BVI Business Companies (Amendment) (No. 2) Act, 2024

Summary

This Act amends section 98A of the BVI Business Companies Act, Revised Edition 2020, to give the Financial Services Commission power to extend the deadline for companies to file their annual financial returns. It also updates the related registered agent notification requirement when a company fails to file.

• Extension power: The Commission may, by notice published on its website, extend the initial filing period for annual returns, but any extension (in aggregate) cannot exceed 9 months.
• Scope of extensions: An extension may be granted on written application by a company, or on the Commission's own motion, and may apply to a single company, a class of companies, or all companies.
• Registered agent notification: If a company fails to file its annual return, the registered agent must notify the Registrar in writing of the failure within 30 days after the return became due, or, where an extension was granted, within 30 days after the extension period ends.
• Commencement: The Act is deemed to have come into force retroactively on 1 September 2024, despite being passed on 29 October 2024 and gazetted on 6 December 2024.

Key obligations

• Registered agents must notify the Registrar in writing within 30 days after a company's annual return became due if the company has failed to file it
• Where a filing extension has been granted under the new subsection (2A), registered agents must notify the Registrar within 30 days after the end of that extension period if the annual return remains unfiled
• Any extension of time granted by the Commission for filing annual returns must not exceed 9 months in aggregate

Applies to

BVI business companies, registered agents

Deadlines

• 1st day of September, 2024: Date on which the Act is deemed to have come into force
• 30 days after the annual return became due: Deadline for registered agent to notify the Registrar in writing of a company's failure to file its annual return, absent an extension
• 30 days after the end of the period of extension: Deadline for registered agent to notify the Registrar of a failure to file where the Commission granted an extension under subsection (2A)
• no extension exceeding 9 months: Maximum extension period the Commission may grant (in aggregate) for filing an annual return

Related documents

• This document amends BVI Business Companies Act (Revised 2020)