BRITISH VIRGIN ISLANDS – ANNUAL REQUIREMENTS
- VISS
- Aug 16
- 2 min read
To ensure your BVI entity remains in good standing, we’ve outlined the key regulatory deadlines you should be aware of:
Annual Financial Return (AFR) for the year ended December 31, 2024 >>>>> Due September 30, 2025.
Economic Substance requirements for entities incorporated before January 1, 2019 >>>>> Due December 31, 2025.
Below, you’ll find a concise summary of each obligation for easy reference.
1. Annual Financial Return (AFR) 2024 (Applicable to Companies):
According to the BVI Business Companies (Financial Return) Order, 2023, all BVI companies are required to file an AFR with their Registered Agent within 9 months of the end of their financial year.
For companies with a calendar fiscal year (January 1 – December 31, 2024), the filing deadline is September 30, 2025. (Please note that AFRs will be due annually by September 30 from now on.)
If your entity was incorporated in 2024, this obligation still applies. Kindly inform us of your financial year-end so we can calculate your specific deadline.
If your company operates on a non-calendar fiscal year, please refer to the applicable filing deadline based on your fiscal year-end.
Submission
You can fulfil your annual obligation by completing this form and sending it to Contact@viss.com.hk.
Penalties for Non-Compliance
Registered Agents must notify the BVI Registry of Corporate Affairs if an AFR is not received within 30 days of its due date. Penalties for non-compliance are as follows:
US$300 for the first month of non-compliance.
US$200 for each additional month, up to a maximum of US$5,000.
The Registrar may also strike a defaulting company off the register.
Important: Based on our experience with the 2023 filings, once an entity is marked as non-compliant, it is immediately penalised in the BVI Register, preventing transactions with the BVI authorities. Monetary fines may be imposed subsequently.
We strongly encourage timely compliance. Any 2024 AFR forms received after September 30, 2025, will be filed at the client’s sole responsibility, with any penalties remaining their liability.
2. Economic Substance Act (ESA) (Applicable Companies and Limited Partnerships)
According to the Economic Substance Act, the classification deadlines for the period 2024-2025 are as follows:
Submission
You may submit your Economic Substance declaration by completing this form and sending it to Contact@viss.com.hk.
Penalties for Non-Compliance
Failure to submit the required declaration or operating in breach of ESA requirements may result in:
Fines from US$5,000 to US$75,000.
Imprisonment.
Strike-off from the Register.
If you have any questions or require assistance, please don't hesitate to contact us at Contact@viss.com.hk.
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