There is no requirement to file accounts or a financial statement. A business company must keep accounts and records that are sufficient to show and explain the company’s financial transactions and will, at any time, enable the financial position of the company to be determined with reasonable accuracy. A business company must also keep minutes of all meetings and copies of all resolutions passed by the directors, members and officers.

Under the Mutual Legal Assistance (Tax Matters) Act 2003 (as amended), every company must keep its accounts, records and underlying documentation at the office of its registered agent or another place determined by the directors. The records must be sufficient to show and explain the company’s transactions and must enable the financial position of the company to be determined with reasonable accuracy. These records must be kept for at least five years from the date of completion of the transaction in question, or the date when the company terminates the business relationship to which the records relate. If the records are kept somewhere other than the office of the registered agent, the company must provide the registered agent with a written record of the physical address of the records.

Offshore corporations in the Caymans are not required to submit financial reports to any Cayman Islands’ government authorities. Annual returns should be filed yearly in the Cayman Islands. However, there is no requirement for corporations to provide financial records when filing yearly returns.

All companies must keep proper books of account. They need not be held at the Registered Office. A company that keeps books of account outside of the Cayman Islands is required to provide its Registered Office with information regarding its books of account on an annual basis.

No. The main requirement is to pay the renewal fee on time.


For BVI Company, the annual fee payable to maintain a standard company authorised to issue up to 50,000 shares is USD 450, and annual fee for a company authorised to issue more than 50,000 shares is USD 1,200. For Cayman Company, the annual fee payable to maintain an exempt company depends on the number of shares issued. The annual fee starts from KYD 700 for companies issuing up to 42,000 shares and it goes up to KYD 2568 for companies that issue more than 1,640,001 shares.

For BVI Companies incorporated between January 1st to June 30th renewal fees should be paid to the Registry before May 31’s deadline to avoid the penalties:

• June 1 to July 31st – 10% of renewal fee.
• August 1 to October 31 – 50% of renewal fee.
• November 1 to January 31 – 50% of renewal fee plus
• Restoration fee of USD 825.
• From February 1 – Penalty is the Restoration fee of USD 1125.

For BVI Companies incorporated between July 1st to December 31st the funds must be credited before November 30’s deadline to avoid the penalties:

• December 1 to January 31 – 10% of renewal fee.
• February 1 to April 31 – 50% of renewal fee.
• May 1 to July 31 – 50% of renewal fee plus Restoration fee of USD 825. 
• From August 1 – Penalty is the Restoration fee of USD 1125.

For the Cayman Islands company, licence holders who do not pay the renewal fee within 28 days after the expiry date will pay a surcharge not exceeding 25% of the renewal fee for every month, or part of a month, that the renewal is not paid. We can assist in ensuring that your renewal fee will be paid on time.

If your BVI company is incorporated in or before June, it should be renewed before May 31 each year to ensure its legal status and recognition. Whereas BVI company incorporated from July to December can be renewed before November 30th each year.

The renewal date of the Cayman Islands company is December 31. You have to pay the renewal fee by January 15 (both dates are inclusive). 

Since these territories are exempt from taxation on any business activities and business activities that are not carried out locally, companies established in the British Virgin Islands or the Cayman Islands do not have a tax registration certificate.