As informed in our news from September 2022, on the 1st of January of 2023, various significant amendments to the Amendments to BVI Business Companies Act, 2022 came into force.
The critical revisions included the following:
A streamlined process for the dissolution of BVI companies and a more modern regime for restoration.
Limited changes to the information on Directors, which will be publicly available to registered VIRRGIN users.
Changes to the accounting and record-keeping requirements for BVI companies.
In this sense, we would like to remind you to pay attention to the following time-sensitive obligations and deadlines:
1. Financial records and accounts
In addition to their existing record-keeping obligations, BVI companies must now provide specific financial information, in the form of an annual return, to their Registered Agent. The return structure approved by the authorities can be found here:
The Registered Agent will be obliged to inform the FSC if it has not received the annual return within 30 days of the due time.
Some exceptions apply to listed companies, companies which pay tax in the BVI and certain BVI-regulated entities.
2. Striking-off and dissolution
Under the new amendments, if a client would like to restore a struck-off company, the restoration must be completed before the 1st of July 2023, as the Registry will dissolve all existing struck-off companies with effect from the said date.
If you require additional information, don't hesitate to contact us at Contact@viss.com.hk.
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