Financial Statements & Auditing

The Company will be required to prepare annual comparative financial statements which the directors must place before the shareholders at every annual meeting of the shareholders of the Company relating to: ​​

Effective 1 January 2024, the Income Tax Act, Cap. 73 shall be amended to increase the corporation tax rate to 9%. This increased tax rate will impact all corporate entities other than those that fall within the stipulated exclusions under the GloBE Rules.

Effective all companies with gross revenue at BDS$1 million or above are required to engage a licensed corporate services provider who will manage certain governance and compliance requirements, including submission of annual declarations and financial statements.

Together with this the directors must also present the report of the Company's auditor, if any, and any further information respecting the financial position of the Company and the results of its operations required by the articles of the Company, its by-laws, or any unanimous shareholder agreement.  

The Company will require an annual audit of the abovementioned financial statements if it is a public company or where the most recent financial statements of the Company show that its gross revenue or assets exceed:   

US$2,000,000 for any period from 1st January, 2014 

The Company shall be required to file annually with the Ministry, its audited financial statements (where necessary as indicated above) not less than 21 days before each annual meeting of the shareholders or immediately after a written resolution in lieu of such annual meeting, but in any event not later than 15 months after the last date when the last preceding annual meeting of the Company should have been held or a resolution signed.