Since the entry into force of the BVI Business Companies (Amendment) Act, 2022, and the BVI Business Companies (Financial Return) Order, 2023, on January 1, 2023, all companies registered in the British Virgin Islands (BVI), unless exempt, must submit an Annual Financial Return (AFR) to their registered agent. This return must contain specific financial information about the company.
Deadline for AFR Submission
The Annual Financial Return must be submitted within nine months after the end of the company’s fiscal year. The first fiscal year requiring this return begins on January 1, 2024, applicable to companies whose fiscal year ends on December 31, 2023. In this case, the deadline for submitting the first AFR is September 30, 2024.
Consequences of Late Submission
If a BVI company fails to submit the AFR by the deadline, the registered agent must notify the BVI authorities within 30 days of the final deadline. Failure to comply may result in financial penalties, and in more severe cases, the company may be dissolved.
Stay Ahead of the Deadline
To avoid legal and financial complications, BVI-based companies should ensure timely submission of their Annual Financial Return.
For any questions, our Wealth Management team is available to assist.
