Industry Circular 34 of 2024 - FILING OF ANNUAL RETURNS

FILING OF ANNUAL RETURNS

By virtue of section 98A (1) and (2) of the BVI Business Companies Act (“the Act”), every company is required to file with its registered agent an annual financial return (annual return) within a period of 9 months after the end of the company’s financial year. The deadline for the first filing of annual returns is 30th September 2024.

However, having regard to policy and logistical issues that would ensure full compliance within the established deadline, the Financial Services Commission (“the Commission”) is considering appropriate steps, including granting extension of time, to ensure full compliance with the annual return filing obligation. Consequently, until such time that a decision is taken and the financial services industry notified appropriately, neither the Commission nor the Registrar envisages taking any enforcement action against any company for failure to comply with the current established deadline of filing first annual returns. Similarly, neither the Commission nor the Registrar expects taking any enforcement action against a registered agent for failure to provide the required notification to the Registrar in accordance with section 98A (4) of the Act (that is, notification of failure by a company to file its annual return).

The Commission will provide further update on this matter in due course. All BVI business companies and their registered agents are invited to take note. 

Any questions or concerns in relation to this Circular should be directed to [email protected].