The New Requirement for BVI Companies
As you may already be aware, since January 2023 all companies incorporated in the British Virgin Islands (BVI) have been required to submit annual financial information through a specific reporting form.
The financial results for the period ended December 31, 2023, must be submitted by September 30, 2024. Thereafter, this will become an annual compliance requirement for BVI companies.
Confidentiality of Information
It is important to note that the financial information submitted will not be made available to the general public.
This information will remain on file with the company’s registered agent in BVI, who will be responsible for determining the format of submission and will have discretion to interpret the applicable legislation, establish specific deadlines, and request any supporting documentation deemed necessary to comply with this requirement.
Penalties for Non-Compliance
Failure to comply with this obligation may result in penalties of up to USD 5,000, as well as the possibility of the company being involuntarily dissolved.
For this reason, it is important that company administrators prepare in advance to meet these new regulatory requirements.
How Dartmouth Can Assist
Dartmouth International offers the preparation of financial statements in Portuguese—or, if preferred, in English or Spanish—which can serve as the basis for completing and submitting this reporting form in BVI.
In addition, our reports include a complete reconciliation of shareholders’ equity and may contain a specific appendix designed to assist with the preparation of the Brazilian Declaration of Assets Held Abroad (DCBE).
Contact Us
For more information about this requirement or other aspects related to the maintenance of offshore companies, please contact us.
If your company is not currently administered by Dartmouth International, consider transferring it to our administration and gain access to corporate, accounting, and regulatory services in a cost-effective, streamlined, and centralized manner through a single specialized provider.
Contact
