Accounting & Audit for BVI Company

Many years of experience in servicing various organizations and the experience of our employees allows us to solve any professional tasks with maximum benefit for our customers.

Since self-accounting takes a lot of time, and it is expensive to maintain a full-time accountant, we can offer you both one-time services and full professional accounting support for your company.

Qualified personnel who are ready to take care of the bookkeeping and tax accounting of your foreign company, as well as cooperation with independent auditors and with the tax authorities of other states at your disposal.

General accounting information for BVI Companies

Every company registered in BVI must keep reliable records and underlying documentation that are sufficient to show and explain the company‘s transactions and will, at any time, enable the financial position of the company to be determined with reasonable accuracy.

Based on this definition, each company is required to keep the following documents:

• Copies of official bank statements for all bank accounts of the company;
• Contracts under which the activity was conducted;
• Invoices, acts, set-offs;
• Statutory documents of subsidiaries and associated enterprises;
• Contracts for the purchase of shares/interests in subsidiaries and associates;
• Copies of financial statements of subsidiaries and associates;
• Promissory notes and other financial obligations;
• Brokerage statements on securities;
• Copies of accounting books;
• Other documents reflecting the company’s activities.

Accounting records may be kept at the office of its registered agent or at such other place or places, within or outside the Virgin Islands, as the directors may determine.

In case company’s records are stored outside the registered agent’s office, any records and underlying documentation must be provided to the registration agent upon request without delay.

The accounting records shall be preserved by the company for at least 5 years from the date of completion of the transactions or operations to which the records and underlying documentation relate.

Directors of BVI companies are personally responsible for keeping accounting records, as well as for the fact that they give a true and fair view of the company‘s financial position and explain its transactions. Failure to comply with the requirements for keeping accounting records established by law is a violation and may result in fines or prosecution.

Please contact your consultant regarding volume of accounting records keeping.

Companies registered in BVI are not required to submit annual audited financial statements to the government authorities. However, you may need to prepare audited financial statements in various cases:

• for the purposes of compliance with the CFC legislation;
• for opening a bank account or for updating company data in your bank;
• for business estimation (for example, for sales purposes);
• for internal purposes of management and business owners.

Reporting deadlines

By March 31 of each year, each BVI foreign company is required to file an Annual Return made up to 31 December of the previous year.

Failure to comply with the requirements for filing an annual return is a violation and may result in fines.

Tax reporting 

If the company does not operate in the territory of British Virgin Islands, then it is not obliged to register with the local tax authority and receive a taxpayer number, just as it is not obliged to pay any income taxes.

Our services

Since it is required to keep books of accounts, we are ready to offer our accounting services.

We provide a full range of services related to the preparation of accounting reports and audit.

Having our own presence in BVI since 2011, we have acquired a unique practice of direct cooperation on the issues of our clients’ companies with government institutions and auditors.

Get advice before getting started

Despite the fact that the British Virgin Islands refers to offshore jurisdictions, companies obliged to keep books of accounts. Thus before starting the registration of a British Virgin Islands company, we recommend that you get advice from lawyers and auditors regarding the subsequent administration of the company.

Basic fees for our services

SERVICES	PRICE[1]
Yearly accounting services
Preparation of dormant management accounts (for companies that did not operate in the reporting period)	1.800 USD
Preparation of reports for a company that has started operating	100-400 USD per hour
Additional services
Preparation and submission of accounts	2.700 USD
Consultations, communication with auditors and government agencies	100-400 USD per hour

[1] The price is shown without VAT. UAE VAT rate –  5%.