Entities are reminded of their obligation to file their BVI Annual Financial Return (AFR) within nine months of the financial year end. Please see the below table of key AFR dates for the most common financial year periods and the applicable due and filing deadlines commencing financial year end (FYE) 31 December 2024. Our original […]

As part of the UK government’s ongoing efforts to modernise corporate transparency and combat economic crime, Companies House has announced significant changes to the way companies must file annual accounts, effective 1 April 2027. These reforms form part of the Economic Crime and Corporate Transparency Act 2023, and follow earlier measures such as mandatory identity verification for directors […]

Seychelles entities are reminded of the requirement to submit their bi-annual accounting records to their registered agent (by July and January) each year.  The official deadline for submitting accounting records for the first half of the year 2025 (January to June) is 31 July 2025. Furthermore, large entities (with an annual turnover of more than SCR 50 million), […]

FAQs: 1. Why is year-end accounting and auditing important for my business? 2. What services does Marbury offer for year-end accounting and auditing? 3. What documents do I need to prepare for my year-end audit? 4. What are the key Inland Revenue Department (IRD) PTR deadlines for 2025? 5. Does my Hong Kong company need […]

The deadline for the first filing of annual financial returns (AFRs) by companies incorporated or registered in the British Virgin Islands (BVI) is Monday, 30 September 2024. On 26 September 2024, the BVI Financial Services Commission (the Commission) announced that due to policy and logistical issues in ensuring full compliance for the first return deadline, […]

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.

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.

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. 

The Seychelles Government has introduced new legislation that significantly increases the accounting records keeping requirements for International Business Companies (IBCs).