Offshore Updates

Update on Annual License Fee and Economic Substance Reporting Invoices

Trinh Thi Tuyet Anh
By:
It is important to remind that all BVI companies must pay an annual license fee (ALF) each year for renewal and in order to remain in good standing.

We are pleased to inform that there will be no increase in ALF or ES Reports fees in 2021 for the BVI companies.

As you may know that Annual license Fee (ALF) deadline is different from the Economic Substance Reporting (ES) deadline, (a new requirement in 2020):

  • The ALF deadlines are 31 May or 30 November which are subject to the incorporation dated in the first or second half of the financial year respectively.
  • The ES deadline is due 29 December for majority of the companies established before 2019; and, for most companies incorporated after 2019, would be 6 months after the date of incorporation anniversary.

The below table is more clarity about the official deadlines:

*For individual cases, please refer to the stated deadline in your ES invoice according to your company’s incorporation date.

 

Separate Invoicing of ALF and ES reporting Fees in 2021:

We will continue to issue the ALF and ES reporting invoices separately in 2021 for those cases arisen in 2020, our invoice periods will be comprised of:

 

 

- Ends -