Mandatory Annual Financial Return Filing for BVI Companies
Mandatory Annual Financial Return Filing for BVI Companies
Continuing our ongoing communication regarding the recent amendments to the BVI Business Companies Act, 2004, effective from 1 January 2023, BVI companies are now required to prepare specific financial information in the prescribed Annual Financial Return format for each financial year. This includes a simplified balance sheet and income statement, and there is no requirement for auditing. We are pleased to provide you with the template for this essential document, which is attached herewith.
If a company meets any of the following criteria, it is exempted from filing an Annual Return:
- A listed company, meaning a company that is listed on a stock exchange
- A company that is regulated under a financial services legislation and provides financial statements to the Commission in accordance with the requirements of that financial services legislation
- A company that files its annual tax return to the Inland Revenue Department accompanied by the company’s financial statements
- A company in liquidation, except that this exemption does not apply if the company’s annual return becomes due prior to the commencement of the liquidation
KEY INFORMATION AND DEADLINES:
The Annual Financial Return must be submitted to the Registered Agent within nine months following the end of the financial year. The table below illustrates examples of financial year-end dates along with their corresponding deadlines:
| Financial Year-End Date | Deadline for Annual Return |
|---|---|
| 31 December 2023 | 30 September 2024 |
| 30 April 2024 | 31 January 2025 |
| 30 June 2024 | 31 March 2025 |
You are required to complete the Annual Financial Return and submit the return to us via email at: [email protected] within 9 months from the conclusion of the financial year to which it pertains.
It is crucial to understand that, currently, Annual Financial Returns are not publicly accessible and are to be filed with BVI Authorities ONLY upon special request received by the Registered Agent. Registered Agents are required to notify the Financial Services Commission within 30 days if they DO NOT receive the Annual Financial Return from the company on time. In case of failure to submit the Annual Financial Return, the issuance or securing of the Certificate of Good Standing will be withheld. Non-compliance with Annual Financial Return filing may result in a penalty fine of up to US$5,000 and the Registrar holds the authority to strike off the company
To facilitate compliance with these new requirements, a service fee will be applied. Please refer to the table below for the respective agents’ fee structure:
| Agent Name | Fee (USD) |
|---|---|
| Keyway (BVI) Limited | 150 |
| Coverdale Trust Services Limited | 250 |
The service fee will be invoiced alongside the upcoming 2024 Annual Fee Invoice for both 1st and 2nd half companies.
If you have any further inquiries or require assistance, please do not hesitate to reach out to us.
Thank you for your attention to this matter.
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