What is the requirement?
Under new BVI legislation, all companies must now prepare and file an Annual Financial Return to their Registered Agent each financial year.
The Annual Return consists of a basic income statement and balance sheet which is not required to be audited and is only filed with the Registered Agent.
The submission deadline for filing your Annual Return is nine months after the end of your company’s financial year, with the first filing covering the financial year ending 31 Dec 2023 due the following September 2024.
Submit your BVI Annual Return with ease
support clients in fulfilling new obligations. It’s something we’ve been doing for decades.
Our expertise and purpose-built technology allow us to offer a simple and efficient BVI Annual Return
filing service. Our secure online MyFormations portal provides an easy-to-use BVI Annual Return template, so
you can submit your Annual Return easily and with confidence that it will comply with the requirements.
Annual Return preparation
Preparing your BVI Annual Return can be time consuming if you’re unfamiliar with financial reporting processes or have multiple returns to file.
Our highly skilled team is fully trained on the new requirements, so we can expertly and efficiently assist you in preparing your Annual Return. This will not only save you time but also help minimise the risk of non-compliance by avoiding potential errors.
We offer three different packages for Annual Return preparation, which are competitively priced and tailored to suit the needs of different types of companies.
Reduce risk by aligning your BVI company deadlines
With increased filing obligations for BVI companies, tracking multiple filing deadlines can run the risk of missed deadlines which may result in penalties.
Save time and reduce risk by aligning your BVI company’s annual filing deadlines with our end-of-year company alignment service. Our solution simplifies filing processes, keeping you in control and helping to give you peace of mind that your company is compliant.
Penalty for non-compliance:
- Vistra being the Registered Agent has an obligation to inform the Registrar if it has not received the Annual Return
- Financial penalty, which is calculated monthly. A penalty of US$300 will be incurred on the first day post the deadline, followed by US$200 for each subsequent month, up to a maximum of US$5000.
- An administration fee will be charged by Vistra for processing the penalty
- The Company being considered are not in good standing
- The Registrar may proceed with striking the entity off the Register
For any late filing of the Annual Return, you are required to first settle the penalty invoice, starting from 1 October 2024, before you can proceed and file the Annual Return on the MyFormations Portal.
