Denounce with righteous indignation and dislike men who are beguiled and demoralized by the charms pleasure moment so blinded desire that they cannot foresee the pain and trouble.
Read MoreHilda Loe Associates offers a BVI Will drafting service so that the shares in your BVI company will pass to heirs of your choice in the event of your passing.
Under BVI law, in order to deal with the shares in a BVI company, a BVI grant of representation MUST be obtained to be able to deal with the shares. Until a grant is obtained, the shares are effectively paralysed and cannot be dealt with in any way. The position is made worse when the single individual shareholder is also the only director. In such a case not only are the shares paralysed but the continued operation of the company is also paralysed as a new director cannot be appointed until such time as a Grant has been obtained.
Where there are no directors, the annual fees of a BVI company may not get paid. Non-payment of fees can lead to a company being struck-off and its underlying assets being automatically vested in the Crown (i.e. the BVI government). Where a BVI company is struck off for seven years it automatically becomes dissolved. Once a company has been dissolved, it can only be restored to the Corporate Register by the BVI High Court, a costly and time consuming process. If an application to restore is not made within the 10 year period following the dissolution of the company no restoration is possible under the BVI Business Companies Act and there is no certainty that the assets of the company can be recovered.
The advantage of a BVI Will is that it will ensure that you:
- You do not lose control over how your shares are distributed in the event of your death;
- You can ensure your shares pass on to the right people, in the right manner, as efficiently and effectively as possible;
- You will be able to appoint people you know and trust to be in control of the process.
In addition, where a company has a single person as both sole shareholder & sole director, appoint a reserve director* (US$350 for the appointment resolution and US$250 filing fees with the BVI Registry. Contact us). A Grant will still need to be obtained in the BVI but it allows the company to continue to operate while the Grant is being processed. It is a simple process.
* The reserve diretor is powerless until the death of the director.
Pricing
| Jurisdiction | Price | Number of Companies | Beneficiary class | Add-ons | |
|---|---|---|---|---|---|
| Companies (Up to 2) | Beneficiaries (up to 2) | ||||
| British Virgin Islands | USD 2,650 | Up to two | Immediate Family | USD 350 | USD 250 |
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