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Frequently Asked Questions
Have a few questions before you contact us?
We will need any documentation of accounting significance, which may include but not limited to: Expense or Income invoices, agreements, bank statements, broker statements, Board of Directors Minutes or Resolutions, loan interest calculations etc.
Most of our clients submit their accounting documentation through emails usually in pdf format, or in some cases in excel format as well (for interest calculations etc). For Companies with a large volume of files we will create a folder in our secure servers where you will be in a position to upload all documentation.
Absolutely. We make the transition seamless on your end. We’ll communicate directly with your current accounting service provider, take over all your financial documents, and review to ensure that they are complete. Now that your accounting is in good hands, you can focus on what you do best: running your business.
A transaction is any deposit into or withdrawal from the bank or an investment in an asset. This is assuming all payments and receipts are done through the company’s bank. An example can be payment to suppliers, salary payments, expenses reimbursement or customer transfer. Bank fees and charges will not be considered a transaction.
No, but you need to be aware of the contact details of your Registered Agent as the submission of the Annual Return will need to take place with your Registered Agent, not with us. If you do not submit with your Registered Agent on time, they will have the obligation to inform the BVI Financial Services Commission of the non-compliance of your entity.
Registered agents are licensed by the BVI Financial Services Commission (the Commission) and are subject to its regulatory oversight under various laws, including the Regulatory Code and the Anti-Money Laundering and Terrorist Code of Practice. Only a registered agent can incorporate a BVI company, and they are essential in its ongoing maintenance. Legally, a BVI company must at all times have a registered agent, except when it is in insolvent liquidation.
The Registered Agent is responsible for safe custody and maintaining of the Memorandum and Articles of Association, the Register of Members, the Register of Directors, copies of Resolutions, notices and filings.
The first Registered Agent of your BVI Company is usually written on the Memorandum of your Company which you received upon incorporation.
We prepare Accounting Records, Financial Statements and Annual Financial Returns in accordance with the International Financial Reporting Standards (IFRS), which are widely used and accepted across the globe. Annual Return submissions under IFRS are also accepted by the BVI Financial Services Commission.
You can visit our Library Section, where we have analyzed for you in simple words this new requirement and answer a lot of questions, as well as provide copies of the template required to be completed. We can ofcourse assist with accounting and completion of the Return where requested.