BVIAccountants – Frequently Asked Questions

Below some of the frequently asked questions we receive on our website for your ease of reference.

What is meant by a transaction?

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.

Why to prepare Accounting Records?

In addition to comply with the BVI Business Companies Act as described above, it is always good management practice to have Accounting Records & Financial Statements. As the worldwide Tax landscape changes constantly, FS may be required for Tax reporting purposes in your country of domicile or by banks, from potential investors and will be useful for your understanding on your Company’s performance.

Can I switch from another accounting firm to BVIAccountants?

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.

Does my accountant/auditor need to be licensed in the BVI?

Short answer to this is no. There is no requirement in the BVI for the auditor of your Financial Statements to be licensed & approved by the BVI Financial Services Commission unless you are a BVI Licensed Entity (Securities and Investment, Banking, Money Services, Insurance Company).

Can you offer Accounting services when you are not the Registered Agent of my Company?

Yes, we provide Accounting Services even when we dont incorporate a Company or when we are not the Registered Agent. We dont provide such services in any case as we specialize in the provision of Accounting Services. 

What are Financial Statements:

Financial statements are formal records that summarize a company’s financial activities and position over a specific period. They typically include:

• Balance Sheet – Shows assets, liabilities, and equity at a given date.
• Income Statement – Reports revenue, expenses, and profit or loss over a period.
• Cash Flow Statement – Tracks cash movements, including operating, investing, and financing activities.