Penalty for improper accounting

Companies with registration in Belize, the British Virgin Islands, Panama and Seychelles run the risk of getting penalty for improper accounting. Consider each country separately.

Seychelles

If a violation is discovered during the audit, a fine of up to 100 $ is imposed on the company. If the company continues to violate this requirement, it is forced to pay an additional 25 $ each day after imposing a basic fine.

Panama

The fine is 1000 $. Each subsequent day of violation of accounting rules will cost the company 100 $.

British Virgin Islands

In case of non-compliance with the rules, the company will be fined 50000 $.

Belize

Compared to the rest of the above countries, the penalties in Belize in relation to companies that incorrectly conduct accounting are the most severe.

• The company may be excluded from the register of business entities.
• The fine can reach 10000 US dollars.
• The company may be deprived of a license.
• Supervisory authorities may revoke a certificate of registration.

Currently, the proper conduct of accounting is a prerequisite, since today conducting business without records is impossible.

Proper accounting provides the company with the following benefits:

• No problems with international and local laws.
• Facilitated procedure for opening accounts with foreign and local banks.
• Lack of penalties.
• Facilitation of tax payments.
• Facilitating a change in the location of the business entity.
• Evidence of the legality of the source of profit and prevention of freezing accounts.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.