Introduction
The BVI Business Companies Act (as amended) (the
"Act") introduced the requirement for
BVI companies to file an annual return (otherwise known as a
financial return) with its registered agent, with effect from 1
January 2023. The BVI Government has now published the BVI Business
Companies (Financial Return) Order, 2023 (the
"Order") which provides a template form
of the annual return and some further guidance for the
industry.
The annual return takes the form of a simple unaudited balance
sheet/statement of financial position and an income statement.
Neither the Act or the Order prescribe for any particular
accounting standard to be used and therefore companies can continue
to apply any accounting standard they have been using to date.
