Following the relevant Acts and Regulations, all of the British Virgin Islands companies are required to submit their audited financial reports to the Financial Services Commission (” Commission”) within six months from their respective fiscal year end unless excused explicitly from this obligation.
The British Virgin Island Business Companies Act, 2004 has been amended and has introduced the obligation for all BVI businesses to file a copy of their register of directors with the Registrar of Corporate Affairs of the British Virgin Island (” Registrar”) to expand the information required to be maintained on the registry for each director.
From 1 April 2016, all newly integrated business (each a “New Company”) need to file their register of directors with the Registrar within just 21 days of the appointment of its first directors.
BVI regulated entities may be excused from submitting their audited financial declarations following a written request and approval from the Commission.
Additionally to the audited financial statements, all funds are expected to provide common fund yearly returns on or ere 30 June of each year, despite the funds’ fiscal recording period.
Submitting extensions may be allowed upon request from the Commission; BVI regulated companies can request up to a maximum period to file their audited financial statements based on their license.
Following the current legislation, each BVI company have to have its current Register of Directors (ROD) filed with the Registry.
Notable fines to the tune of thousands USD apply for delayed filings. However, the BVI Legislative Assembly just enacted legislation to reduce the maximum charge for late filing of Register of Directors.
Starting from September 1, 2018, the changed laws are as follows:
- Companies which have paid out more than US$ 5,000 in fines for failure to file ROD are entitled to a refund of the amount over US$ 5,000.
- Companies that would like to be restored have now the possibility to do so for a maximum ROD late filing penalty of US$,5000.
- Businesses which fail to file a ROD before December 31, 2018, may be struck off the Register of Companies.
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