BVI Limited Company Renewal Requirements
Limited companies in the British Virgin Islands have a number of annual renewal requirements to keep your entity in good standing.
In this article you can read about the annual requirements and what else there is to know about keeping your BVI Limited Company in good standing.
Renewal Requirements
The following annual requirements apply to a BVI Limited Company:
- Annual Renewal
- Economic Substance Declaration
- Annual Reporting
Annual Renewal
The annual renewal is a yearly fee that needs to be paid to renew the renew the registered address and office, and the government fees. Besides that you pay for the processing of your Economic Substance Declaration which needs to be completed on an annual basis.
All entities registered in the British Virgin Islands are required to do an annual economic substance declaration to comply with the BVI Economic Substance Act.
The main purpose of the form is to establish whether your entity have economic substance within the BVI and whether it caries out relevant activities.
Read more about the ESA Declaration
here.
All companies incorporated or registered in the BVI ("Companies") are required to file a financial return (an "Annual Return") with their Registered Agent each year.
Read more about the Annual Return Obligations here.
Renewal Periods
BVI limited Companies are not renewed on their anniversary, in stead they have 2 set renewal periods within the year:
- May 31 (Semester 1)
- November 30 (Semester 2)
If your entity is registered in the 1st semester of a year you entity falls in the Semester 1 renewal period. If your entity is registered in the 2nd semester of the year your entity renewal period will always be in the second half of the year.
So when you have registered your entity on February 4th of 2024, you will need to renew your entity by May 31 of 2025.
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