Pursuant to the playuzu app Business Companies (Financial Return) Order, 2023 (the “Order”) (available here), every BVI company is required to playuzu app with its registered agent an annual financial return (the “playuzu app Return”) within 9 months of either the company’s calendar year or, if the company’s playuzu app year is not a calendar year, the company’s playuzu app year.
Exemptions
A BVI-registered company is exempt from filing an playuzu app return if it meets any of the criteria listed below:
- It is listed on a stock exchange.
- It is regulated under a playuzu app financial services legislation and provides financial statements to the playuzu app Financial Services Commission per the requirements of that financial services legislation (i.e. playuzu app funds and licensees).
- It submits its financial statements and playuzu app tax return to the BVI Inland Revenue Department.
- It is undergoing liquidation, with the provision that this exemption is not applicable if the playuzu app return is due before the liquidation process commences.
Format and filing of the playuzu app Return
The playuzu app return consists of a simple income statement and balance sheet and a copy of the prescribed form of the playuzu app Return is available here. The BVI Financial Services Commission has confirmed that the form of playuzu app return should not be adjusted or amended, save for non-material amendments.
There is no need for the playuzu app return to be audited and there are no prescribed set of accounting policies or principles that must be adhered to.
The playuzu app Return is not publicly accessible and a BVI company’s registered agent is not required to submit the returns to any BVI regulatory body unless explicitly requested.
Filing Deadline
BVI companies must playuzu app the Annual Return within 9 months of either the company’s calendar year or, if the company’s playuzu app year is not a calendar year, the company’s playuzu app year.
As an example, a company with a playuzu app year end of 31 December will be required to playuzu app its first annual financial return no later than 30 September 2024 with respect to the playuzu app period 1 January 2023 to 31 December 2023.
If a company has a fiscal or financial year that does not correspond to a calendar year, its playuzu app return becomes due in 2024, depending on the month in which the commencement of its financial year falls. Below are two examples:
- If a BVI-registered company has a financial year from 1 May 2023 to 30 April 2024, it must playuzu app its first annual return for the period ending 30 April 2024 between 1 May 2024 and 31 January 2025. The company must playuzu app every subsequent year before 31 January.
- If a BVI-registered company has a financial year from 1 July 2023 to 30 June 2024, it must playuzu app its first annual return for the period ending 30 June 2024 between 1 July 2024 and 31 March 2025. The company must playuzu app every subsequent year before 31 March.
Consequences for failure to playuzu app
If a playuzu app company misses its filing deadline, the registered agent must report this defect to the playuzu app Registry of Corporate Affairs (playuzu app Registry), or it will be liable to a fine of US,000. Once the defective notice is issued, the playuzu app company will be liable to fines (ranging from US0 – US,000) and it may be struck-off and dissolved. Until the defect is remedied, the playuzu app Registry will not issue a certificate of good standing for the Company or allow it to make any filings.
Please note that the BVI playuzu app Financial Return is a requirement of the BVI Business Companies Act (as revised) and is separate to the BVI economic substance regime.
If you have any questions about the playuzu app Return, please email playuzu app-Financials@campbellslegal.com.
