All British Virgin Islands (“BVI”) Regulated Entities are required to submit their audited financial statements to the BVI Financial Services Commission (“BVI FSC”) within six months from their respective financial year end, unless expressly exempted from this obligation as required by the relevant Acts and Regulations.
BVI Regulated Entities may be exempted from submitting their audited financial statements following a written request and approval from the BVI FSC.
BVI Regulated Entities
BVI Regulated Entities include those holding the following licenses:
- Banking, financing and money services
- Trust, registered agents and corporate services
- Investment business
- Private, professional, public and private investment funds
- Insurance
- Virtual asset services providers
The above licenses are regulated under the Banks and Trust Companies Act, 1990, Financing and Money Services Act, 2009, Securities and Investment Business Act, 2010, Regulatory Code, 2009, Mutual Funds Regulations, 2010, Private Investment Fund Regulations, 2019, Insurance Act, 2008 and Virtual Asset Service Providers Act, 2022.
Approved and Incubator Funds and Approved Managers under the Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015 and Investment Business (Approved Managers) Regulations, 2012, respectively are required to submit a copy of their financial statements to the Commission within six months from their financial year end. Approved and Incubator Funds and Approved Managers are treated as if they are relevant licensees under the Securities and Investment Business Act, 2010.
Regulated entities may request from the BVI FSC for filing extensions of their audited financial statements based on their licence.
- Banking, financing and money services – up to 3 months
- Trust, registered agents and corporate services – up to 3 months
- Investment business and public funds – up to 6 months
- Private, professional and private investment funds – up to 9 months
- Virtual asset services providers – up to 6 months
In addition to the audited financial statements, private, professional and public funds are required to submit mutual fund annual returns on or before 30 June of each year, regardless of their financial reporting period while the investment business licence holders are required to submit compliance reports, investment business annual returns and AML/Countering Financing of Terrorism Returns on or before 31 March of each year.
Administrative penalties and fines may be enforced by the BVI FSC for failure to file within the deadline.
For more information on the above, please feel free to contact Nigel MacPhail or visit our website at www.bakertilly.vg.
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