BVI Financial Services Commission (FSC) has issued a reminder to BVI companies whose financial year is a calendar year that the 9-month extension for filing initial annual financial returns (annual returns) granted pursuant to the notice issued by the BVI FSC dated 10 December 2024, ends on 30 June 2025.
Accordingly, a company whose financial year is a calendar year is required to file its initial annual return with its registered agent no later than 30 June 2025.
Companies are also reminded of a similar extension granted to those whose financial year is not a calendar year. A company covered by this extension is required to file its initial annual return before the end of the relevant extension period, accordingly, please check your filing timeline carefully.
Importantly, it should be noted that where a company fails to file its initial annual return by the relevant deadline, its registered agent is required to notify the Registrar of Corporate Affairs within 30 days of the date that the filing became due, as prescribed by section 98A(4) of the BVI Business Companies Act (as amended).
Therefore, beginning 1 July 2025, registered agents may submit notifications to the Registrar via the VIRRGIN system if a company misses its filing deadline.
Pursuant to section 96A(2) of the BVI Business Companies Act (as amended), a company is required to file with its registered agent an annual return in the form and containing the information specified in the Schedule to the BVI Business Companies (Financial Return) Order, 2023. The requirement to file annual returns was introduced in 2022 and applies to all companies except:
- listed companies;
- companies regulated under a financial services legislation requiring the reporting of financial statements;
- companies that file their annual tax returns and financial statements with the BVI Government's Inland Revenue; and
- companies in liquidation (providing the company's liquidation commenced prior to the deadline for filing annual returns).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
