Further to our prior newsletters in respect of the BVI Business Companies (Amendment) Act, 2022 and BVI Business Companies (Amendment) Regulations, 2022, please be reminded that they have been effective now. In the meantime, Sertus would like to remind again our clients with BVI companies the following:
- To fix a financial year end date for calculating the filing date of annual financial return.
- To maintain full and complete accounting records of the BVI companies for preparation of financial statements.
- To consider restoration of the companies currently struck off during the first half of 2023, if needed –
After the transitional period, all struck off BVI companies (ie the companies struck off within last 7 years) will be dissolved on 1 July 2023 by the Registrar. The restoration process of these “struck off and dissolved” companies will be more onerous than before including the documentation proof, time frame and costs. The restoration will not be automatic but subject to the approval of either the Registrar or the Court. In view of the new restoration approach, it is highly recommended that the clients restore the struck off company as soon as possible (no later than June 2023) if the struck off BVI companies are actually holding assets and of future usage.