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BVI Company Annual Return

Update Date:2020-6-8 15:51:43     Views:1719

BVI Company Annual Return Services


BVI company annual return means any limited liability companies in BVI should file annual returns to the department of the tax bureau department. All private, professional and public funds in British Virgin Islands (BVI) are required to submit a Mutual Fund Annual Return (MFAR) to the BVI Financial Services Commission (FSC) no later than 30 June 2012 in respect of the calendar year ending 31 December 2011. Failure to complete and file the MFAR on or prior to 30 June exposes a fund to the risk of enforcement action by the FSC.

BVI Company Annual Return,Other types of funds that are not registered or recognized under the Securities and Investment Business Act, 2010 ("SIBA"), for example, closed-ended funds domiciled in the BVI, are not required to submit an annual return or audited financial statements.  Funds could be faced with administrative penalties and/or enforcement action if they fail to meet the deadline.

BVI Company Annual Return,Information to be disclosed in Annual Returns for BVI companies
Each Fund must report on the following:
1. Basic prudential and governance information, which includes information on its registered agent and functionaries;
2. Summary financial information for the relevant reporting period, which includes beginning NAV, total subscriptions, total redemptions, net income/net loss, dividends/distributions, ending NAV and year-end gross assets.
3. Asset allocation details are also required, but there is no need to set out specific details of individual investments. Details of investors do not have to be disclosed in Annual Returns.

BVI Company Annual Return,Purpose of BVI Company Annual Returns
The FSC intends to use the information filed in Annual Returns to measure and develop the BVI funds industry, whilst at the same time meeting international reporting standards. We understand that the FSC will not make Annual Returns publicly available, but may share information gathered from them on an aggregate basis.

BVI Company Annual Return,Requirements of BVI Company Annual Returns
Funds must prepare financial statements for each financial year in accordance with one of the prescribed accounting standards1 or internationally recognized and generally accepted accounting standards equivalent to such prescribed accounting standards.

BVI Company Annual Return,Exemptions and Extensions
Funds which have not appointed an auditor will need to make a written application to the FSC for an exemption from the requirement to appoint an auditor and submission of audited financial statements.  Alternatively, Funds which are not in a position to file the audited financial statements by the annual filing deadline may apply to the FSC for an extension. The FSC may grant a maximum extension of up to nine months following the end of the relevant financial year.

BVI Company Annual Return,
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