A BVI company can be closed cleanly and, if it was struck off, brought back. A solvent company is usually wound up in a voluntary liquidation in about 6 to 12 weeks, and a struck-off company can be restored for up to 5 years, as if it had never been dissolved. Either way, the company's history stays clean for banks and buyers.
The hard part is the rule change of 2023. A company struck off the register is now dissolved on the same day, its assets pass to the Crown and its bank account usually freezes. BVI company restoration means paying every missed fee and penalty, filing the registers within 14 days and finding an agent willing to act.
You do not need to handle that alone. Binderr works with licensed registered agents and licensed liquidators in the BVI and runs the process for you: the solvency declaration, the plan and the notices, or the restoration file and the missing filings. One team, with every cost in writing first.
Company Incorporation in BVI (Virgin Islands)
Binderr
Corporate tax
0% for most
Capital gain tax
0%
Incorporation time
2–5 working days
Cost
Starting from €1,899
Strike Off, Liquidation or Restoration in 2026
There are three ways a BVI company leaves or returns to the register. The right one depends on whether the company has assets, debts or a history you need to keep.
Route | When it fits | Typical time | What happens to assets | Can it be reversed |
|---|---|---|---|---|
Strike-off by the Registrar | A company that was never used, with no assets, no debts and no bank account | Up to 90 days' notice, then immediate dissolution | Any left pass to the Crown | Yes, by restoration within 5 years |
Voluntary liquidation | A solvent company you want to close properly | About 6 to 12 weeks | Paid to creditors, then to the shareholders | Only by the court, for a good reason |
Insolvent liquidation | A company that cannot pay its debts | Months or longer | Realised for creditors by a licensed insolvency practitioner | Rarely |
Restoration | A struck-off company you need back | Weeks, once the file is complete | Returned to the company | Not needed |
Strike Off a BVI Company
The Registrar can strike off a BVI company that stops paying its annual fee, has no registered agent or fails to file what it must. It is the cheapest way out, but it is not a formal closure. The company is dissolved the day it is struck off, and its directors and shareholders stay liable for anything that existed before.
Voluntary Liquidation
A voluntary liquidation is the formal way to close a solvent company. The directors confirm it can pay its debts, a licensed liquidator is appointed, creditors are given notice and paid, and the rest goes to the shareholders. At the end, the Registrar dissolves the company and issues a certificate of dissolution.
Close or Restore Your BVI Company With Us
Closing or restoring a company is simple when every step is done in the right order. This is what we handle for you.
- Route chosen: Strike-off, liquidation or restoration, based on the facts.
- Licensed liquidator: Appointed through our BVI partners.
- Documents prepared: Declaration of solvency, plan, resolutions and notices.
- Missing filings fixed: Annual returns, substance reports and registers.
- Agent handled: We deal with the registered agent for you.
- Costs in writing: Every fee and penalty set out before we start.
BVI Company Restoration
BVI company restoration brings a struck-off company back as if it had never been dissolved. The Registrar can restore it on an application made within 5 years, and the court can restore it in other cases. The company pays its restoration fee, every fee and penalty it missed and files its registers.
What Changed on 1 January 2023
The BVI Business Companies (Amendment) Act 2022 ended the old regime, under which a struck-off company stayed in limbo for years before it was dissolved. Since 1 January 2023 a company is dissolved as soon as it is struck off. The same reform created restoration by the Registrar within 5 years and required a sole voluntary liquidator to have lived in the BVI for at least 180 days.
How to Strike Off a BVI Company
Many owners close an unused company by letting the annual fee lapse and waiting for the Registrar to strike it off. That works for a company that never traded. For anything else, it leaves risks that a liquidation would close.
Why the Registrar Strikes Companies Off
The Registrar can strike off a company that has no registered agent, fails to file a return, notice or document, fails to pay its annual fee or a penalty, has stopped carrying on business, or has had its licence revoked by the Commission. Failing to pay the annual fee is by far the most common reason.
Notice and the Gazette
The Registrar sends the company a notice that it will be struck off on a date no more than 90 days later and publishes its intention in the BVI Gazette. Once the company is struck off, the Registrar publishes a further notice in the Gazette. A failure to send or publish a notice does not stop the strike-off from taking effect.
What Happens on the Strike-Off Date
The company is dissolved immediately. It cannot carry on business, start legal proceedings or deal with its assets. Any property it still owns passes to the Crown as bona vacantia. The company, its shareholders, directors and officers remain liable for anything that existed before it was struck off, and creditors can still make claims.
