The BVI Financial Services Commission has shared an announcement on the 26th of September 2024 in relation to the deadline of the BVI Annual Returns.
Although it does not give an extension explicitly it does say that no penalties will be imposed on Companies and Registered Agents if filings are not done by the prescribed time. Further information will be shared by the Commission in due course the announcement states.
You can see the announcement as it was published below:
By virtue of section 98A (1) and (2) of the BVI Business Companies Act (“the Act”), every company is required to file with its registered agent an annual financial return (annual return) within a period of 9 months after the end of the company’s financial year. The deadline for the first filing of annual returns is 30th September 2024.
However, having regard to policy and logistical issues that would ensure full compliance within the established deadline, the Financial Services Commission (“the Commission”) is considering appropriate steps, including granting extension of time, to ensure full compliance with the annual return filing obligation. Consequently, until such time that a decision is taken and the financial services industry notified appropriately, neither the Commission nor the Registrar envisages taking any enforcement action against any company for failure to comply with the current established deadline of filing first annual returns. Similarly, neither the Commission nor the Registrar expects taking any enforcement action against a registered agent for failure to provide the required notification to the Registrar in accordance with section 98A (4) of the Act (that is, notification of failure by a company to file its annual return).
The Commission will provide further update on this matter in due course. All BVI business companies and their registered agents are invited to take note.
You can contact us today at contact@bviaccountants.com if you need any assistance with completing the Annual Financial Return of your BVI Company.
You can also read more material published by your firm here:
- BVI Annual Return – Everything You Need To Know – 2024 Update
- BVI Annual Return Submissions Commence: January 1, 2024 Kickoff
- A copy of the actual return template to be submitted
- Understanding the contents and form of the BVI Annual Return Template
- 6 Reasons why the BVI Annual Return requirement shouldn’t stress you out
- BVI Annual Returns: Exemptions and Privacy
- BVI Annual Return Unveiled: Your Comprehensive Q&A Guide
- 8 things to know about BVI Annual Financial Returns
- Final Countdown to the BVI Annual Return Deadline
- BVI Annual Return Penalties
- bviannualreturn.com – our specialized website for the annual return requirement prepared by Asterisk BVI.
