BVI Financial Annual Return: 30 September 2025 deadline approaching

 This article was originally posted on 17 July 2025, at a time when the organisation operated as Harneys Fiduciary. 

All BVI companies (unless exempt) are required to submit a Financial Annual Return (FAR) to their registered agent. This requirement, introduced under the BVI Business Companies (Amendment) Act, 2022, has become a key part of annual compliance obligations for BVI companies.

For companies with a standard financial year ending 31 December 2024, the FAR must be filed no later than 30 September 2025.

What is the Financial Annual Return?

The FAR is a simplified summary of a company's financial activity for the relevant financial year. It must include:

• A basic balance sheet
• An income (profit and loss) statement

The FAR is not audited, and it does not need to comply with specific international accounting standards.

However, the information provided must accurately reflect the financial position and performance of the company.

Please note: The FAR is not publicly filed. It is submitted directly to the company’s registered agent and retained in their records. The RA is responsible for sharing the information with valid requests from the BVI Competent Authorities.

Who Must File?

All BVI companies must file an FAR unless they qualify under one of the following exemption categories:

• Companies listed on a recognised stock exchange
• Companies regulated under BVI financial services legislation that submit financial statements to the Financial Services Commission in accordance with applicable regulations
• Companies that file an annual tax return with the BVI Inland Revenue Department, accompanied by financial statements
• Companies in liquidation at the time the FAR becomes due (i.e. where liquidation documents are submitted to the Registrar before the end of the financial year)

If you believe your company may qualify for an exemption, we recommend reviewing the detailed criteria or consulting our team for tailored guidance.

When is the Deadline?

The FAR must be submitted within nine months of the end of a company’s financial year.

• For companies with a financial year ending 31 December 2024, the filing deadline is 30 September 2025.
• Companies with alternative year-ends will have a corresponding deadline nine months after the close of their financial year.

Next Steps For Compliance

To ensure compliance and avoid potential penalties, companies should:

1. Confirm the company’s financial year-end.
2. Prepare the FAR, including the required balance sheet and income statement.
3. Submit the FAR to your registered agent before the filing deadline.
4. Determine if the company qualifies for an exemption and maintain appropriate supporting documentation.

Penalties for non-compliance

Failure to file the FAR by the required deadline may result in:

• Administrative penalties
• Strike-off from the BVI Register of Companies
• Loss of good standing
• Regulatory enforcement actions

If a company fails to file its FAR on time, the registered agent is obligated to notify the Registrar of Corporate Affairs within 30 days of the missed deadline.

Current late filing penalties can be as follows:

• A company that fails to file the FAR with its registered agent within the specified period may incur administrative penalties of up to USD 50,000
• The Registrar may also strike the defaulting company off the register
• Non-compliance is also reflected on the company’s Certificate of Good Standing

How Harneys can assist

Our dedicated Accounting Services team provides end-to-end support to ensure your BVI company remains compliant with its FAR obligations. Our services include:

• Preparation of the Financial Annual Return
• Assistance with the preparation of underlying accounting records or financial statements
• Timely submission of the FAR to the registered agent
• Guidance on exemption eligibility and qualification
• Ongoing consultation and compliance monitoring

Whether your company requires full accounting support or simply needs assistance with FAR filing and compliance review, we are here to help.

Stay ahead of the 30 September 2025 deadline. Please ensure timely submission to avoid any penalties and regulatory risks.