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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 114782
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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We have incorporated a company in British Islands that has

Customer Question

We have incorporated a company in British Virgin Islands that has no activity. What are the consequences if we stop paying the annual Government Fees?
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Failure to pay the renewal fee would result in the administrator being fined and personally having to pay administrative fines and penalties. If there is no activity, you need to wind up the business and close it because the fines and penalties can be over $1500 per year plus interest.