on time?

Renewing your BVI company is an important step to maintain your operation. Renew your registered BVI company on time is necessary as it is not only to maintain your company’s Good Standing but also to make sure to comply with local regulations.

According to BVI regulations, business owners need to pay annual Company Renewal fee starting from the second year to BVI Government and depend on the period of company incorporation date, the company renewal date due at 2 different renewal periods:

• The fee is due before 31st May, for all companies incorporated between the 1st of January and 30th of June;
• The fee is due before 30th November, for all companies incorporated between the 1st of July and 31st of December;

The owners cannot pay directly the annual renewal fee to the Government, the Government will only accept the fee through a Registered Agent according to the BVI Business Companies Act 2004.

If you cannot pay the fee on time, your BVI company will lose its status of Good Standing and can be strike-off from the Registry for non-payment of fee. Striking-off a company means your BVI company is unable to continue trade or enter new commercial agreements, and its directors, shareholders, and managers are by law precluded from any operations or transactions with the assets of the company until the company is restored in Good Standing.

Moreover, late penalties will be applied for non-payment of an annual renewal fee.

• A 10% penalty fee is applied if the payment is up to 2 months late.
• A 50% penalty fee is applied if the payment is over 2 months late.

Business owners can restore a company after it has been struck off, but owners need to pay substantial fees to the Government including all past-due renewal fees depending on the number of days overdue after strike-off and penalties fee.

Therefore, paying in full and on time your renewal fee is essential for your registered BVI company. Paying renewal fees after the expiration date will cause many problems that can affect your operation.

Read more:

• BVI company registration fee
• How to register a company in British Virgin Islands?