We may be aware of the significant changes of BVI - Business Companies Act taking effective January 1st, 2023, which our Offshore Update was hopefully addressed to you. Otherwise, please kindly link to this update in our website.
One of key updates is to Filing Annual Returns. Before, all BVI companies were required to maintain accounting records and underlying documentation, which was sufficient to show and explain the company’s transactions, and reasonably accurate at all times in determining the company’s financial position. The amended Company Act has introduced the following changes that BVI companies should be noticed:
- Additional obligations have been introduced.
- All BVI companies are now required to provide certain financial information/confirmations, in the form of an Annual Return (also known as a Financial Return), to their Registered Agent for each financial year of the company.
- The Annual Return becomes due the day after the financial year ends.
- The Annual Return will need to be filed with the Registered Agent within nine (9) months following the end of the financial year to which it relates.
- The Registered Agent will have an obligation to inform the Registrar if it has not received the Annual Return within 30 days of the filing deadline.
Action to do
We encourage you to prepare for this new obligation and ensure timely compliance. You may refer to the form of annual return provided by BVI Business Companies Act as attachment for your information.
We will keep you updated on the upcoming requirements.