Oh wow, BVI requires now.
This is kinda ridiculous if you ask me.
There's many companies that make this untenable or unviable..
As of January 1, 2023, commercial companies are required to file an annual financial return (Annual Financial Return) with their registered agent in the BVI - within 9 months of the end of the fiscal year to which the return relates. Accordingly, the first reports must be filed by September 30, 2024. The registered agent must, on request from the British Virgin Islands Financial Services Commission (BVI FSC) or other competent authority, provide a copy of the financial statement of the company for︀ which the request is made. In addition, the registered agent must notify the FSC if︁ the company report is not received - no later than 30 days after the date︂ of delay (i.e. if the report is not received by 30 September, the registered agent︃ must notify the FSC by 30 October).
more details on https://gsl.org/en/audit-foreign/audit-bvi/
But then again what︄ is defined as a commercial company under this -> perhaps research companies, or small trading︅ companies are exempt.
Somewhat confusing though.
So if my company is (delete as appropriate) a︎ holding / investment / research / quant company - as long as it has less️ than 5m$ revenues in a year, a audit shouldn't be required.
Usually audits are required when you have shareholders etc, doesn't make sense for a generic company.
However, with the recent amendments of the BVI Business Companies Act all BVI Companies (certain exemptions apply) will need to
prepare and submit to their Registered Agent an Annual Return, which will be due nine months after the end of the year to which the annual return relates. The Annual Return will
not need to be audited and it is expected to comprise of a Profit & Loss and Balance Sheet. Exact contents of this Annual Financial︀ Return have not been released yet by the authorities and are expected to be finalized︁ by the end of 2022. However, the first filing of annual financial returns will not︂ be due until 2024 with a due date not going beyond September 2024.
This requirement︃ applies to all BVI Companies except:
- Listed companies;
- Regulated entities which already submit FS to︄ the Financial Services Commission;
- Companies which already submit FS with their Tax Return.
Companies which︅ prepare Consolidated Accounts will be able to submit those, provided that they show the balances︆ of the BVI Company. We expect more clarifications on this topic.
https://bviaccountants.com/2022-ame...iness-companies-act-annual-financial-returns/
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More confusion︇
