{"id":37731,"date":"2023-09-13T15:00:59","date_gmt":"2023-09-13T20:00:59","guid":{"rendered":"https:\/\/morimor.com\/?p=37731"},"modified":"2023-09-14T11:53:04","modified_gmt":"2023-09-14T16:53:04","slug":"bvi-financial-annual-return","status":"publish","type":"post","link":"https:\/\/morimor.com\/es\/bvi-financial-annual-return\/","title":{"rendered":"BVI Financial Annual Return"},"content":{"rendered":"

The Legislation<\/strong><\/p>\n

The amendments to the British Virgin Islands (\u201cBVI\u201d) Business Companies Act (the \u201cBC Act\u201d) and BVI Business Companies Regulations (the \u201cRegulations\u201d) were published by the BVI government and entered into force on 1 January 2023. In this article we analyze a major change, which is relevant to the accounting requisite of BVI International Business Companies, the introduction of Article 98(a) for the preparation and submission of an Financial Annual Return. The official Financial Annual Return form was published in the Gazette on 2 March 2023.<\/p>\n

What are the existing obligations? <\/strong><\/p>\n

A BVI company is currently required to keep records and documents that enable the financial position of the company to be determined with reasonable accuracy. When the records are kept at a place other than the offi\u00adce of the company\u00b4s registered agent, the company shall provide the registered agent with a written record of the physical address of the place at which the records and underlying documentation are kept and the name of the person who maintains and controls the company\u00b4s records.<\/p>\n

What is the new requirement?<\/strong><\/p>\n

With effect from 1 January 2023, there is a further requirement for a BVI company to prepare and file with its registered agent an \u201cannual return\u201d containing certain prescribed financial information.<\/p>\n

Where to obtain the Financial Annual Return Form (the \u201cFAR\u201d)? <\/strong><\/p>\n

For a copy of the o\u00adfficial form please click here<\/a>.<\/p>\n

To whom the company shall send the FAR to?<\/strong><\/p>\n

All BVI companies must submit its FAR to its registered agent.<\/p>\n

Will the FAR be publicly available?<\/strong><\/p>\n

No. The FAR will not be filed with the Registrar or be publicly available. The FAR is only filed privately with the registered agent of the company. \u00a0Registered agents will have to notify the Registrar if a company does not file its FAR, no later than 30 days after the FAR was due.<\/p>\n

When must the FAR be \u00adled?<\/strong><\/p>\n

The FAR is due for financial periods starting on 1 January 2023 or later. The FAR must be filed within 9 months after the end of the company\u2019s financial\/fiscal year to which the annual return relates. The default first period is 31st December 2023; but it is permitted for a company to use a different financial year.<\/p>\n

For example:<\/p>\n