Notice under Section 98A(2A) of the BVI Business Companies Act - Extension of Annual Return Filing Period (2024-12-10)

Summary

This is a Notice issued by the BVI Financial Services Commission under section 98A(2A) of the BVI Business Companies Act, Revised Edition 2020. It extends the initial deadline for companies to file their first annual return with their registered agent, giving companies additional time to comply with the annual return filing requirement introduced by the Act.

• Original deadline: Under section 98A(1) and (2), companies must file their annual return with their registered agent within 9 months after the end of the relevant financial year, with the first filing originally due no later than 30 September 2024.
• Extension granted: The Commission has extended the initial filing period for a further 9 months, so the first annual return filing is now due no later than 30 June 2025.
• Basis for extension: The Commission states the extension is granted because companies liable to file need more time to comply with the new annual return requirements under the Act.

The Notice does not create any new substantive filing content requirements; it only changes the timing of the first required filing. Ongoing (non-initial) annual return filings continue to be governed by the standard 9-month period under section 98A(1) and (2).

Key obligations

• Companies must file their first annual return with their registered agent no later than 30 June 2025 (extended from 30 September 2024).
• Companies must continue to file annual returns with their registered agent within 9 months after the end of the year to which the return relates, per section 98A(1) and (2), for subsequent filings.

Applies to

BVI business companies, registered agents

Deadlines

• 30th September, 2024: Original deadline for the first filing of annual returns by companies, now superseded.
• 30th June, 2025: Extended deadline for companies to file their first annual return with their registered agent.