BVI Axes Fee Increase for Existing IBCs

Chris Owen

17 July 2007

The BVI Financial Services Commission has reduced fees for companies registered under the Companies Act, to level the playing field with companies registered under new legislation. The regulator also announced a fee structure for the new private trust companies when regulations come into force. Legislation passed last year increased the fees payable by companies registered under the previous Companies Act to a minimum of $350, the same amount as companies registered under the new BVI Business Companies Act. But the government has decided that existing companies, which had not re-registered under the BVIBCA when their annual fee was due on 30 April 2007, should not be required to pay an increased fee in 2007. The Executive Council has therefore reduced the 2007 annual fee for local companies to the same level as it was in 2006, and directed the Registrar of Companies to refund all overpaid fees. There is no need for companies to apply for the repayment of any overpaid fee. The FSC also expects regulations enabling the establishment of private trust companies to come into force during the course of the month. The incorporation fee and annual fee for a private trust company will be $750 for a company authorised to issue 50,000 shares or $1,450 if authorised to issue more than 50,000 shares.