Based on Section 98A(1) of the "BVI Business Company Act" enacted in January 2023, we remind you that all BVI companies will be required to submit an Annual Financial Return that includes market values as of January 2024, and that it must be delivered by September 30th of each year.
The format of this Annual Financial Return should contain some minimum information. We take this opportunity to attach the corresponding model to this memorandum, which includes the Balance Sheet and Income Statement required for each BVI company.
The Annual Financial Return submitted shall be delivered to the Registered Agent and shall be kept by them. It is important to remember that this Annual Financial Return will not be made public or presented locally.
It should be noted that the Annual Financial Return must be prepared in accordance with International Financial Reporting Standards (IFRS) and does not necessarily need to be prepared or signed by an accountant resident in the jurisdiction.
Starting in 2024, Registered Agents will charge an additional fee to oversee the receipt and fulfillment of this new annual obligation, in the order of US$200.
Failure to submit the Annual Financial Return within the due time frame will result in the company's inactivity in BVI and will result in fines of up to US$5,000.
If you would like to obtain a quote for the preparation of the Annual Financial Return please send us the following information by e-mail:
- Bank statements of the current account corresponding to the period to be calculated.
- Bank statements of the investment account for the period to be calculated
- December 2022 bank statements (if applicable)
With this information, we will provide you with a cost estimate in 2-3 days.
We remind you that for our customers to whom we already provide this service, we ask that you send us the bank statements as soon as possible so that we can prepare the balance sheet.
We are at your disposal for any questions you may have.
Team Assure