It is a fact. Starting from 1 January 2024, the new requirement for BVI Business Companies, which was introduced for the first time back in 2022, will require its first submissions. The first BVI Annual Financial Returns will need to be submitted for companies with Financial Year End (FYE) 31 December 2023.
If for example the Financial Year End (FYE) of your company is 31 December, then submissions commence from 1 January 2024 and you have until 30 September 2024 to make the submission to your BVI Registered Agent.
We do suggest to start collecting all accounting documentation (invoices, agreements, bank statements, broker statements etc) and you can then have an accounting firm like us (Asterisk BVI) to assist with preparation of the accounting records and annual return so that you do not have to worry about. Try to avoid leaving this to the last minute, so that to avoid delays and/or unnecessary stress.
A few key things to know about the BVI Annual Return:
- The return form consists of a simple income statement and balance sheet. You can see a copy here.
- You need to set the FYE with the Registered Agent of the Company.
- Annual Return does not need to be audited.
- Certain exemptions apply.
- If your Company entered into liquidation prior to its FYE then its not required to make a submission.
- There will be penalties for late submissions.
More material from Asterisk BVI on the subject:
- A comprehensive blog article about the BVI Annual Return Requirement
- 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
How Asterisk BVI can assist:
We are a specialized team of qualified accountants, and have spent a lot of time and effort to understand the new BVI Annual Return Requirement to be in a position to better assist you.
Our specialized teams can assist you with the preparation of accounting records and annual returns in an efficient and cost-effective manner so that you dont have to worry about this requirement.
Contact us today at firstname.lastname@example.org to see how we can better assist you. t