2023 BVI Companies Act: Annual Return Rules
Date：2023/04/15
The British Virgin Islands (BVI) issued the BVI Business Companies (Amendment) Act 2022 and the BVI Business Companies (Amendment) Regulations 2022 on 12 August 2022. The amendments officially take effect in 2023 and will be gradually enforced more strictly.
The purpose of these amendments is to align BVI offshore business practices with EU and OECD standards, ensuring compliance with international anti-tax avoidance requirements and aiming to remove BVI from international blacklists. Key points of the amendments are summarized below:
Obligation for BVI Companies to Provide Financial and Accounting Records
Under the 2023 amendments, BVI companies are required to maintain detailed company records and submit financial and accounting information to their registered agent in the form of an Annual Return.
Submission Deadline
- Annual Returns must be prepared for each fiscal year and submitted to the registered agent within nine months after the fiscal year-end.
- If the registered agent does not receive the Annual Return within 30 days after the due date, they are obligated to notify the BVI Registry.
- The company will not be allowed to file any changes or apply for a Certificate of Good Standing until the Annual Return has been submitted.
- Example: For a company with a fiscal year ending 31 December 2023, the Annual Return must be submitted by 30 September 2024, and applicable filing fees must be paid by the client.
Financial Statement Requirements
- In the initial stage of implementation, companies are only required to provide a simple balance sheet and profit & loss statement.
- Audited or certified statements by a qualified accountant are not yet required.
- Companies should prepare their Annual Return based on their actual financial situation using the official template provided.
Latest Amendments to the BVI Business Companies Act (2023)
For detailed information on the regulations, please contact us at: [email protected]
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