When Strike-Off Is Enough
- The company was never used: No trading, no contracts, no clients.
- It has no assets: No shares, cash, property or rights left in it.
- It has no debts: No loans, taxes or claims outstanding.
- It has no bank account: Close any account before the fee lapses.
- Nobody will need it back: No litigation, sale or audit in view.
If any of these is not true, strike off a BVI company only after taking advice, because a liquidation gives the finality a strike-off does not.
BVI Company Liquidation Process
The BVI company liquidation process for a solvent company is set out in the BVI Business Companies Act. It is run by a voluntary liquidator and usually takes about 6 to 12 weeks for a simple company.
Check the Company Is Solvent
A voluntary liquidation is only for a company that can pay its debts. The liquidation procedure for a BVI company that cannot pay is different: the Insolvency Act 2003 applies instead, and a licensed insolvency practitioner must be appointed, usually by the court.
Make the Declaration of Solvency
The directors make a declaration of solvency, with a statement of the company's assets and liabilities, no more than 4 weeks before the resolution that appoints the liquidator. It confirms the company can pay its debts as they fall due and its assets exceed its liabilities.
Approve the Liquidation Plan
The directors approve a liquidation plan no more than 6 weeks before that resolution. The plan sets out how the assets will be realised, the creditors paid and the surplus distributed.
Appoint the Liquidator
The members, or the directors where the articles allow, pass a resolution to appoint a voluntary liquidator. A sole liquidator must be an individual who has lived in the BVI for at least 180 days and is independent of the company. Joint liquidators can include a non-resident if one of them meets the residence rule.
File and Publish
The liquidator files the notice of appointment, the declaration of solvency and the plan with the Registrar within 14 days. Within 30 days of filing, the liquidator publishes notice of the appointment in the Gazette, a BVI newspaper and wherever else the company did business.
Wind Up and Dissolve
The liquidator collects the assets, pays the creditors and distributes what is left to the shareholders. When the work is done, the liquidator files a statement of completion, and the Registrar strikes the company off and issues a certificate of dissolution.
The Liquidation Procedure for a BVI Company at a Glance
Step | When | Who |
|---|---|---|
Declaration of solvency | No more than 4 weeks before the appointment | The directors |
Liquidation plan approved | No more than 6 weeks before the appointment | The directors |
Liquidator appointed | By resolution | The members, or the directors |
Notice, declaration and plan filed | Within 14 days of appointment | The liquidator |
Notice published | Within 30 days of filing | The liquidator |
Assets realised and creditors paid | Usually a few weeks | The liquidator |
Statement of completion filed | When the work is done | The liquidator |
Certificate of dissolution | On filing | The Registrar |
Full-Service BVI Voluntary Liquidation
We run the liquidation procedure for a BVI company with a licensed liquidator, from the first resolution to the certificate of dissolution.
- Solvency checked: Assets, debts and open contracts reviewed first.
- Declaration and plan: Drafted for the directors to sign.
- Licensed liquidator: BVI-resident, as the law requires.
- Filings and notices: Registrar, Gazette and newspaper handled.
- Bank account closed: Funds paid out before dissolution.
- Certificate of dissolution: Delivered at the end.
BVI Company Restoration by the Registrar
Most BVI company restoration applications go to the Registrar. It is an administrative process, quicker and cheaper than going to court, and it is open for 5 years after the strike-off.
Who Can Apply
The company itself, a creditor, a shareholder or a liquidator of the company can apply. The application is made through a licensed registered agent that has agreed to act for the company.
The Conditions
- It was trading when struck off: The company was carrying on business at the time.
- An agent has agreed to act: A licensed registered agent signs up to the company.
- Records brought up to date: Or an undertaking to update them within 14 days.
- Registers filed: Members and directors, with beneficial ownership information.
- Crown consent: Where property passed to the Crown.
- Fees paid: The restoration fee plus every fee and penalty owed.
The Registrar must also be satisfied that restoring the company is fair and reasonable. Under Industry Circular 16 of 2025, a restored company must file its registers and beneficial ownership information before or within 14 days of restoration, or it is dissolved again.
The Fees
The restoration fee is US$700 if the application is made within 12 months of dissolution and US$1,600 after that, made up of an application fee of US$200 or US$400 and a restoration fee of US$500 or US$1,200. On top come the annual fees for the years the company was off the register, the late payment penalties and any filing penalties. For a company struck off for an unpaid fee, the arrears are often larger than the restoration fee itself.
