BVI Annual Return Filing – meet the 30 September deadline and avoid penalties

12 September 2024 - As unveiled in our 2023 report, The big picture: The British Virgin Islands (BVI) open for international business, the new Annual Return filing requirement applies to all BVI companies (limited exceptions apply) and it became effective from 1 January 2023. The filing consists of a simple balance sheet and Profit & Loss statement in the prescribed format by BVI law.

For companies with a financial year ending on 31 December 2023, the deadline for the first filing is fast approaching on 30 September 2024. Companies must act now to ensure they file on time, otherwise they risk penalties for non-compliance.

Annual Return filing dates

Companies must file their Annual Return – through their BVI Registered Agent (RA) – no later than nine months after their financial year end.

• For companies with a financial year ending on 31 December 2023, the filing deadline is 30 September 2024.
• For companies with a financial year ending on 31 March 2024, the filing deadline is 31 December 2024.

Privacy

The Annual Return does not need to be audited, nor will be made publicly available. This means that a company’s Annual Return information will not be included in a BVI company search. However, if requested, a company’s RA must provide a copy of the Annual Return to competent BVI regulatory bodies.

Penalties

If a company fails to file an Annual Return by the applicable deadline, then their RA is obligated by law to notify the BVI Financial Services Commission.

The Registry of Corporate Affairs can impose penalties on a company for late, or no filing: USD 300 for the first (part of the) month and thereafter USD 200 per (part of the) month, up to a maximum of USD 5,000. Further to this, a company who continues to fail to meet the Annual Return requirement can face final strike-off from the BVI Company Register.

The Citco group of companies (Citco) provides a full suite of corporate services through our specialized team located in the BVI, composed of experienced professionals that assist client entities to manage their regulatory compliance requirements.