Since the BVI Business Companies (Amendment) Act, 2022 and BVI Business Companies (Financial Return) Order, 2023 came into effect on 1 January 2023, all BVI companies unless they are exempt are required to file an annual return containing specific financial information (Annual Financial Return) with their registered agent.
When is the filing deadline?
Annual Financial Returns (AFRs) are due at the end of a BVI company's financial year 1. The BVI company should file the return with its registered agent within the nine months that follow the due date.
The earliest date an AFR becomes due from a BVI company is 1 January 2024. This will relate to a BVI company that has a calendar year as its financial year and the company has to file its first AFR with its registered agent on or before 30 September 2024.
Examples:
| Financial Year End | Due Date | First Filing Deadline of AFR |
| 31 December 2023 | 1 January 2024 | 30 September 2024 |
| 31 March 2024 | 1 April 2024 | 31 December 2024 |
| 30 April 2024 | 1 May 2024 | 31 January 2025 |
Consequences for failure to file an AFR
If a BVI company fails to file its return on a timely basis, the registered agent has to notify the Registrar within 30 days of the filing deadline. The non-complying BVI company will then be subject to penalties or may even be struck off by the registrar.
Read the Chinese language version of this update here.
1 "Year" relates to a company's fiscal or financial year which may be a calendar year.
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.