Annual Review for BVI Companies
After registration, every BVI (British Virgin Islands) company is required to undergo an annual review of the laws and regulations of the place of registration. This review assesses whether the company is operating legally and whether it can continue its operations. If not addressed on time, it can affect the normal functioning of the company's accounts.
Annual Review Timing and Late Fees for BVI Companies
For companies established from January to June, the annual review must be completed by May 31 of each year.
If the annual review is submitted from June 1 to July 31, the penalty is 10% of the annual review fee.
If the annual review is submitted from August 1 to October 31, the penalty is 50% of the annual review fee.
For companies established from July to December, the annual review must be completed by October 30 of each year.
If the annual review is submitted from December 1 to January 31, the penalty is 10% of the annual review fee.
If the annual review is submitted from February 1 to April 30, the penalty is 50% of the annual review fee.
Note:
If the fees are not paid within the specified time, the company will be struck off the register and deleted from the BVI Companies Registry after five months of delinquency.
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