The British Virgin Islands Financial Services Commission (BVI FSC) has announced it will not take enforcement action against companies or registered agents that miss the 30 September 2024 deadline for filing their first annual returns under the BVI Business Companies Act.
Under sections 98A (1) and (2) of the Act, as amended on 1 January 2023, all BVI registered companies are required to file an annual financial return with their registered agents, within nine months after the end of the company’s financial year. The annual return is to be kept at the agent's offices. It can be requested by the BVI FSC or other competent authority, but will not be publicly available.
The deadline for the first such filing was set for 30 September 2024, for non-exempt companies with a calendar-year end. The policy reversal has been forced by 'policy and logistical issues in ensuring full compliance'. The enforcement moratorium also applies to the FSC's sub-division, the Registry of Corporate Affairs.
Section 98A(4) of the Act also places a duty on registered agents to notify the registrar of a company's failure to file its annual return. However, in view of the waiver just granted to client companies, this regulation will not be enforced either.
A further announcement on extensions to late-filing companies will follow in due course. In the meantime, the BVI FSC is still urging BVI-incorporated companies to send their completed annual return to their registered agent if they can.
The s.98A return is separate from other reporting and registration duties on BVI companies, such as the obligations of BVI financial institutions to register with the BVI International Tax Authority under the Common Reporting Standard for international tax information exchange.
Separately, in April 2024, the BVI FSC began consulting on further amendments to the Act. In particular, it is consulting on tighter restrictions on the use of nominee shareholders and directors, as well as the uniform filing of registers of members with the registrar.
新聞連結：【2024/9/30 Appleby】