Mar 2024
As described in more detail in our recent client bulletin, BVI companies are now required to prepare and file with their registered agent an “annual return” containing a basic balance sheet and income statement. This annual return is in addition to the economic substance filing obligations.
Impending Deadlines
For those companies with a financial year ending on 31 December, an annual return for the 2023 financial year must be filed by no later than 30 September 2024. For companies with other financial year-ends, the filing must be made no later than 9 months after the relevant year-end. The most common first deadlines are set-out in the table below:
| Financial Year End | First Filing Deadline |
| 31 March 2024 | 31 December 2024 |
| 30 June 2024 | 31 March 2025 |
| 30 September 2024 | 30 June 2025 |
How to prepare your annual return
The annual return is made up of a conventional balance sheet and income statement. While no particular accounting standards are required, the format of the annual return has been prescribed by legislation in the form set out here. Clients may therefore prepare an annual return in this format and file it with Conyers in the manner described below.
However, we appreciate this will be the first time that some BVI companies have had to prepare financial statements. As such, the Conyers team is delighted to be able to offer you a simple solution for preparing your annual return. In particular, our highly-experienced accounting team can ensure the annual return is prepared and filed for your BVI company efficiently and in compliance with the new rules.
If you would like to take advantage of this service, please get in touch with one of the individuals below or your usual contact at Conyers. The first step will be a short call with our accounting team to understand the assets, liabilities, income, expenses and activities of your BVI company. Following this, we will request certain supporting documents and will then be in a position to prepare your annual return, with minimal involvement from you.
For simple BVI “holding companies”, our fees to prepare the annual return start at US$1,500. For more complicated companies with higher volumes of transactions, a bespoke pricing structure will be agreed with you in advance.
How to file your annual return
For companies that are administered by Conyers Corporate Services, clients with a financial year-end of 31 December 2023 should have now received access to an online portal where annual returns may be uploaded and submitted to Conyers (for other financial periods the relevant links will be sent following the applicable year-end date). Upon submission of an annual return through this portal, Conyers will conduct a basic review to ensure that it meets the requirements of the new legislation. If the annual return is in good order, you will receive confirmation the submission has been accepted. If there are any issues identified with the submission, you will receive a further communication to rectify the annual return.
Where Conyers has been engaged to prepare your annual return, we will complete the filing on your behalf and no further action is required by you.
Confidentiality
The annual return is filed privately with Conyers and will not be filed with any regulatory body or be accessible to the public in any way. All annual returns submitted to Conyers will be kept securely in accordance with Conyers’ financial institution grade security and confidentiality protocols.
Next Steps
Given the upcoming filing deadlines and the “rush” that is expected to occur in advance of the first deadline of 30 September 2024, it is important to consider how to comply with the new requirements in good time. Failure to file an annual return within the specified timeframe will result in the company no longer being in good standing and could result in the company being automatically struck off and dissolved.
The Conyers team would be delighted to assist you in understanding and complying with the new requirements. If you would like to learn more about the various ways we can assist, please reach out to one of the below individuals or your usual contact at Conyers.