1. General tax regulations of BVI/Seychelles/Belize governments
Offshore Companies in BVI/Seychelles/Belize are required to maintain and keep all the records of papers, documents and ensure the sufficient quantity for updating, citing financial situation and business activities of the company, including:
- All cash flows and related matters of the company
- All goods and service trades of the company.
- Quantity of assets and payables of the company.
- All the records must be properly maintained for at least 5 years from its financial year.
Nevertheless, there are many BVI/Seychelles/Belize businesses neglecting the duty of maintaining records of documents and transactions of the company since they are not required to submit year-end financial statements.
However, given that many offshore companies have a tendency to open corporate bank accounts for their offshore companies in well-trusted countries like Singapore, Hong Kong, please be advised that:
In order to maintain the bank account in Singapore - Hong Kong, these offshore companies in BVI/Seychelles/Belize should maintain proper international financial statements in place. In particular, following customer evaluation, to prevent financial risks (such as prevention of money laundering and so on in Singapore, and in accordance with regulations of MAS (Monetary Authority of Singapore)), the Singaporean and Hong Kong banks may randomly send a request for filing year-end financial statement, profit/loss statement of business activities in that financial year. These are common for the business setting up an offshore company in BVI/Seychelles/Belize and recommended to open an offshore bank account in Singapore by Global Link Asia Consulting.
The company's financial year is usually the last day of the month before the month of the incorporation date.
For example: if the incorporation date of the company is 15/10/2017, the financial year-end will be 30/9 annually. In this case, your company is required to provide documents (if any) to explain the company's activities, etc., by the banks, even though it is not an obligation for the company to prepare annual financial statements.
Therefore, to help you and your offshore companies in:
- Conveniently compiling, maintaining, and keeping a record of invoices and receipts of the BVI/Seychelles/Belize company.
- Easily follow with the requirements of BVI/Seychelles/Belize Business Companies Act and banks in Singapore.
- Improving transparency and professionalism of the company's financial administration.
Global Link Asia Consulting would like to offer you accounting - financial – digital solutions to help your company advance in international business operations. The next parts of this article will explain how these solutions will bring benefits to your business activities.
2. Annual accounting and financial reporting service of Global Link Asia Consulting
Annual accounting and financial reporting services are best used for?
- Businesses carrying out a few/limited number of transactions in the financial year.
- Businesses already have an internal accounting team to keep track of monthly, quarterly documents. However, the internal team lack of knowledge to prepare a complete financial statement based on international financial reporting standards.
In this package, Global Link Asia Consulting will help you prepare a complete set of financial statements including:
|1||General Ledger||The general ledge is the compilation of all the transactions carried out in the financial year.|
The balance sheet reflects the current financial situation of the company by these basic criteria:
|Income statement||The income statement represents the profit and loss of the company in the financial year.|
|4||Cash flow statement||Clash flow statement represents the cash outflows and cash inflows in the financial year.|
|5||Change in Equity||Change in equity report represents change (if any) inequity in the financial year.|
The financial report is the summary accounts, including all the reports in 2 to 5 years and notes to financial statements.
This report is prepared in compliance with international accounting standards.
During the course of work, Global Link Asia Consulting will closely pay attention to your business in BVI/Seychelles/Belize to meet the demands in a timely manner. In addition, we will provide you with ongoing support and answer every question of your need 24/7.
Step 1: Contact us now for further support and consultation regarding how to prepare annual financial services for your offshore companies:
- Hotline: +65 3163 4102
Step 2: Send us details of your business to receive an exact quotation. The required information includes:
- Compilations of financial statements that your companies have prepared (if any).
- Compilations of invoices, accounting vouchers, bank statements, and sale contract forms during the year under review.
Based on the information provided by the enterprises, Global Link Asia Consulting will send you a quote.
Step 3: Upon your confirmation to use our annual financial statement services, Global Link Asia Consulting will give instructions on invoice management/accounting archives. You will also need to send all invoices and receipts related to your offshore companies.
Step 4: Global Link Asia Consulting will proceed to prepare the annual financial statements based on the information provided.
Step 5: Once the preparation finished, Global Link Asia Consulting will send the annual financial statements to the Company for further review and approval.
Step 6: Upon receipt of your approval, Global Link Asia Consulting will file the annual financial statements to you for records.
