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- BVI Business Companies Act 2023 - Annual Return
2024-02-19BVI Business Companies Act 2023 - Annual Return
Further to our Newsletter in 2022, BVI Business Companies (Amendment) Act 2023 (the “ACT”) came into force on 1 January 2023 to ensure the BVI keep pace and consistent with the international standards established by standard institutions, such as keeping its leading role on the transparency and exchange of information for tax globally and fighting financial crime.
Key requirement under the new ACT that BVI companies are now required to provide certain financial information in the Annual Return to the Registered Agent annually. BVI Business Companies (Financial Return) Order 2023 (the “ORDER”) has been released recently list out the requirements about form and date of filing.
Key requirement under the new ACT that BVI companies are now required to provide certain financial information in the Annual Return to the Registered Agent annually. BVI Business Companies (Financial Return) Order 2023 (the “ORDER”) has been released recently list out the requirements about form and date of filing.
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Date of Filing
BVI companies are required to file Annual Financial Return with its registered agent within 9 months from the end of its fiscal or financial year determined by the company. The earliest date an Annual Return becomes due is 1 January 2024.
Please find the below examples for your easier reference:
Financial Period
Date of Annual Financial Return
Deadline
1 Jan 2023
to
31 Dec 2023
1 Jan 2024
30 September 2024
1 Apr 2023
to
31 Mar 2024
1 Apr 2024
31 December 2024
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Exemption of the Filing Requirement
The companies exempted undersection 98A(5) of the Act are the following:
(a) a listed company, meaning a company that is listed on a stock exchange;
(b) a company that is regulated under a financial services legislation and provides financial statements to the Commission in accordance with the requirements of that financial services legislation;
(c) a company that files its annual tax return to the Inland Revenue Department accompanied by the company’s financial statements; and
(d) 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.
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Annual Financial Return
On 1 March 2023, the Financial Services Commission issued a form of financial information which must be contained in the annual return, including the Income Statement and Balance Sheet. The return is allowed to be prepared in US dollar or other currencies in which company preferred.
Please refer to the Annex 1 for the specimen.
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Kaizen’s Services
Kaizen is a public accounting corporation registered in Hong Kong and with offices in the Mainland China, Singapore, USA and etc. We are equipped with experienced accountants to provide full range of accounting and book-keeping, auditing and taxation services.
We are ready to help you prepare the accounting records, update the books of accounting and prepare the annual financial statement so as to enable your BVI company to meet the annual return requirements.
Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
WhatsApp/Line/Wechat: +852 5616 4140
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
WhatsApp/Line/Wechat: +852 5616 4140
Related Posts
BVI Business Companies Act 2023 - Annual Return
Key requirement under the new ACT that BVI companies are now required to provide certain financial information in the Annual Return to the Registered Agent annually. BVI Business Companies (Financial Return) Order 2023 (the “ORDER”) has been released recently list out the requirements about form and date of filing.
BVI Company Annual Renewal Guideline Note
A British Virgin Islands company is required to renew its registration, registered agent and registered office in the year following the year of registration and each year thereafter (all together known as basic annual renewal). The amounts of basic annual renewal fees are USD950 and USD1,850 for companies with a capital of 50,000 shares and more than 50,000 share respectively.
BVI Economic Substance (Companies and Limited Partnership) Act, 2018
If your company is a tax resident outside of the BVI (except for jurisdictions included in the EU list of non-cooperative jurisdictions), the economic substance requirements do not apply to your company. To prove the non-resident status in BVI, the government of the BVI may require you to provide the satisfactory evidence such as Tax Identification Number, Tax Residence Certificate and assessment or payment of a tax liability, etc.
Information Obtained by a Third Party for a BVI Company
British Virgin Islands (BVI) has been an attractive place for incorporation a private company due to its high confidentiality. However, under regulation of BVI laws, there are some documents and information about a BVI company that a third party can obtain from public and third party sources.