The BVI Government has announced that with effect from 1 September 2018, the maximum government penalty for the late filing of the Register of Director (ROD) has been reduced from US$8,000 to US$5,000.
The Government’s Order further provides:
that the maximum penalty shall be treated as if it were US$5,000 from the date the penalty became applicable (therefore giving retroactive effect to the US$5,000 penalty);
where a penalty above US$5,000 was previously paid, a refund of the difference between the amount paid and $5,000 shall be issued; and
Where an existing company fails to file a copyof the Register of Directors on or before 31December 2018, the Registrar may strike the nameof the company off the Register.