British Virgin Islands (BVI) companies have new requirements?
2023-10-6
British Virgin Islands (BVI) companies have revised their company laws several times in recent years to meet international regulatory requirements. In addition to filing the register of directors and submitting an economic entity report, starting from the 2023 fiscal year, BVI commercial companies will submit an annual return. The annual return includes a profit and loss statement and a balance sheet, which must be submitted within 9 months after the end of the fiscal year. Submit to registered agent. Companies that are not operating are required to submit annual returns.
Under the new legislation, the first annual return will be submitted by September 2024 at the earliest. Failure to submit or late submission will result in fines or even expulsion.
However, please note that the annual return is only filed and remains private and does not require review. Therefore, the BVI company's function in maintaining confidentiality or architectural design still exists.
Other overseas companies, such as the Cayman Islands and Seychelles, are not yet required to file annual returns, so they are another option.
For information on establishing a company in Hong Kong, China, BVI, Cayman, or a Seychelles company, or establishing a structure and taking advantage of overseas companies, please feel free to contact us.
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