Existing financial record keeping obligations under BVI legislation have been incorporated in the Act to meet OECD requirements.
This requires that all companies maintain accurate financial records, for a period of 5 years, which provide a clear view of all transactions undertaken by the company, and its assets and liabilities at any time. The records may be held at the Registered Agent’s office, or elsewhere although the Registered Agent must be advised of their location, the name and address of the person who maintains and controls the records and underlying documentation.
We offer a comprehensive service to prepare your annual accounts, lodge these accounts at the registered office, maintain books and records as needed.
BVI companies are required to maintain accounting records and prepare annual financial statements.
These accounts are not on the public record in the BVI.
Annual accounts need to be signed by the directors and approved by the shareholders.
Your BVI company needs to keep details of:
Accounts for a BVI company must show details of:
Your BVI company must compile financial statements by law (Section 98-BVI Business Companies Act 2004). Failure to do so is a criminal offence and you could be prosecuted.
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.
The BVI enacted record keeping requirements for BVI Companies to comply with OECD recommendations. These new requirements are in addition to existing record-keeping obligations contained in the BVI Business Companies Act, 2004.
The British Virgin Islands are compliant with the OECD requirement and have produced a white list of countries that comply with these rules, BVI has complied with these rules.