If the company has been active, possibly with outstanding assets or liabilities and the directors wish to have a proper discharge from their duties, then placing the company into voluntary liquidation and appointing a liquidator to wind up the business is the preferred choice.
If the shareholders and directors are satisfied there are no assets or liabilities remaining in the company, and it has not been considered an active business, they can request the company be struck from the Register. This is the quickest and least expensive option.
Striking Company off the Companies Register
A company may be struck off the register if the Registrar has reason to believe that a company is no longer trading or if the requisite fees have not been paid. In a voluntary striking, we advise the Registrar that the company has ceased trading and that the company has no assets or liabilities. Striking does not absolve directors of any ongoing liability, nor does it prevent the company from being reconstituted by petition to the court. After a continuous period of 10 years without any claim or petition, no further claims may be made against the company or its officers.
Voluntary Winding up of Company
A company may be wound up voluntarily if the company has passed a special resolution requiring the company to be wound up voluntarily.
Once the company is placed into liquidation, it shall cease to carry on business, except for actions in its beneficial winding up. Further transfers of shares are precluded, except any transfers made to or with the sanction of the liquidator.
Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
The British Virgin Islands is a well-established trust jurisdiction. It has a modern trust legislation and an effective judicial system. British Virgin Islands (“BVI”) law is derived from English common law, as supplemented by the Trustee Ordinance Act 1961 (the “Act”) (updated by the Trustee (Amendment) Acts of 2013 and 2015) and Virgin Islands
Politically the British Virgin Islands enjoy the best of both worlds, having the ideal combination of responsibility for its internal self-government and being a dependent territory of the United Kingdom. It must be emphasized however that the administration of BVI Offshore Companies and Trusts and any legal matters so arising, such as claims against island based entities by foreign tax authorities, is solely within the jurisdiction of the BVI courts.
International Business Company (IBC) registered under BVI Business Companies Act 2004.The normal authorised share capital of a BVI company is 50,000 shares with all of the shares could have a par value or no par value, this being the maximum share capital for the minimum duty payable upon incorporation and annually thereafter. The share capital may be expressed in any currency.
This company kit includes five copies of the M&A of which two have been stamped by the BVI Registry. Further copies are retained by the Registered Agent and the Registrar of Companies in the BVI.Any amendments to the M&A may be passed by resolution of the director(s) or shareholder(s) and must be filed with the Registrar of Companies in the BVI. Amendments are NOT effective until so filed.