BVI Company Restoration by the Court
Where the Registrar route is not open, BVI company restoration can go through the court. A creditor, former shareholder, director, liquidator or anyone who can show an interest can apply to the High Court within 5 years of dissolution.
When the Court Route Is Used
The court can restore a company that was dissolved after its liquidation was completed, one that was not trading when it was struck off, or one that needs to come back to pursue legal proceedings or recover property that passed to the Crown. It can also restore a company in any other case where it is just and fair.
What the Court Asks For
For a company that was liquidated, the applicant must nominate a liquidator and make proper provision for the liquidator's fees. The court order must be filed with the Registrar within 60 days of being made. The company is restored from the date and time the order is filed.
The Effect of Restoration
Whichever route is used, BVI company restoration treats the company as if it had never been struck off or dissolved. Its contracts, assets and history continue. Read about BVI company documents and certificates you will need afterwards.
Company Incorporation in BVI (Virgin Islands)
Binderr
Corporate tax
0% for most
Capital gain tax
0%
Incorporation time
2–5 working days
Cost
Starting from €1,899
BVI Dissolved Companies List and How to Check a Company
There is no single BVI dissolved companies list that anyone can download. Three sources together show whether a company is struck off, in liquidation or dissolved.
- The Registry search: A VIRRGIN search shows a company's status and its filed documents.
- The Gazette: The Registrar publishes notices of intended strike-off and of each strike-off.
- Liquidation notices: Voluntary liquidators publish their appointment in the Gazette and a BVI newspaper.
- A certificate of good standing: Issued only to a company that is up to date.
- The registered agent: Can confirm a company's status and history.
A company on a BVI dissolved companies list in the Gazette can still be restored within 5 years. For due diligence on a counterparty, ask for a recent certificate of good standing and check the Registry search, rather than relying on a BVI dissolved companies list from a third party. Read our BVI company registration guide.
What Each Route Costs
The cheapest route today can be the most expensive later. The table compares the usual costs.
Route | Main costs | Typical total |
|---|---|---|
Strike-off | No fee to stop paying, but every unpaid fee and penalty stays owed if the company is ever restored | Nothing upfront |
Voluntary liquidation | Liquidator's fee, Gazette and newspaper notices, Registry filings and agent fees | About US$3,000 to US$5,000 for a simple company |
Restoration by the Registrar | Restoration fee, arrears of annual fees, penalties and agent fees | US$700 or US$1,600, plus arrears |
Restoration by the court | Registry fees of US$2,400 within 12 months or US$4,600 after, plus court and lawyers' fees | Much higher, quoted on the case |
Why Strike-Off Is Not Free
A company struck off for an unpaid fee carries its arrears with it. If it ever has to be restored, to recover an asset or defend a claim, the owners pay the restoration fee, each missed annual fee with its 50% penalty and any filing penalties. A liquidation done once, at a known price, avoids that. Its Registry fees are small: US$150 to file the liquidator's appointment, US$100 for the statement of completion and US$100 for the certificate of dissolution. It also leaves a record of how the company's affairs were settled, which buyers, lenders and tax authorities may ask for later.
Company Incorporation in BVI (Virgin Islands)
Binderr
Corporate tax
0% for most
Capital gain tax
0%
Incorporation time
2–5 working days
Cost
Starting from €1,899
How Long Each Route Takes
Route | Typical time |
|---|---|
Strike-off | Up to 90 days' notice, then immediate dissolution |
Voluntary liquidation, no assets or debts | About 4 to 8 weeks |
Voluntary liquidation, with assets and creditors | About 8 to 12 weeks or more |
Restoration by the Registrar | A few weeks once the file and payments are complete |
Restoration by the court | Several months |
The quickest liquidations are those where the bank account is already closed and every creditor is paid before the liquidator is appointed.
Restore a Struck-Off BVI Company
A struck-off company can usually be brought back within weeks once the file is complete. This is what we handle.
- Status checked: When and why it was struck off.
- Arrears calculated: Fees, penalties and the restoration fee in writing.
- Agent appointed: A licensed registered agent to act for the company.
- Filings rebuilt: Registers, annual returns and substance reports.
- Registers within 14 days: So the company is not dissolved again.
Before You Close a BVI Company
Closing a company is easy to get wrong if the paperwork is done before the business is wound down. Work through this list first.
- Close the bank account: Move the funds before the company loses its standing.
- End contracts: Leases, client agreements and supplier terms.
- Transfer or sell assets: Shares in subsidiaries, IP or property.
