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BVI Entities: Annual Financial Return Required

The Annual Financial Return format that must be filed annually with a BVI company’s Registered Agent has now been finalised by the BVI Financial Services Commission (beginning in 2024 or later, as stated below).

What format does a financial return take?

As anticipated, the Annual Financial Return comprises an introductory income statement and balance sheet (see the proforma in this client briefing). Take note of the following as well:

  • There are no defined accounting rules or guidelines that must be followed.
  • Any significant currency may be chosen for the Annual Financial Return, even if USD will be the default.
  • An audit of the Annual Financial Return is optional.

What is expected of you?

Within nine months of the business’s fiscal year-end, you must submit an annual financial return for each BVI company we manage on your behalf, using Ocorian as the Registered Agent. The first financial return must be prepared for financial periods beginning on January 1, 2023, or later. After that, financial returns must be submitted every year. For your reference, kindly refer to the following examples of first filing dates depending on different financial year ends:

 

First Financial Year for which financial return is due Deadline for submission (end of 9month period)
January 1, 2023 to December 31, 2023 September 30, 2024
February 1, 2023 to January 31, 2024 October 30, 2024
March 1, 2023 to February 28, 2024 November 30, 2024
April 1, 2023 to March 31, 2024 December 31, 2024
May 1, 2023 to April 30, 2024 January 31, 2025
June 1, 2023 to May 31, 2024 February 28, 2025
July 1, 2023 to  June 30, 2024 March 31, 2025
August 1, 2023 to July 31, 2024 April 30, 2025
September 1, 2023 to August 31, 2024 May 31, 2025
October 1, 2023, to September 30, 2024 June 30, 2025
November 1, 2023 to October 31, 2024 July 31, 2025
December 1, 2023 to November 30, 2024 August 31, 2025

If your company’s financial period does not fit within the above range, kindly make the appropriate calculations using the above range as a reference.

Which businesses are not required to file this form?

The following businesses are excused from filing their annual financial return with their registered agent:

  • A company listed on a recognised stock exchange is a listed company.
  • A business that is subject to BVI financial services regulations and submits financial statements to the BVI Financial Services
  • Commission in compliance with those regulations’ prerequisites.
  • A company in liquidation, with the caveat that this exemption does not apply to a previous year’s financial year end that has already concluded before the start of the liquidation and that the annual financial return must still be filed with the BVI Registered Agent within the applicable period.
  • A company that files its annual tax return to the BVI Inland Revenue Department along with the company’s financial statements (this is only applicable to domestic companies).

Who is going to get your money back?

Details of the Annual Financial Return will not be made public and will not be submitted to the Regulator.

What occurs if one does not file a financial return?

If Ocorian, acting as your registered agent, fails to receive the Annual Financial Return within the allotted 30-day period, the BVI Regulator may take additional action.

 


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