BVI Company Annual Return
BVI Company Annual Return Service
Hotline: 86-755-82143348, Email:email@example.com
BVI company annual return is a document that each BVI company must file on a yearly basis. All private, professional and public funds in British Virgin Islands (BVI) are required to submit a Mutual Fund Annual Return (MFAR) to the BVI Financial Services Commission (FSC) no later than 30 June 2012 in respect of the calendar year ending 31 December 2011. Failure to complete and file the MFAR on or prior to 30 June exposes a fund to the risk of enforcement action by the FSC.
Other types of funds that are not registered or recognized under the Securities and Investment Business Act, 2010 ("SIBA"), for example, closed-ended funds domiciled in the BVI, are not required to submit an annual return or audited financial statements. Funds could be faced with administrative penalties and/or enforcement action if they fail to meet the deadline.
Information to be disclosed in annual returns for BVI companies
Each Fund must report on the following:
1. Basic prudential and governance information, which includes information on its registered agent and functionaries;
2. Summary financial information for the relevant reporting period, which includes beginning NAV, total subscriptions, total redemptions, net income/net loss, dividends/distributions, ending NAV and year-end gross assets.
3. Asset allocation details are also required, but there is no need to set out specific details of individual investments. Details of investors do not have to be disclosed in Annual Returns.
Purpose of BVI company annual returns
The FSC intends to use the information filed in Annual Returns to measure and develop the BVI funds industry, whilst at the same time meeting international reporting standards. We understand that the FSC will not make Annual Returns publicly available, but may share information gathered from them on an aggregate basis.
Requirements of BVI company annual returns
Funds must prepare financial statements for each financial year in accordance with one of the prescribed accounting standards1 or internationally recognized and generally accepted accounting standards equivalent to such prescribed accounting standards.
Exemptions and extensions
Funds which have not appointed an auditor will need to make a written application to the FSC for an exemption from the requirement to appoint an auditor and submission of audited financial statements. Alternatively, Funds which are not in a position to file the audited financial statements by the annual filing deadline may apply to the FSC for an extension. The FSC may grant a maximum extension of up to nine months following the end of the relevant financial year.
If you have further queries, don’t hesitate to contact Tannet anytime, anywhere by simply visiting Tannet’s website www.tannet-group.net or www.shenzhen-company.net , or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422 or 86-755-82143181 or emailing to firstname.lastname@example.org.
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