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How do I liquidate a solvent British Virgin Island (“BVI”) registered company?

You can liquidate a BVI registered company even if it owns assets in the UK by filing the right pieces of paper in the right order with the Registry in the British Virgins Islands.

A typical reason to liquidate a solvent BVI company is to transfer out of corporate ownership a property held in that company which now falls into the Annual Tax on Enveloped Dwellings (“ATED”) annual charge. This is an annual tax charge designed to discourage residential property being held within limited companies.

The process of liquidation is:

  1. We work out with you what assets and liabilities the company has.
  2. We then draft all the paperwork to liquidate.
  3. We use an associated firm in the BVI to file our forms at the Registry.
  4. Once in liquidation we transfer any assets out to the shareholders.
  5. We agree the tax position with H M Revenue and Customs and pay any tax due e.g. capital gains tax on a property sale.
  6. We close the case and file the closure forms at the Registry on the BVI.

 

 

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