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.
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
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.
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.
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.
If you require further information for the BVI Business Companies (Amendment) Act 2023 or our accounting services, please feel free to reach out your usual contact persons in Kaizen.
