Portcullis has previously sent out a Notice issued by the BVI Financial Services Commission on 10 December 2024 which granted the extension of time for the filing of the initial annual returns by companies whose financial year is a calendar year. See previous notice here.

The Commission has now, by Notice dated 14 February 2025, granted an extension of 9 months to companies whose financial year is not a calendar year, and were required to file their initial annual returns on or after 1 October 2024.  The extended period of 9 months shall be from the date the annual returns were initially required to be filed.

For example:

If the company’s financial year end is 31 March 2024, its due date would have been 31 December 2024 (a date falling on or after 1 October 2024). With the extension period for this initial filing, the company’s due date would now be 30 September 2025.

A copy of the Notice dated 14 February 2025 is available here.

Any questions or concerns in relation to the Notice may be directed to your Portcullis Relationship Manager or one of our representatives.

REQUIRED ACTION

Notwithstanding the extension of time granted by the Financial Services Commission, we strongly advise companies to attend to the filing of their annual financial return if this has not already been done, to avoid any enforcement action being taken by the Financial Services Commission. A failure to file annual returns can result in significant penalties.