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ACCOUNTING

Accurate, consistent and relevant reporting is the yardstick for knowing where a business is and where it is going.
Whether it be to satisfy regulatory requirements, internal reporting or to assist in effective planning, we have the solution for you.
Our management team is made up of professional accountants with over 25 years of public and private accounting experience across a broad spectrum of industries and in particular financial services.

Our specialist areas:

  • Annual Financial Statements
  • BVI Annual Financial Return
  • Management accounts, bookkeeping and financial advisory services

Annual Financial Statements

BVI requirement

A BVI regulated entity is required to submit its audited financial statements to the BVI Financial Services Commission in accordance with its relevant act within 6 months following its respective year end. As per the relevant act these financial statements must comply with recognized accounting standards, for example IFRS and US GAAP.
Management of exempted or non-regulated entities, in accordance with good governance, may also deem it appropriate to prepare unaudited annual financial statements.

Why Richmond Advisory?

  • Our expert team specialize in reporting under IFRS and US GAAP, but also assist clients reporting under other reporting standards as required.
  • We work independently with service providers (auditors, administrators) whilst maintaining open and frequent communication with our clients.
  • To improve audit quality and to protect investors and stakeholders, audit regulators across the financial globe are driving forward the importance of independence between audit teams and the financial statement preparation process. Richmond Advisory is completely independent of any other entity and is best placed to assist in preparing financial statements on behalf of management.

Annual Financial Statements

Low fixed cost

$ 1,950
  • Based on a non-complex standalone entity having clear accounting records and prepared under IFRS or US GAAP. If this is not the case, please contact us for a tailored low fixed quote.
  • We offer discounted rates for bulk engagements.
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BVI Annual Financial Return

BVI requirement

BVI companies are now required to provide certain financial information to their registered agent on an annual basis in the form of an Annual Financial Return (“Return”).

What needs to be filed?

The form of the Return is a simple Income Statement and Balance Sheet.

The Return does not need to be audited and can be prepared under any of the recognised accounting standards.

Key dates and deadlines

The filing of the Return can commence from 1 January 2024 depending on the financial year end of the company which will have 9 months after the end of its financial year to make the relevant submission.

Penalty for non-compliance

Any company that does not file the Return within the required timeframe shall be liable to financial penalties which can increase, dependent on the timing of the delayed filing, up to $5,000. A company that has incurred the maximum penalty and whose Return remains outstanding may also be struck off by the Registrar.

Where a registered agent fails to comply with the previously mentioned responsibilities, including failing to notify the Registrar of non-compliance, they shall be liable on conviction of a fine up to $3,000.

Why Richmond Advisory?

  • New requirements can be a challenging and time-consuming process. Allow our vastly experienced team of professional accountants to relieve you of this additional regulatory requirement.
  • We have a specialised accounting services department who will complete your company’s Return in the specified format and who will liaise directly with the company’s registered agent to ensure submission is made within the required timeframe and to ensure all regulatory requirements are met.

BVI Annual Financial Return

Low fixed cost

$ 450
  • Based on a non-complex entity having clear accessible data. If this is not the case, please contact us for a tailored low fixed quote.
  • We offer discounted rates for bulk engagements.
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Management accounts, bookkeeping and financial advisory services

Best practice

Frequent management accounts supported by accurate bookkeeping provide a vital tool for senior management to make effective business decisions alongside keeping investors and stakeholders regularly updated with performance. Monthly or quarterly management accounts improve year-end internal reporting and external deliverance of information to stakeholders.

Why Richmond Advisory?

  • Often a business is not large enough to justify a full-time financial controller or there is a temporary need for certain expertise.
  • We prepare timely and accurate bookkeeping, management accounts and budget variance analysis to help you make effective business decisions.
  • We offer regular support, including, but not limited to – producing and interpreting management information, audit preparation and liaison, reporting on key performance indicators as well as profit and cashflow forecasting.

Low fixed cost

  • Once the scope of the work is defined, we will commit to a tailored low fixed quote.
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