- Settle debts and taxes: Including any tax owed at home.
- Bring filings up to date: Annual return, substance report and registers.
- Keep the records: Accounting records and minutes for at least 5 years.
- Tell your adviser: Closing can trigger tax where the owners live.
If the company was formed for a project that is ending and you will need a new one later, it is usually cheaper to close it properly and form a new one than to keep an idle company alive. Read the full breakdown of how much a BVI company costs.
Company Incorporation in BVI (Virgin Islands)
Binderr
Corporate tax
0% for most
Capital gain tax
0%
Incorporation time
2–5 working days
Cost
Starting from €1,899
Bank Accounts, Strike-Off and Restoration
A bank will freeze or close the account of a company that loses its good standing, and a dissolved company cannot sign anything to release the funds. That is the biggest practical risk of letting a company lapse with money still in it.
Closing the Account Properly
Close the account, or move the money to the shareholders, before the liquidator files the statement of completion or before the annual fee lapses. In a liquidation, the liquidator handles the final payments.
Banking After Restoration
A restored company has to go through its bank's checks again, with fresh certificates, the registers and an explanation of what happened. Some banks will not take it back. Our banking partners are licensed electronic money institutions that review BVI companies on their merits and open accounts online within days of a complete file. Read about BVI offshore banking for companies.
Equals Money
Business Bank Account
Time to onboard
2 Days
Account opening fee
Free
Monthly fee
€30
3S Money
Cross-border payments
Time to onboard
4 Days
Account opening fee
Free
Monthly fee
Starting from € 100
When Strike-Off Is the Wrong Choice
Strike-off is a shortcut, and for most companies that traded it is the wrong one.
- The company holds assets: They pass to the Crown on dissolution.
- It has debts or open claims: Directors and shareholders stay liable.
- It has a bank account: The funds can be frozen with no one able to release them.
- It may be sold or audited: A clean liquidation record is easier to explain.
- It may be needed again: Restoration costs more than a timely liquidation.
Common Mistakes When Closing or Restoring a BVI Company
Most problems come from treating the company as finished before it is.
- Letting the fee lapse with money in the bank: The account freezes.
- Forgetting the arrears: Restoration means paying every missed year.
- Missing the 14-day register filing: The company is dissolved again.
- Using a non-resident sole liquidator: The law requires 180 days in the BVI.
- Waiting past 5 years: After that, restoration is no longer possible.
Get Advice Before You Close or Restore
Not sure which route fits your company? Tell us what it owns, what it owes and when it stopped trading.
- Route recommended: Strike-off, liquidation or restoration.
- Costs compared: Today's price against the risk later.
- Liquidator arranged: Through our licensed BVI partners.
- Restoration file built: Arrears, registers and agent in one plan.
- Clear pricing: Every fee in writing before we start.
Bottom Line
A BVI company can be closed by strike-off or voluntary liquidation and, if it was struck off, restored within 5 years. Since 2023 a strike-off means immediate dissolution, so it only suits a company that never traded and holds nothing. A voluntary liquidation costs about US$3,000 to US$5,000 for a simple company and gives the finality a strike-off does not.
BVI company restoration costs US$700 or US$1,600 plus every fee and penalty owed, and the registers must be filed within 14 days. We work with licensed agents and liquidators to close or restore your company, with every cost in writing first. Read our BVI company formation guide if you need a new company instead.
How do I strike off a BVI company?
What is the BVI company liquidation process?
What is the liquidation procedure for a BVI company that is insolvent?
How does BVI company restoration work?
How much does BVI company restoration cost?
How long do I have to restore a BVI company?
Is there a BVI dissolved companies list?
What happens to the assets of a struck-off BVI company?
Can directors be liable after a BVI company is struck off?
Who can be a liquidator of a BVI company?
Should I liquidate or strike off a BVI company?
Can a restored BVI company keep its bank account?
Is it cheaper to restore a company or form a new one?
Sources
- BVI Business Companies Act, Revised Edition, BVI Financial Services Commission
- Mourant, strike off, dissolution and restoration under the BVI Business Companies Act
- Mourant, voluntary liquidation under the BVI Business Companies Act
- Maples Group, BVI companies, voluntary liquidations v strike offs
- Campbells, guide to the 2022 BVI Business Companies Act amendments
- Vistra, strike off or liquidation for a BVI company
- BVI Business Companies (Amendment of Schedule 1) (No. 2) Order 2022, Registry fees
- BVI Liquidations, voluntary liquidation fees
