Each BVI Company must be renewed yearly to be kept in good standing. If the BVI company has nominee directors, they will also need to be renewed every year. Our yearly renewal package includes; 1 year tell and email support, registered agent service, registered office service and all government fees.
The annual requirements for a BVI company are minimal. There is no requirement to file annual accounts or a company annual return. There are no requirements for appointing auditors, filing annual accounts, filing financial statements and public or government reports.
Registered agents act as an intermediary between the BVI Registry and the IBC company. Registered agents can also provide services such as nominee directors and/or shareholders and company secretaries, company administration (such as filing certain documents and making annual fee submissions) and management (such as maintaining corporate registers); and most important a legal contact address in the BVI.
The Economic Substance Act came into effect on 1 January 2019 and imposes economic substance requirements on companies and limited partnerships in the BVI. The regime applies to legal entities carrying on a 'relevant activity' during any applicable period, with such entities being required to comply with the economic substance requirements in respect of that activity.