Which are the offshore jurisdiction does not require you to file a audit every year ?

[troubled soul]

Which are the jurisdiction that does not require you to file audit every year ?
Can anybody have experience with it ?
I want to register company where there is requirement of audit ?


Thanks

 

[hmg78800]

Seychelles, St. Vincent, Cayman Islands

 

[stronco]

Marshall Islands

 

[yiannis]

New Mexico too, I believe

 

[volcanotnt]

Which are the jurisdiction that does not require you to file audit every year ?
Can anybody have experience with it ?
I want to register company where there is requirement of audit ?


Thanks

Scottish LP, If you meet several requirements

 

[wellington]

Oh wow, BVI requires now.

This is kinda ridiculous if you ask me.

There's many companies that make this untenable or unviable..

As of January 1, 2023, commercial companies are required to file an annual financial return (Annual Financial Return) with their registered agent in the BVI - within 9 months of the end of the fiscal year to which the return relates. Accordingly, the first reports must be filed by September 30, 2024. The registered agent must, on request from the British Virgin Islands Financial Services Commission (BVI FSC) or other competent authority, provide a copy of the financial statement of the company for which the request is made. In addition, the registered agent must notify the FSC if the company report is not received - no later than 30 days after the date of delay (i.e. if the report is not received by 30 September, the registered agent must notify the FSC by 30 October).

more details on https://gsl.org/en/audit-foreign/audit-bvi/

But then again what is defined as a commercial company under this -> perhaps research companies, or small trading companies are exempt.

Does a BVI company need an audit? It depends on the size and nature of the BVI company. In general, a the British Virgin Islands company is not required to have an audit if it qualifies as an exempt company. However, if it is not an exempt company, it may be required to have an audit depending on its annual turnover, total assets, and number of employees. BVI companies are required to maintain accurate financial records regardless of whether or not they are required to have an audit. It is recommended seek professional advice to determine their specific audit requirements.

more details on BVI company audit, financial statements, accounting, consulting in the British Virgin Islands | GSL

Somewhat confusing though.

So if my company is (delete as appropriate) a holding / investment / research / quant company - as long as it has less than 5m$ revenues in a year, a audit shouldn't be required.

Usually audits are required when you have shareholders etc, doesn't make sense for a generic company.

However, with the recent amendments of the BVI Business Companies Act all BVI Companies (certain exemptions apply) will need to prepare and submit to their Registered Agent an Annual Return, which will be due nine months after the end of the year to which the annual return relates. The Annual Return will not need to be audited and it is expected to comprise of a Profit & Loss and Balance Sheet. Exact contents of this Annual Financial Return have not been released yet by the authorities and are expected to be finalized by the end of 2022. However, the first filing of annual financial returns will not be due until 2024 with a due date not going beyond September 2024.

This requirement applies to all BVI Companies except:

• Listed companies;
• Regulated entities which already submit FS to the Financial Services Commission;
• Companies which already submit FS with their Tax Return.

Companies which prepare Consolidated Accounts will be able to submit those, provided that they show the balances of the BVI Company. We expect more clarifications on this topic.

https://bviaccountants.com/2022-ame...iness-companies-act-annual-financial-returns/
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More confusion

 

[wellington]

Mentioned above is Seychelles - last i heard they do a audit or accounts annually these days also.

Oh and a big red flag ref Caymans.

Part of Operation Chokepoint 2.0 (crypto is irrelevant to this) they won't allow any banks to acquire Cayman based companies or persons with these banks that were acquired.

So not entirely sure whats in the pipeline, but it appears the US has some sort of issue with the Caymans which will wash out in due course, with the cost of a Cayman company being in the middle of a shitstorm from the US (the country financial/commercial system) is probably not a wise move.