As outlined in our previous communication on May 3rd, 2023, BVI companies must now prepare and file an "annual return" to their registered agent. This annual financial return should include a basic balance sheet and an income statement in the prescribed form (click here for the form).
The annual return should be filed within nine (9) months after the end of the company's financial/fiscal year to which the annual return relates. The default first period ends on December 31st, 2023, but it is permitted for a company to use a different financial/fiscal year.
Example 1: Financial/fiscal year (Calendar)
Example 2: Financial/fiscal year (Non-Calendar)
If your company is not following a calendar financial/fiscal year, please inform us by December 31st, 2023. Otherwise, we will assume that your company has a calendar financial/fiscal year and that September 30th, 2024, will be your annual return filing deadline.
Upon receiving these annual returns, we will conduct a basic assessment to verify their compliance with the new legal requirements. A fixed fee will be charged for submitting, reviewing, and custody of annual returns through our platform. We recommend that the required annual returns be provided 30 days before the filing deadline to avoid further delays.
Currently, there are no prescribed accounting standards for preparing the annual returns. If you require accounting services to prepare your annual returns, we would gladly assist you with such services.
If you require further information or want to learn more about how we can assist, don't hesitate to contact us at Contact@viss.com.hk or through your usual contact.
Comments