One of the many flexible features of the BVI Business Companies
Act 2004 (the BC Act) is the ability both
to continue a foreign company as a BVI company under the BC Act and
also to continue a BVI company under the laws of another
jurisdiction (commonly referred to, respectively, as a
continuation and a
discontinuation or
continuation out). This guide provides a
brief overview of the process and requirements for continuations
and discontinuations.
General requirements to continue in the BVI
Broadly, to continue as a BVI company a foreign company
must:
- be permitted to continue in the BVI under the laws of its
jurisdiction of incorporation (the Old
Jurisdiction), and
- not (a) be in, or be the subject of any undetermined court
application for, liquidation or equivalent insolvency proceedings
in any other jurisdiction; (b) have a receiver or manager appointed
in relation to any of its assets; or (c) have entered into an
arrangement with creditors that has not
