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Key regulatory filing deadlines for BVI funds in 2024

Insight

24 January 2024

British Virgin Islands

4 min read

These are the key regulatory filing dates for BVI funds, including incubator funds, approved funds, private funds, professional funds, public funds and private investment funds. 

Our BVI lawyers work closely with our corporate and fiduciary professionals at Ogier Global. If you have any questions or require assistance with the matters outlined, contact your usual Ogier contact or one of the team listed below. 

Incubator funds

Filing requirement

Date due

Notes

 

Semi-annual return filings

 

By 31 January 2024 and 31 July 2024

Semi-annual returns must be filed with the BVI Financial Services Commission (the Commission) in the prescribed form and provide details of the following, as at 31 December/30 June (as relevant) of the prior year:

  • number of investors in the fund
  • total investments in the fund
  • aggregate subscriptions to the fund
  • aggregate redemptions paid to investors
  • net asset value of the fund
  • any significant investor complaint received by the fund and how the complaint was dealt with

In addition, the 31 January semi-annual return needs to include:

  • confirmation the fund is not in breach of the Securities and Investment Business (Incubator and Approved Funds) Regulations 2015 (as amended).

Unaudited financial statements

 

Within 6 months of financial year end (ie by 30 June 2024 for funds with a 31 December 2023 year end)

 

In limited circumstances, it is possible to request an extension to the filing deadline or an exemption from filing such accounts.

 

Extension and exemption requests must be submitted to the Commission within six months after the relevant financial year end. The maximum extension permitted under law is six months.

 

FATCA/CRS reporting

 

Annual reporting submission deadline for FATCA and CRS is 31 May each year

 

Filings are made on the International Tax Authority's reporting portal: BVIFARS - BVI ITA

Economic substance

 

 

 

 

 

 

Annual self-certification due within six months of the end of the applicable reporting period

 

 

 

 

 

Self-certifications are submitted via the fund's BVI registered agent by making a filing on the BVI's Beneficial Ownership Secure Search System (BOSS).

 

An incubator fund will be considered to be undertaking "investment funds business" for the purposes of the BVI's economic substance legislation, which is not a relevant activity for the purposes of that legislation.

 

 

Approved funds

Filing requirement

Date due

Notes

 

Annual return filings

 

By 31 January 2024

Annual return must be filed with the Commission in the prescribed form provide details of the following, as at 31 December of the prior year:

  • number of investors in the fund
  • total investments in the fund
  • aggregate subscriptions to the fund
  • aggregate redemptions paid to investors; and
  • net asset value of the fund

In addition, the return needs to include:

  • details of any significant complaint received by the fund and how the complaint was dealt with; and
  • confirmation the fund is not in breach of the Securities and Investment Business (Incubator and Approved Funds) Regulations 2015 (as amended)

Unaudited financial statements

 

Within six months of financial year end (ie by 30 June 2024 for funds with a 31 December 2023 year-end)

 

In limited circumstances, it is possible to request an extension to the filing deadline or an exemption from filing such accounts.

 

Extension and exemption requests must be submitted to the Commission within six months after the relevant financial year end. The maximum extension permitted under law is six months.

 

FATCA/CRS reporting

 

Annual reporting submission deadline for FATCA and CRS is 31 May each year

 

Filings are made on the International Tax Authority's reporting portal: BVIFARS - BVI ITA

Economic substance

 

 

 

 

 

 

Annual self-certification due within six months of the end of the applicable reporting period

 

 

 

 

 

Self-certifications are submitted via the fund's BVI registered agent by making a filing on the BVI's Beneficial Ownership Secure Search System (BOSS).

 

An approved fund will be considered to be undertaking "investment funds business" for the purposes of the BVI's economic substance legislation, which is not a relevant activity for the purposes of that legislation.

 

 

Professional and private funds

Filing requirement

Date due

Notes

 

Mutual funds annual return (MFAR) filing

 

On or before 30 June 2024

MFAR filing is undertaken via a dedicated portal:

BVIFSC Mutual Funds Annual Reports

Registration on the portal is required, if not previously done.

 

Audited financial statements

 

Within six months of financial year end (ie by 30 June 2024 for funds with a 31 December 2023 year-end)

 

In limited circumstances, it is possible to request an extension to the filing deadline or an exemption from filing such accounts.

 

Extension and exemption requests must be submitted to the Commission within six months after the relevant financial year end. The maximum extension permitted under law is nine months.

 

FATCA/CRS reporting

 

Annual reporting submission deadline for FATCA and CRS is 31 May each year

 

Filings are made on the International Tax Authority's reporting portal: BVIFARS - BVI ITA

Economic substance

 

 

 

 

 

 

Annual self-certification due within six months of the end of the applicable reporting period

 

 

 

 

 

Self-certifications are submitted via the fund's BVI registered agent by making a filing on the BVI's Beneficial Ownership Secure Search System (BOSS).

 

Professional and private funds will be considered to be undertaking "investment funds business" for the purposes of the BVI's economic substance legislation, which is not a relevant activity for the purposes of that legislation.

 

 

Public funds

Filing requirement

Date due

Notes

 

Mutual funds annual return (MFAR) filing

 

On or before 30 June 2024

MFAR filing is undertaken via a dedicated portal:

BVIFSC Mutual Funds Annual Reports

Registration on the portal is required, if not previously done.

 

Audited financial statements

 

Within six months of financial year end (ie by 30 June 2024 for funds with a 31 December 2023 year-end)

 

In limited circumstances, it is possible to request an extension to the filing deadline or an exemption from filing such accounts.

 

Extension and exemption requests must be submitted to the Commission within six months after the relevant financial year end (or three months after the relevant financial year end if the public fund has conducted business during the financial year). The maximum extension permitted under law is six months.

 

FATCA/CRS reporting

 

Annual reporting submission deadline for FATCA and CRS is 31 May each year

 

Filings are made on the International Tax Authority's reporting portal: BVIFARS - BVI ITA

Economic substance

 

 

 

 

 

 

Annual self-certification due within six months of the end of the applicable reporting period

 

 

 

 

 

Self-certifications are submitted via the fund's BVI registered agent by making a filing on the BVI's Beneficial Ownership Secure Search System (BOSS).

 

A public fund will be considered to be undertaking "investment funds business" for the purposes of the BVI's economic substance legislation, which is not a relevant activity for the purposes of that legislation.

 

 

Private investment funds

Filing requirement

Date due

Notes

Audited financial statements

 

Within six months of financial year end (ie by 30 June 2024 for funds with a 31 December 2023 year-end)

 

In limited circumstances, it is possible to request an extension to the filing deadline or an exemption from filing such accounts.

 

Extension and exemption requests must be submitted to the Commission within 6 months after the relevant financial year end. The maximum extension permitted under law is 9 months.

 

FATCA/CRS reporting

 

Annual reporting submission deadline for FATCA and CRS is 31 May each year

 

Filings are made on the International Tax Authority's reporting portal: BVIFARS - BVI ITA

Economic substance

 

 

 

 

 

 

Annual self-certification due within six months of the end of the applicable reporting period

 

 

 

 

 

Self-certifications are submitted via the fund's BVI registered agent by making a filing on the BVI's Beneficial Ownership Secure Search System (BOSS).

 

A private investment fund will be considered to be undertaking "investment funds business" for the purposes of the BVI's economic substance legislation, which is not a relevant activity for the purposes of that legislation.

 

About Ogier

Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.

Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

Regulatory information can be found under Legal Notice

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