The British Virgin Islands are a preferred jurisdiction for offshore company formation, given the fact that the incorporation process is an easy one and that there are no stringent accounting and reporting requirements for companies. The services provided by a team of accountants in BVI
concern the observance of the regulatory obligations as well as other financial services, as needed or requested.
Business owners are asked to observe a number of minimum reporting requirements and they can prepare the annual accounts and records using a set of standards, as they see fit (for example, the International Financial Reporting Standards, IFRS). Working with accountants in BVI
simplifies the process and allows foreign investors to rest assured that an experienced team will observe the key reporting dates. If you wish to open a company in BVI
, you may want to request the services of an accountant.
What are the main regulatory obligations in BVI?
Companies in the British Virgin Islands are not subject to complex annual accounting and reporting requirements, as may be the case in other jurisdictions (depending on the type of size of the company). However, certain types of regulated entities, for example banks, investment or insurance businesses, are subject to requirements that have to do with annual auditing (in some cases) and record keeping.
Some examples of the documents that are kept for accounting and reporting purposes are listed below by our team of accountants in BVI:
Annual return: this applies in case of funds in the BVI and it includes summary financial information on the reporting periods as well as information on the registered agent; our team can give you more details;
Audit: this is a requirement in plane only for selected entities, such as banks and other companies that offer insurance services;
Records: the records that are to be kept only need to indicate/explain the financial transactions of the company;
Register of directors: legal entities in BVI file a register of their directors
upon incorporation; when a change occurs (the appointment of a new director or a resignation), the relevant amendments need to be made;
Others: the company is also expected to keep the minutes of the meetings and the resolutions passed by the directors.
The company’s records are to be stored for a minimum period of five years, however, the law does not impose a location where these records should be kept, only that, in the situation in which they are not stored with the registered agent, the agent must then be informed of their location at all times.
can give you more details on the documents that need to be kept by your company, depending on its type and the industry in which it activates.
Is it mandatory to work with accountants in BVI?
Offshore companies in BVI can benefit from choosing to work with a local professional. The company’s owner(s) will rest assured that the company will maintain proper accounts and that the annual maintenance services will be provided by a team that is fully aware of the laws in force as well as any applicable accounting and reporting changes. While the requirements to file financial information as well as information about the directors is minimal, it is advisable to choose local services as this will mean that the company will dead with these submissions in a timely manner.
Accountants in BVI are non-regulated entities according to the Financial Services Commission. However, when doing business here, investors will wish to choose the services provided by a certified public accountant with proper licensing.
How can your team help me?
Our team can help you with complete accounting, incorporation and financial services in BVI. The main reasons for setting up an offshore company in BVI include the low costs for incorporation as well as the fast-track procedure to open a new offshore company. The jurisdiction is a tax-neutral one, meaning that there is no corporate income tax applicable on the income derived by the business during the course of its offshore activities.
Working with our accountants in BVI will help you better understand the local regulatory requirements as well as comply with the rules in force.
As per the Q1 2021 statistical bulletin released by the Financial Services Commission
, the number of companies in the British Virgin Islands was the following:
- there was a 46.58% increase in the number of incorporations in the first three months of 2021 compared to the same period in 2020;
- there was a 26.59% increase in then number of incorporations in Q1 2021 compared to Q4 2020;
- as per the released data, the number of quarterly incorporations in Q1 2021 was 7.732.
if you need more information on the regulatory obligations. Our accountants in BVI
can help answer any questions and provide the services you are looking for.