Under the requirements of the BVI Business Companies Act (the “Act”) BVI companies have been required to maintain records and underlying documentation. These requirements have been in place since 2015 and during 2022 the Act was amended to require filing annual financial returns with your registered agent. The BVI Business Companies (Financial Return) Order was Gazetted on 2 March 2023.
New Annual Return Requirements
Next year BVI companies will be required to provide an annual return to their registered agent.
The annual return will not be made publicly available, it will not be filed with the Registry of Corporate Affairs or any other government authority.
The Annual Return will require the company to prepare a balance sheet and income statement.
Due date – this is the date the obligation to file an annual return is triggered
For companies with a calendar year financial period, its first annual return becomes due on 1 January 2024, since the requirement for the filing of an annual return came into effect on 1 January 2023.
For companies that have adopted a financial period that does not correspond with the calendar year, their first annual return becomes due in 2024, depending on the month when its financial year ends.
Filing date – this is the date when the annual financial return must be filed
Companies are required to file their annual financial returns with their Registered Agent within nine months of their due date.
Companies with a calendar year financial period are therefore required to file their first annual return with their Registered Agent, no later than 30 September 2024.
Companies with a financial year other than a calendar year must file their annual return, no later than nine months after its financial year end.
The registered agent will have an obligation to inform the Financial Services Commission if it has not received the annual return within 30 days of the due date. Failure to file the annual return will mean the company will not be able to obtain a certificate of good standing and will expose the company to late filing penalties.
What to expect in 2024
We will send out annual returns that will need to be completed and returned to us by the filing date.
How we can assist you
If you have questions about these requirements or if you do not already prepare accounts, we have client accounting personnel who would be able to assist with the preparation of accounts for the annual returns. Please contact us.
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