BVI Annual Financial Return

The BVI Business Companies Act requires British Virgin Island companies to submit an Annual Financial Return to their Registered Agent within nine months after the end of their financial year, to ensure their company remains in Good Standing.

The Annual Return is confidential and is not filed publicly, therefore it will not be included in a BVI Company Search

How we help

System Day has a specialised accounting section which is well versed of the new regulation and is ready to assist you by offering:

For simple BVI “holding companies”, our fee to prepare the annual return is £500 (US$650).  For more complicated structures with higher volumes of transactions, a bespoke pricing structure will be agreed with you in advance.

We support you with:

• timely and accurate filing
• reviewing records and underlying documentation to see if they sufficiently show and explain the company’s transactions
• preparation of unaudited balance sheet (statement of financial position), income statement and accounting records
• preparation of annual financial return
• preparation of directors’ resolutions
• ongoing monitoring of regulatory requirements as they may develop

Financial Return example

The return template is a simple Income Statement and Balance Sheet. The return does not need to be audited and can be prepared under any of the recognised accounting standards, for our clients we use the International Financial Reporting Standards

The Annual Return must contain the following financial information:

• assets: cash and cash equivalents, loans and receivables, investments and other financial assets, tangible fixed assets, intangible assets, other assets and the total assets
• liabilities: accounts payable, long-term debts, other liabilities and the total liabilities
• shareholder’s equity
• income: revenue, cost of sales and gross profit
• expenses: operating expenses, other expenses, income tax expense and total expenses; and net income.

Late Filing Penalties

Failing to file the Annual Return on time can result in penalties and potentially lead to the company being struck off the register.

If a BVI company fails to file an Annual Return, its Registered Agent is obliged by law to notify the BVI Registrar of Corporate Affairs, and the company may have to pay a fine of up to US$5,000.