Offshore Updates

BVI Update: Importance of Amendment BVI Business Companies Act taking effect on January 1st, 2023

Trinh Thi Tuyet Anh
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BVI Update:  Importance of Amendment BVI Business Companies Act taking effect on January 1st, 2023 

We have released the previous newsletter of the Amendment BVI Business Companies Act.  However, it is important to highlight several key points affecting a BVI Company from the 1st of January, 2023. These are: 

The New Annual Return Filing 

As of January 1st, 2023, BVI companies are required to file an annual return with their registered agent. 

The first submissions are expected to be due within 9 months, starting from the end of the 2023 fiscal year, and will not be required to be audited. This requirement will not apply to listed companies, certain BVI-regulated companies, or companies that file tax returns in the BVI. 

The Publicly Availability of the Director’s Name 

Only the director’s name will be provided as the result of searches registered on the BVI Financial Services Commission’s online platform, VIRRGIN. Other details such as addresses, nationality, and birth dates will not be publicly available. 

The Striking-Off and Dissolution of the Company 

The Registrar will have the power to strike off a company from the Register of Companies for certain reasons, such as failure to pay an annual fee or to retain a registered agent. They will provide the company with no more than 90 days’ notice for action to prevent the striking-off. If not conducted, the company will be dissolved immediately after this 90-day period. 

 

The content is intended to provide a general guide to the subject. Please kindly seek out our expert’s advice for your specific circumstances.