British Virgin Islands

BVI Accounting Records

Reminder to BVI companies on ongoing maintenance of accounting records and related official documentation detail

Under the BVI Companies Act (Revised) and the Mutual Legal Assistance (Tax Matters) Act (Revised) a BVI company and the registered agent are required to have knowledge of the location of accounting records and also the person responsible for the keeping of such records.

Furthermore, all BVI companies will be required to file an annual financial return with their registered agent to be retained for record-keeping purposes, commencing from their 2023 financial year. 

BVI Business Companies increase in Annual Fees effective 1 Jan 2023

The British Virgin Islands Financial Services Commission (FSC) has recently announced an increase in Annual Licence Fees coming in to effect on 1 January 2023.

This fee increase applies to all new incorporations and renewals taking place in 2023, and does not apply to any 2022 Annual Licence Fee.

BVI Voluntary Liquidation: a quick and easy guide

The process does not have to be complicated when preparing for the voluntary liquidation of a British Virgin Islands (BVI) company that is nearing the end, or has reached, the end of its useful life. Where a company is not a regulated entity, has no liabilities, or if it is able to pay its debts as they fall due and the value of its assets equals or exceeds its liabilities, the company may be voluntarily liquidated under Part XII of the BVI Business Companies Act, 2004 (the Act). In the case of a BVI legal entity registered or incorporated later in the given year, an appointed voluntary liquidator must submit a legal entity’s final notice to avoid unnecessary registration fees for the legal entity before 30 November. The procedure for voluntary liquidation under Part XII of the Act is as follows and applies to a BVI company that is not a regulated entity: And within 30 days of commencement of liquidation (being the date of filing his notice of appointment), the liquidator is required to advertise notice of his appointment in at in a newspaper published in the BVI.