NetIncorp.com Corporation
       
Specialist in British Virgin Islands (BVI) Company Formations
We provide BVI offshore company formations and related services to clients worldwide. We are specialist in tax exempt BVI Companies. All aspects of the incorporation and post incorporation process can be completed on-line and via email. Professional personnel are available to help you on-line and off-line.
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Offshore Company Land NewsLetters?


 

What happens if I don't pay the annual renewal invoice for my Offshore Company?
Staff writer: NetIncorp.com
August 27, 2012


When a client does not pay the renewal invoice for their BVI offshore company it reduces our income and we say to ourselves "Dammit?" or something like that.

Various reasons lead to a client deciding not to renew their BVI company. A percentage of non-renewals each year is normal.

When a BVI company does not renew by the BVI Companies Registry payment deadline, a late payment penalty is incurred. This government late payment penalty would have to be paid if you decided to renew at any time in the future.

The late payment penalty increases according to the duration of time the company has not paid. After five months, the company is Struck-off by the BVI Companies Registry. At that point a government restoration fee would apply if you decided to restore the company to good standing after five months of non-payment. 

The BVI Companies Registry's records would show that the company has been Struck-off due to non-payment of the annual renewal fee. No business can be done while the BVI company is Struck-off. The BVI Registered Agent cannot (will not) fulfill any of your service requests during this time - except dealing with restoration of the company.  

If you have any questions about the above, send us an email.

      


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