New Annual Return Requirements for BVI Companies – How Conyers Can Help
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.
The first annual returns must be filed within nine months of the company’s financial/fiscal year ending on or after 31 December 2023. The filing deadlines for the most common year-ends are as follows:
|Financial Year End||First Filing Deadline||Annual Deadline Thereafter|
|31 December 2023||30 September 2024||30 September|
|31 March 2024||31 December 2024||31 December|
|30 June 2024||31 March 2025||31 March|
|30 September 2024||30 June 2025||30 June|
While no particular accounting standards are required, the format of the annual return has been prescribed in the form set out here.
We appreciate this will be the first time that many BVI companies are required to prepare formal financial statements. 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.
Preparation of own Annual Return
Clients also have the option of preparing and filing their own annual return. In the coming months we will provide access to an online portal to facilitate the filing of annual returns prepared by clients. On receipt of these annual returns, Conyers will conduct a basic review to ensure that they meet the requirements of the new legislation. A fixed fee of US$250 will be charged for the submission and review of annual returns through our new portal.
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 that directors of BVI companies 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.