First Filing Requirement: Financial Year Ending 31 December 2023
For companies with a financial year ending 31 December 2023, the first AFR became due on 31 December 2023, with an original filing deadline of 30 September 2024 (i.e., within 9 months of the financial year-end).
In recognition of the transitional nature of this requirement, the BVI Financial Services Commission (FSC) have granted a one-time extension of 9 months for the first AFR cycle. Accordingly, now the extended deadline to file the AFR for the initial filing period ending on 30th September, 2024 has been on 30 June 2025.
Second Filing Requirement: Financial Year Ending 31 December 2024
Please also take note that the 2024 financial year is now well underway, and for companies and Limited Partnerships with a standard calendar year-end (31 December 2024), the second AFR filing became due on the 31 December 2024, with a filing deadline of 30 September 2025.
We therefore encourage all clients to begin preparation of the 2024 return in a timely manner to ensure continued compliance.
For entities with a non-calendar financial year (i.e., not ending on 31 December), the AFR becomes due at the end of the chosen financial year and must be filed within nine (9) months of that date.
If your entity uses a custom financial year, please ensure that you calculate the due and filing dates accordingly or contact us if clarification is needed.
Client Action Required
Therefore, if your company has not yet submitted its AFR for the 2023 financial year, we kindly request that you provide the completed return on or before the 21 July 2025 to allow for timely processing ahead of the regulatory deadline.
The AFR must include the following:
Failure to comply with this filing obligation may result in administrative penalties and affect the good standing of the company.
If you are unsure whether your company is required to file or believe it may qualify for an exemption, please contact us directly for guidance.
Non or late filing of the AFR will incur penalties. These penalties start at USD 300 for the first month of delinquency and USD 200 for each subsequent month during which the AFR has not been submitted up to a maximum of USD 5,000.