BVI Annual Return

Filling of BVI Annual Return effective 1 January 2024

Following the changes made to the BVI Business Companies Act and the BVI Business Companies Regulations (the “Amendments”) by the BVI Financial Services Commission (“FSC”), please be advised that the date to submit the financial accounts is effective as of 1 January 2024.

The BVI Business Companies (Financial Return) Order, 2023 (the “Order”) sets out the required form of the BVI Annual Return.  In summary, the Order sanctions that the annual return must include a simple balance sheet and income statement in a conventional format. However, there is no requirement to use any particular form of accounting standard, but the onus is on the directors of a BVI company to use reasonable care and to ensure the financial position of the company can be determined with reasonable accuracy.

Which companies are exempted?

A company that falls under the below criteria will not need to file an Annual Return:

• a listed company, meaning a company that is listed on a stock exchange;
• a company that is regulated under an FSC legislation and provides financial statements to the FSC in accordance with the requirements of that financial services legislation;
• a company that files its annual tax return to the BVI Inland Revenue Department accompanied by the company’s financial statements; and
• a company in liquidation, except that this exemption does not apply if the company’s annual return becomes due prior to the commencement of the liquidation (i.e. if a financial year has completed before liquidation commenced).

If a company does not fall into one of the above criteria, then the company will need to file an Annual Return.