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As from 1 January 2023, BVI companies are now required to file an annual financial return (which will include specific financial information) with their BVI registered agent within nine (9) months of the end of the financial year to which it relates.

The BVI's Business Licensing Act, 2022 was gazetted on 25 August 2022, and, when it comes into force, will replace the Business, Professions and Trade Licences Act to regulate business activities and issue business licences for persons carrying on a business specified in Schedule 1 to the Act.

The Companies Amendment Act has introduced a residency requirement for liquidators. To qualify, an individual must have physically lived in the BVI for at least 180 days, either continuously or in aggregate, prior to their appointment.

The BVI Business Companies Act (No 16 of 2004) is the principal statute of the British Virgin Islands relating to British Virgin Islands company law, regulating both offshore companies and local companies. It replaced the extremely popular and highly successful International Business Companies Act.

50 of 2021 Gazetted 31 May 2021, amendments to sections 118B, 217, and 235 of the BVI Business Company Act, 2004 made by the BVI Business Companies (Amendment) Act, 2019, in force 1 January 2020, and amendments to Regulation 25 of the BVI Business Companies Regulations, 2012 made by the BVI Business Companies ( ...

Amongst other changes, from 1 January 2023, each BVI company (with exceptions for listed companies and companies already making financial filings in BVI) has to file an annual financial return with its registered agent within 9 months after the end of the year to which it relates.

New financial reporting rules As from 1 January 2023, BVI companies are now required to file an annual financial return (which will include specific financial information) with their BVI registered agent within nine (9) months of the end of the financial year to which it relates.

A key provision introduced by the BVI Business Companies (Amendment) Act, 2015 is the requirement to file a Register of Directors with the Registry of Corporate Affairs. All BVI business companies on the Register when the Act comes into force will be required to file a Register of Directors.