There are many advantages to company formation in BVI, including that their annual maintenance is a lot less complicated than in many other parts of the world. Because, for instance, there's no corporate tax to pay – one of the main attractions of the territory for overseas investors – there's no requirement to file annual tax returns, a burdensome affair for many other firms elsewhere.
After you register a company in BVI, you also won't be required to compile and file annual returns with details of the company including the names and addresses of its directors and secretary, as well as any updates, such as a change in the official registered address. This information does, however, need to be kept on hand at the official office, or at the office of the registered local agent, which is necessary to incorporate a company in BVI.
The same goes for annual audited accounts, which while not required to be submitted to the authorities must nonetheless be correctly maintained. BVI company law now states that proper accounting and transaction records must be kept for a minimum of five years, and they have to be made available to the authorities upon request. Failure to comply could result in a fine of US$10,000. Our professional accounting and bookkeeping services will ensure all your accounts are up to date at all times, so you never run into trouble.
The main annual requirement when you create a company in BVI is the payment of fees. They must be paid on time so that companies remain in good standing with the authorities and can continue to trade. The fees go to the government and also the registered agent, and at Coddan we can make the payments for you so that it's done on time and you're not subjected to any crippling penalties that could harm your enterprise or cause it to be shut down.