In this article, we explain the BVI Financial Annual Return (FAR) requirement, which has applied to all BVI Business Companies since January 2023. Now well into its implementation, the FAR has become a core compliance obligation for BVI companies of all types, including those within global corporate groups.
Understanding how the FAR works, who must file, and when submissions are due is essential to maintaining good standing and avoiding avoidable regulatory issues
Since 1 January 2023, all BVI Business Companies have a new task on their to-do list - preparing and submitting a FAR to their Registered Agent. This comes into play nine months after the end of each company's financial year-end (FYE).
In light of this requirement, we've put together answers for the most common questions we've been asked in the past year. If you cannot find the response to your query or require assistance with accounting services, please email us at BVIFAR@ascentium.com
Subject to limited exceptions, all BVI companies are required to provide certain financial information to their Registered Agent on an annual basis in the form of a FAR.
This is a simple Income Statement and Balance Sheet. You can see the template here.