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When is the due date for Financial Return?
Under the Amendment, BVI companies are obligated to submit their Financial Returns within 9 months following the end of the company’s financial year.
- For companies with a financial year aligning with the calendar year (January 1st to December 31st), the initial deadline is set for September 30, 2024.
- For companies with a financial year that doesn’t coincide with the calendar year, the Annual Return submission deadline depends on the month in which their financial year begins.
Below are two examples to further illustrate the due dates:
Example 1
A company with a financial year from 1 January to 31 December, will need to file its first Financial/Annual Return for 1 January 2023 to 31 December 2023 within the period 1 January 2024 to 30 September 2024, and every subsequent year before 30 September.
Example 2
A company with a financial year from 1 May to 30 April, will need to file its first Financial/Annual Return for 1 May 2023 to 30 April 2024 within the period 1 May 2024 to 31 January 2025, and every subsequent year before 31 January.
The registered agent has 30 days after the return was due to inform the Registrar in the event that it has not received the return.
What forms are required for BVI Financial Return filing?
Every BVI company must submit the Financial Return form, and no auditing is required for this submission. The information provided in this form is kept confidential.
The format and requirements for the Financial Return form are specified by the BVI government in the BVI Business Companies (Financial Return) Order, 2023.
Need help with your Financial Return filing?
BBCIncorp helps you handle filing obligations in no time. Our support team is ready to assist you with any questions or queries. Get in touch with our team via service@bbcincorp.com!
Conclusion
These new filing obligations reflect the BVI government’s commitment to fostering transparency and accountability within the jurisdiction’s business environment.
BVI companies are required to familiarize themselves with these requirements and ensure compliance to avoid any potential penalties or legal consequences.
Disclaimer: While BBCIncorp strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact BBCIncorp’s customer services for advice on your specific cases.
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