A notice was circulated to all Registered Agents, including Wilfred Services Ltd., on May 20, 2022 as a guide to the filing obligations under the amended International Business Companies Act.
It is noted that there has been minimal filing of Financial Statements and Declaration of Solvencies by a number of Business Companies for the past 2 years since this requirement was implemented.
The deadline for the filing of financial statements is May 31st annually. A penalty of $20,000 is payable by each company which fails to make this required filing.
Should an extension of time be required, a formal request via letter to the Registrar may be made seeking a reasonable extension of time on a case by case basis.
Please be advised of the following when deciding when preparing and filing a Financial Statement OR a Declaration of Solvency:
- In the case of a BC which is a Large Company, it must at least four (4) months after its balance date, prepare financial statements and file with the Registrar by the end of May of each year, respectively. A Large BC must have GrossRevenue$4M or Total Assets $2M.
- The Declaration of Solvency OR Financial Statements must be signed by 2 directors or 1 director only if a Company has only 1 director.
- In the case of a BC which is not a Large Company, must file (5) months after its balance date a Declaration ofSolvency dated and signed by 2 directors or 1 director as isapplicable (ref section 76F). As such, the Declaration of Solvency should be filed by the end of May of each year.
Balance Date – “Dec 31” or another date approved by the Registrar of BCs)
Please reach out to us to discuss any OR all filing requirements for BCs incorporated in SVG so we can assist you properly.