3. Monthly accounting service of Global Link Asia Consulting
Monthly accounting and financial reporting services are best used for: Business carrying out a large number of transactions and demanding monthly internal control in detail (income and expense, payment, profit, and so on).
At the end of each month or each quarter, Global Link Asia Consulting will prepare reports for the company to evaluate, keep records, and balance income – expense for the year-end. During the company's business operation, whenever you need consultancy on taxation, please contact Global Link Asia Consulting to receive thorough guidance.
1. Consultancy on issuing invoices/ contracts for the customers
2. Collection and data entry of input and output invoice
3. Publishing reports periodically (monthly or quarterly) or on an ad-hoc basis.
4. Consultancy on other tax – business accounting-related matters (general consultancy).
5. Sending the newest tax information/ policies (if any).
Other services not included in the monthly accounting service of Global Link Asia Consulting are:
- Assistance in drafting commercial contract and labor contract (Global Link Asia Consulting only offers consultancy and sending contract forms following BVI/Believe standards).
- Assistance in inventory accounting.
4. How much do our accounting services for offshore companies cost?
The service fee for annual and monthly accounting services for offshore companies will be charged depending on:
- the number of the company’s transactions,
- the nature of business and transactions,
- other requests (if any). For example: If your company requires Global Link Asia Consulting’s assistance in issuing invoices, the service fee will be higher (the limit is 20 invoices per month).
Just like offshore companies in BVI/Seychelles/Belize, companies in Singapore/Hong Kong/Malaysia/the U.S. also must comply with and fulfill all the regulations imposed by the tax authorities. Therefore, Global Link Asia Consulting shall offer a year-end financial statement service package for any Singapore companies, Hong Kong companies, Malaysia companies, etc seeking a trustworthy and professional partner at a reasonable cost.
In addition, in order to assist you in actively taking over the company’s business and financial situation, we would like to introduce you to QuickBooks Online accounting software. QuickBooks Online is one of the most effective administrative solutions employed by more than 3.4 million small and medium-sized enterprises all around the world.
With all the remarkable functions of QuickBooks Online, an offshore company in BVI/Seychelles/Belize can take proper control of the business situation of the company without:
- Having in-depth accounting knowledge
- Limit on access time and location.
5. In a nutshell: which is the best solution for offshore companies in BVI/ Belize?
Obviously, preparing documents on the business situation of the BVI/Seychelles/Belize offshore company is of utmost importance. However, not every company has enough understanding of the requirements of record-keeping and business situation updating to BVI/Seychelles/Belize government and banks in Singapore. Therefore, a business consultant with a profound understanding of financial – taxation regulations in BVI/Seychelles/Belize and capable of offering an ACCOUNTING - FINANCIAL - DIGITAL solution is the most prompt and optimal recommendation.
Global Links Asia Consulting Company - a consulting firm specializing in offering ONE-STOP solutions for every business in every level of your business development - is ready to support your business with the following services:
- Overseas incorporation consultancy services (especially in Singapore, Hong Kong (China), the USA, BVI, Seychelles, etc.)
- Opening bank accounts consultancy services in Singapore (for Personal and Business Account)
- Tax - Accounting consultancy services (in Singapore, Hong Kong (China), etc.)
- QuickBooks Online consultancy services (Training and Licensing)
- Register international phone transfer in Singapore, the United States, EU, etc.
- Payment solutions consultancy services (support to open PayPal Business account, register for PayPal Pro, etc.)
With our one-stop solutions, we pride ourselves on being a trustworthy partner - working directly with major notable banks such as OCBC, DBS, UOB, Standard Charter Bank, ANZ, etc and international payment gateways such as PayPal and many other partners. With many years of experience working in this industry and having supported many companies, Global Link Asia Consulting are confident to bring the best quality of our services to all clients.
Contact us now:
- Vietnamese Hotline: (+84) 0938 531 588 (Call/ Skype)
- Singaporean Hotline: (+65) 3163 4102 (Call)
This article was written by Global Link Asia Consulting Pte. Ltd., and was first published on https://www.globallinkconsulting.sg/ on 16th July, 2021. Its copyright belongs to Global Link Asia Consulting Pte. Ltd.. All rights reserved. You may not, except with our express written permission, copy, modify, commercially distribute or exploit the content.