FAQs for accounting of BVI/Belize offshore company

The more you understand the tax and accounting regulations where you register your offshore company, the better you manage your business overseas and comply with the annual requirements. Nevertheless, following the legal and accounting guidelines issued by the BVI and Belize governments, can be challenging.

That's where we come in: Our article is what you need to:

Get in-depth insights into tax policies, accounting standards, record-keeping, official documentation, and

Know how we can help you find the right customized tax and accounting solutions for businesses. your business

1. Key insights about tax accounting for offshore Companies in BVI and Belize

1.3. Why document keeping for your offshore Firms in BVI / Belize is significant?

Record-keeping is crucial and should be managed at the office of the consulting entity aiding in establishing offshore companies in BVI/Belize for several reasons:

• It facilitates the seamless execution of tax accounting and financial filings, especially the Annual Financial Return.
• It simplifies the preparation of annual tax reports (Annual Tax Returns) for offshore companies operating in BVI/Belize. More specifically, Belize introduced tax guidelines for corporate income tax filing for companies registered in Belize. For Belize's tax policy details, refer here.: Chính sách thuế mới của Belize ảnh hưởng như thế nào đến các công ty Belize? (Cập nhật 2023)  

Furthermore, to mitigate financial risks, digital and traditional banks in Singapore, as well as those in the USA, where corporate bank accounts are permitted for your BVI and Belize companies, might occasionally request customers who own offshore companies to submit the final financial statements and business activity statistics for the company's fiscal year. This requirement typically applies to businesses that incorporate offshore companies in BVI/Belize and clients that we suggest opening a business account in Singapore/US.

1.4. What are the Annual Financial Statement requirements for offshore Companies in BVI and Belize?

In August 2022, the BVI Business Companies Amendment Act came into effect on January 1, 2023. It mandates offshore companies in the BVI (commonly known as BVI BC - Business Company) to prepare an Annual Financial Return to the corporate service provider that supports the company incorporation.

The due date for the annual financial return is nine months after the financial year concludes. The return form includes a Financial Statement and a Balance Sheet.

Similarly, as per the updated Belize Companies Act, offshore companies established in Belize must provide an Annual Financial report each year by March 31.

Consequently, maintaining the financial records mentioned above simplifies the preparation of the annual financial declaration.

1.5. Does the annual financial statement of your offshore company in BVI need to be audited every year?

Financial statements of your offshore company in the BVI do not require annual appraisals unless specifically requested by your company.

1.6. Does the annual financial statement of your offshore company in Belize need to be audited every year?

Offshore companies in Belize are not obliged to have their financial statements audited unless their income exceeds the 6,000,000 USD threshold, in accordance with the Belize Income and Business Tax Amendment 2018.

1.7. What is an Economic Substance Report?

The introduction of the Economic Substance Rules signifies a significant change in the BVI and Belize tax accounting regulations.

These rules are global initiatives aiming to ensure tax compliance and transparency, adopted by numerous countries. Each country will have its distinct requirements and conditions for reporting business activities' nature and the specific criteria for compliance.

Essentially, reporting the nature of business activities is a legal obligation to:

• Demonstrate transparency in business operations and tax reporting, especially in areas like finance, investments, ownership of vessels, receipt of royalties, etc.
• Establish a considerable economic presence of companies in the country, thereby meeting the requirements for business development incentives in the host country (like specific capital investments, local employment numbers, annual reporting requirements, financial statement preparation, etc.).

For detailed information, please refer to the article on Reporting the Nature of Business Activities.

1.8. How do the economic substance requirements affect your offshore company in BVI/Belize?

The nature of business activities significantly impacts offshore companies in BVI/Belize. Seeking assistance from a professional entity like Global Link Asia Consulting can be a practical solution to your business.

2. How can we support you in tax accounting for offshore BVI/Belize companies?

Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you

• Register an offshore company in BVI, Belize;
• Open an offshore corporate bank account in Singapore with a 99% success rate;
• Choose the right company types for tax optimization in BVI, Belize;
• Apply for business licenses;
• Get an affordable, professional registered office address for business;
• Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
• Handle all your tax accounting needs, timely annual filings, auditing, and more.
• Support in company management with our one-stop corporate services

3. FAQs about tax accounting for offshore Companies in BVI and Belize

We offer a comprehensive range of accounting and tax services for offshore companies. Our services include:

• Monthly/Annual Tax Accounting services for offshore companies.
• QuickBooks Consulting and Licensing.
• Annual Return Preparation.
• Economic Substance Reports Preparation.

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