BVI Accountancy Services

BVI companies have to maintain accounting records and prepare annual financial statements. These although these accounts are not on the public record in the BVI. This is to comply with international rules to prevent money laundering and international crime and to avoid any doubts which may arise between shareholders of a BVI company. A client needs to contract an accountant on day one of the company's existence, to comply with the directors' responsibility to keep a good account of the company affairs.

Our comprehensive accountancy service combines compliance with the production of the company’s accounts.

Annual accounts need to be compiled, signed by the directors and approved by the shareholders.

Therefore, a BVI company needs to keep details of:

  • Directors, shareholders and the company secretaries
  • The results of any shareholder votes and resolutions
  • Promises for the company to reply loans at a specific date in the future, with details of the creditors
  • Promises the company makes for payments if something goes wrong and it is the fault of the company (indemnities)
  • Loans or mortgages secured on the company's assets
  • Share transactions and any details where beneficiaries are different to the named owners

In November 2012 the BVI enacted new record-keeping requirements for BVI Business Companies and Partnerships to comply with OECD recommendations. These new requirements are in addition to existing record-keeping obligations contained in the BVI Business Companies Act, 2004.

Accounts for a BVI company must show details of:

  • All money received and spent by the company
  • Details of all debts that the company owes or is owed
  • Price, location and depreciation records of all assets owned by the company
  • Proper records of all stock that the company owns at the end of the financial year
  • Records of how stock is valued for accounts- there are accounting rules on this, and we can advise you
  • A record of all goods bought and sold
  • The name, residence and physical locations of the people or companies from a to whom the goods were bought from and sold to- this could be important, if there are indirect taxes in the countries with which the BVI company trades

Compliance with OECD rules and International Financial Reporting Standards (IFRS)

The BVI is compliant with OECD requirements to meet international standards to protect against crime and terrorism.

The OECD have an initiative on Harmful Tax Practices, and have produced a white list of countries that comply with these rules, Belize has complied with these rules. We will compile accounts based on UK accounting standards, these standards are used internationally. 

Where the company is trading; the financial statements would include a Balance Sheet: with notes showing the valuation of assets, A Profit and Loss Account or an Income and Expenditure Account in some cases, notes recording accounting policies and what assets are valued and a Directors' Report.

Ask System Day
only required if you wish us to call you back