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:
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:
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.