Annual Maintenance of Offshore Companies


How should I properly discontinue the usage of an offshore company?

The proper procedure for discontinuation of a BVI Business Company is a voluntary liquidation. It is a fairly straightforward procedure, which involves preparing and filing a declaration of solvency, producing a statement of assets and liabilities, appointing a liquidator, publishing announcements in local press, adopting several resolutions and filing a range of documents with the Registrar. Most of this procedure can be performed by the Registered Agent, while certainly some client involvement is required. The end result of a voluntary liquidation is the issue of a certificate of dissolution by the Registrar of Companies. After a voluntary liquidation is properly completed, there is no more recourse for any creditors against the company, neither there is any deferred or potential liability for the directors, shareholders and owners of the offshore company.