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Q：
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Is a BVI company need to be prepare account?
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A：
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As set out by the BVI Business Companies Act (as amended) (the “Act”), a BVI company is required to keep the records and underlying documentation of the company and shall keep them for at least 5 years at the registered office or at such other place or places, within or outside the Virgin Islands, as the directors may determine.
The underlying documents and the records (including accounts and records, such as invoices, contracts, agreements and other documents contains information of related transaction ) must be sufficient to show and explain the company’s transactions and enable the financial position of the company to be determined with reasonable accuracy.
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Q：
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Do the accounts of the BVI company need to be audited?
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A：
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The Act does not require the accounts of the BVI company be audited or filed to Companies Registry.
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Q：
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Does BVI Company need paying tax in the BVI?
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A：
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No taxes liabilities imposed on the BVI company for any income or capital gains derived from outside the BVI.
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Q：
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Do BVI companies need to hold annual general meeting each year?
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A：
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No. There is no requirement for BVI companies to hold annual general meeting unless prescribed in the Articles of Association.
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Q：
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When should I renew the BVI Company?
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A：
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Starting from the subsequent year after incorporation, for the companies incorporated between January and June (1st half of year), the companies have to proceed the annual renewal no later than 31 May to renew the business license in the BVI, while for the companies incorporated between July and December (2nd half of year), the companies have to proceed the annual renewal no later than 30 November each year.
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Q：
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What do I need to provide for the annual renewal other than payment?
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A：
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Although the company is not required to submit Annual Return or Declaration to the Registry to renewing the business license, certain documents and information related to the company business, beneficial owners and directors may need to be provided under request for annual compliance check purpose.
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Q：
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What could I get after the annual renewal of BVI Company? How to check if my company is renewed or not?
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A：
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BVI Companies are not required to submit Annual Return or Declaration. Therefore, there are no such filing records. The company may request for a license fee payment receipt from the Registry for records. To have a better record, the company may also apply for a Certificate of Good Standing issued from the Companies Registry which is a proof that company is legally exist.
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FAQ
