Final Countdown: September 30th BVI Annual Return Deadline Approaches

With the deadline for the BVI Annual Return fast approaching on September 30, 2024, it’s crucial for companies with a financial year ending on December 31, 2023, to finalize their submissions if they haven’t already. This is the first time many BVI companies will be required to submit this annual return, so it’s important to understand what needs to be done and by when. This article aims to give you some points to enhance your understanding on the requirement, as well, as you can read more in the series of articles we wrote in the past, presented below for your ease of reference. 

What is the BVI Annual Return?
The BVI Annual Return is a mandatory submission that includes a basic income statement and balance sheet, summarizing the financial position of a company. You can see a copy of the return here. This return must be submitted to the company’s Registered Agent within nine months after the financial year end. For most companies with a financial year that ends on 31 December, the deadline is 30 September of the following year.

Key Points to Keep in Mind:

1. Deadline: For companies with a financial year ending on 31 December 2023, the return must be submitted by 30 September , 2024.
2. No Audit Requirement: The return does not need to be audited, which simplifies the process. However, the information provided must be accurate and complete, as it may be scrutinized by the Registered Agent and could be requested by BVI authorities.
3. Penalties for Late Submission: Companies that fail to submit their annual return on time may face penalties. These can include fines and the loss of good standing status, which could ultimately lead to the company being struck off the register.
4. Preparation: The return should include financial information such as assets, liabilities, and income. As the deadlineis fash approaching you should start preparing as soon as possible. Return can be prepared under any of the recognised accounting standards. 
5. Exemptions: Some companies, such as those listed on recognized stock exchanges or regulated entities that already submit financial statements, may be exempt from this requirement. However, most BVI companies, including dormant ones, must comply.

Why It’s Important to Act Now
With less than a month to go, it’s critical not to delay more. Preparing and submitting the BVI Annual Return can be straightforward, especially for companies with simple transactions/activities. However, leaving it to the last minute can result in avoidable errors, unnecessary stress, and potentially costly penalties.

If you need assistance with preparing your BVI Annual Return, it’s advisable to engage with professionals who are familiar with the specific requirements. Our team at Asterisk BVI specializes in helping companies navigate this process efficiently and at a reasonable cost. You can contact us at contact@bviaccountants.com for more information on how we can assist.

By acting now, you can ensure your company remains in compliance and avoids any negative consequences and penalties!

More Material on the BVI Annual Return requirement from Asterisk BVI:

For more detailed guidance, you can visit our dedicated resources below or annualreturn.vg or contact us directly.

• 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
• annualreturn.vg – our specialized website for the annual return requirement prepared by Asterisk BVI.