Amendments to the BVI Business Companies Act 2004 which became effective on January 1, 2023 made it mandatory for all BVI Companies with a few limited exceptions to file an annual return. The return consists of a basic Balance Sheet and Profit and Loss account which does not need to be audited. Starting with the December 31, 2023, year- end companies must file the return with their registered agent within nine months of their financial year end. The returns are private as there is no requirement for the registered agent to file the return with the BVI registrar of companies. However, they have a duty to report companies which have not complied with the filing requirement, and this subjects them to penalties and ultimately if not corrected the company can be struck off.
