After a BVI company has served its purpose, you may no longer need to keep it active. In these situations, when the company is no longer required, you may decide to let the company strike off or to go through a dissolution process.
While allowing companies to strike off as is a standard option, it is essential to know that the company will remain liable for all claims, debts, and liabilities. The striking off does not affect the liability of its members, directors, officers, or agents, meaning that the company must continue to comply with all legislation, including the filing information on economic substance.
Bear in mind that a struck company becomes automatically dissolved seven years after being struck off the register. Therefore, to relieve the directors or members from any responsibilities related to the company, we suggest dissolving the entity if you are certain that the company will not be needed in your medium-term plans.
After the company goes through the voluntary liquidation process, which may take approximately 45 days, the Registrar issues a certificate of dissolution, which shows that the entity was formally liquidated, eliminating any future responsibilities.
Should you be interested in knowing more about the dissolution process and it's fees, please let us know so we may assist you accordingly.
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