Monique Adams
Director | Corporate and Fiduciary
British Virgin Islands
Director
British Virgin Islands
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Our sector approach relies on smart collaboration between teams who have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients to see around corners.
Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg law through our global network of offices across the Asian, Caribbean and European timezones. Ogier is the only firm to advise on this unique combination of laws.
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Insight
02 May 2023
British Virgin Islands
As noted in our article regarding amendments to BVI the Business Companies Act, as of 1 January 2023, BVI companies are required to file an annual return, which contains specific financial information, with their Registered Agent. The BVI Business Companies (Financial Return) Order, 2023, (Order) which was enacted on 2nd March 2023, provides details on (1) the form of the return, (2) the due and filing dates of each annual return, and (3) entities exempted from filing an annual return.
Every company, which is required to file an annual return, must submit to its Registered Agent a return in the form, and containing the information specified in the Schedule to the Order. A copy of the schedule is attached to this notice for easy reference.
Annual returns become due at the end of a company's financial year. A company's financial year is either the calendar year (default) or the 12 month period which the company has expressly adopted.
For companies with a calendar year financial period, its first annual return becomes due on 1 January 2024, since the requirement for the filing of an annual return came into effect on 1 January 2023.
Companies which have adopted a financial period that does not correspond with the calendar year, their first annual return becomes due in 2024, depending on the month in which the commencement of its financial year falls.
Companies are required to file their annual financial returns with their Registered Agent within nine months of their due date.
Companies with a calendar year financial period are therefore required to file their first annual return with their Registered Agent, no later than 30th September 2024.
Companies with a financial year other than a calendar year, must file their annual return, no later than nine months after its financial year end. For example a company with a financial year of March to February, will be required to file its annual return before 30th November 2024.
The following entities are not required to file an annual return with their Registered Agent:
If you have any questions regarding the annual return filing, please feel free to reach out to your normal Ogier Global contact.
Monique Adams
Director | Corporate and Fiduciary
British Virgin Islands
Director
British Virgin Islands
Contact Monique
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Shaheba Levons
Senior Manager | Corporate and Fiduciary
British Virgin Islands
Senior Manager
British Virgin Islands
Contact Shaheba
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Toshra Glasgow
Manager | Corporate and Fiduciary
British Virgin Islands
Manager
British Virgin Islands
Contact Toshra
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Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
Regulatory information can be found under Legal Notice
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