BVI Business Companies Annual Financial Return (AFR) – a guide

As noted in our previous updater, amendments to the BVI Business Companies Act (Revised) came into force on 1 January 2023 introducing the requirement for BVI companies to file an annual financial return (AFR) with their registered agent. The BVI Business Companies (Financial Return) Order, 2023 (the Order) enacted in March, details (1) the form of the AFR, (2) the due and filing dates, and (3) entities exempted from filing the AFR.

We provide a comprehensive guide to the AFR requirements and what BVI companies need to know in order to be ready to prepare their AFR.

Hong Kong: Audited financial statements required to be submitted with the Profit Tax return for 2022/23

In a recent circular to tax representatives by the Hong Kong Inland Revenue Department (the IRD), it was underlined that the IRD no longer exempts the submission requirements of supporting documents from the year of assessment 2022/23, except for dormant companies or overseas companies which are not required to carry out statutory audit in the respective jurisdiction.

Marbury obtains ISAE 3402 Type I Accreditation

Marbury Corporate Advisory Services Limited has successfully obtained the International Standard on Assurance Engagements (ISAE) 3402 Type I Report in respect of the following aspects of its business:

  • information security
  • data management and storage
  • business continuity
  • compliance
  • fund administration
  • cash management and remittance services

ISAE 3402 is a global assurance standard developed by the International Auditing and Assurance Standards Board (IAASB) and involves establishing and independently auditing internal controls and processes within a service organisation. To learn more about ISAE 3402, click here.

Marbury continues to work with the highly-respected audit and accountancy firm, Baker Tilly, to obtain the ISAE 3402 Type II accreditation.

Employment Support Scheme 2022 (ESS 2022)

The Hong Kong Government has launched a third round of financial support to aid employers retain their current employees, or even employ more staff, as part of its continued Anti-epidemic Fund measures. Eligible employers can receive subsidies of up to HKD8,000 per employee for three months whilst eligible self-employed applicants can receive a one-off payment. The Employment Support Scheme 2022 eligibility criteria and application process are largely the same as for the initial scheme launched in 2020. The application process opens today, 29 April, and runs until 12 May 2022. Eligibility Employer: must have participated in Mandatory Provident Fund (MPF) or set-up Occupational Retirement (ORSO) Schemes on or before 31 December 2021; is not listed in Part 1 of the Exclusion List (including Government organisations, consulates, universities); is not involved in winding up, deregistration or striking-off process, or has not become dormant; and has fully settled all clawback/penalty payments relating to the 2020 ESS by 10 May 2022.  Self-employed person: should apply in an individual capacity as a self-employed person; must have successfully created an MPF ‘self-employed person’ account on or before 31 December 2021, and have not terminated the account at the time of application; and where an eligible self-employed person has more than one MPF ‘self-employed person’ account, only one application can be made. Subsidy structure and calculations Employers can choose the reference month against which the MPF/ORSO wage records are referenced to calculate the subsidies. Where employers successfully applied for ESS 2020 subsidies, the same reference month can be used, or if preferred, a month between October to December 2021 can be chosen if it provides a higher wage subsidy. New applicants must select a reference month