Below is some info my previous registered agent gave me. I actually just redomiciled my company to Seychelles from BVI due these and other changes in BVI. If you're not using the structure I would let it be struck from the register and walk away. You also don't need to incorporate in a new jurisdiction until such time as you need the entity as you'll be incurring yearly fees unnecessarily. Incorporating in most jurisdictions can be done quite fast when you need it in future.
3.1 Allowing a company to be struck off the Register: an option which is sometimes used as an alternative to︀ voluntary liquidation, carries with it significant dangers, which should be well understood before being pursued.︁
3.2 All BVI companies must pay an annual fee to the Registry. If the fee︂ is not paid by the due date, a 10% penalty accrues, increasing to 50% if︃ the fee remains outstanding after two months. If the annual fee and penalties have not︄ been paid at the expiry of the further prescribed period (effectively 5 months later), the︅ company will be struck off the Register.
3.3 There is an important distinction to appreciate︆ between a company which has been struck off the Register and a company which has︇ been dissolved.
3.4 A company which has been struck off the Register for non-payment of︈ annual fees still exists, so that it can still incur liabilities; the Registry's fees continue︉ to accrue and it can still be sued. Its directors still hold office and their︊ duties as directors are in no way diminished as a result of the company being︋ struck off. Fundamentally, the directors of a company which has been struck off can be︌ held liable for the actions, or indeed the inactions, in a way which is not︍ possible if the company has been liquidated and dissolved.
3.5 Should a company remain continuously︎ struck off the register for a period of seven years only then will it be️ automatically deemed dissolved.
3.6 As a matter of good corporate governance and to assure the protection of all stakeholders, including current and former directors, XXX strongly advises clients to pursue the voluntary liquidation route, rather than simply allow the company to be struck off.
