Will Drafting Service

Hilda 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:

• do not lose control over how your shares are distributed in the event of your death;
• make sure your shares pass on to the right people, in the right manner, as efficiently and effectively as possible;
• will be able to appoint people you know and trust to be in control of the process.

Further advantages of making a BVI Will include: •  reduced after death costs – a BVI will has the benefit of being written in English therefore the costs and time associated with getting a certified and qualified translation of the domestic will where written in a language other than English will not exist; •  efficiency – the formalities associated with getting a BVI grant of probate can be addressed at the point of making a will rather than after death; and •  parallel applications – with a BVI Will a BVI application for probate can run at the same time as a domestic application for a grant of probate. If there is only one non-BVI Will it is very difficult to run parallel applications.

In addition, where a company has a sole individual shareholder/director, appoint a reserve director. USD 350 for appointment resolution & filing with Registry. 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.

If you would like to learn more about how to put a BVI Will in place or how to appoint a reserve director, please contact us or complete the questionnairehere and email it to us.