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  1. Home
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  3. BVI Financial Annual Return – BVI FSC update on filing deadline and penalties

BVI Financial Annual Return – BVI FSC update on filing deadline and penalties

On 26 September, the BVI Financial Services Commission released an update regarding penalties for late submission of the Financial Annual Return (FAR) for obligated BVI Companies.

Non-exempted BVI Companies are still required to file a FAR with their registered agent within nine months after the end of the company’s financial year. The deadline for the first filing of FAR(s) continues to be 30 September 2024.

According to the announcement, neither the Commission nor the Registrar plan to take any enforcement action against:

  • any company for failure to comply with the current established deadline of filing first FAR(s); or
  • a registered agent for failure to provide the required notification to the Registrar on failure by a company to file its FAR.

Click here to read about the BVI FSC’s update on penalties.

We will continue to keep you updated on further developments. However, we strongly recommend filing the FAR of your BVI Company as soon as possible, as penalties are expected to be introduced.

If you need any assistance, please contact us at BVIFAR@harneysfiduciary.com. If you need assistance with preparation of Accounting Records & Annual Returns, our specialised team at ClientAccounting@harneysfiduciary.com is available to support you.