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BVI Business Companies Act, 2004

SCHEDULE 1

Fees and Penalties

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PART III – ADDITIONAL PROVISIONS WITH REGARD TO FEES AND PENALTIES

1. The date when the annual fee payable by a company under Part I of this Schedule is due shall be determined as follows:

(a) if the company was incorporated, continued or re-registered between the 1st January and 30th June in any year, the annual fee shall be due on the 31st May of each year, commencing in the year following its incorporation;

(b) if the company was incorporated, continued or re-registered between the 1st July and 31st December in any year, the annual fee shall be due on the 30th November of each year, commencing in the year following its incorporation.

2. In the case of a company specified in section 5(a), (c) or (e), any fee liable to be paid under section 7(1) for the incorporation of a company, under section 182(1) for the continuation of a company or under Part I of this Schedule in respect of the annual fee for a company is increased as follows if the company is authorised by its memorandum to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares:

(a) in the case of a company that is authorized to issue no more than 50,000 shares

(i) if all the company’s bearer shares are held by a recognized custodian, the registered office and head office of which are situated in the Virgin Islands, by $450.00, or

(ii) if any of the company’s bearer shares are held by a custodian not falling within paragraph (a)(i), by $750.00; or

(b) in the case of a company that is authorized to issue more than 50,000 shares, if any of its bearer shares are held by a custodian not falling within paragraph (a)(i), by $250.00.

3. If by reason of an amendment of its memorandum, its merger with another company or an arrangement, a company becomes authorized to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares, in circumstances where it was not so authorized prior to the amendment, merger or arrangement, it shall be liable to pay a fee equal to the difference between:

(a) the fee that it would have paid on its incorporation or continuation had it been so authorized, and

(b) the fee that it actually paid.

4. Where a company is incorporated as a restricted purposes company, the fee payable under section 8(1) is payable instead of, and not in addition to, the incorporation fee specified in respect of section 7(1).

5. Where an Insolvency Act liquidator is appointed in respect of a company, the company is not liable for any fees incurred under this Schedule after the date of the liquidator’s appointment.

6. For the purposes of this Schedule, a company that is authorised to issue an unlimited number of shares shall be regarded as a company that is authorised to issue more than 50,000 shares.