Deadline Approaching to File the BVI Annual Financial Return

As mandated by the BVI Business Companies (Financial Return) Order, 2023, all BVI-registered companies are required to file an annual financial return with their registered agent. This return includes a basic balance sheet and income statement. The first filing deadline for companies with a financial year ending 31 December 2023 is 30 September 2024.

• The annual return should include a simple income statement and balance sheet.
• No auditing is required.
• The return must follow the prescribed format and be submitted to the registered agent.

Companies are exempt from filing an annual return if they meet any of the following criteria:

• Listed on a stock exchange.
• Regulated under BVI financial services legislation.
• Submit financial statements and annual tax return to the BVI Inland Revenue Department.
• Undergoing liquidation (if the return was due before liquidation commenced).

From January 1, 2024, BVI companies with a financial year ending December 31, 2023, are required to submit their first Annual Return by September 30, 2024.

For other financial year-ends, the filing deadline is nine months from the chosen year-end. Here are a few examples:

• For financial year-end 31 March 2024: File by 31 December 2024.
• For financial year-end 30 June 2024: File by 31 March 2025.
• For financial year-end 31 July 2024: File by 30 April 2025.

Failure to file on time can result in a penalty of up to a maximum of US$5,000. The company may also be struck off and dissolved if the defect is not remedied. The BVI Registry will not issue a certificate of good standing until compliance is achieved.

If this is your first time preparing financial statements for your BVI company, consider professional assistance. Our experienced accounting team can simplify this process, ensuring your annual return is prepared accurately and efficiently.

Contact us today to learn more about our services and secure your company's compliance before the deadline. Don't wait until the last minute—act now to avoid penalties and ensure your company remains in good standing!

Reach out to our team to schedule a consultation and take the first step towards hassle free compliance with the BVI annual financial return requirements.

Written by Glenn Harringon