Several jurisdictions (countries) already require financial statements for companies domiciled there, such as Virgin Islands, Bahamas, Nevis, Cayman Islands, Anguilla, and Panama.
The recent example of Panama is very significant, as through Law No. 254 of November 2021, Panama began to require the submission of financial statements based on the International Financial Reporting Standards (IFRS), in Spanish, for the last 5 years, to be delivered by May 31, 2022.
Failure to produce these records will result in fines starting at USD 5,000 and increasing to much higher fines.
Annual financial statements (accounting) are the best way to demonstrate the activities of investment companies, confirming their compliance with current legislation in Brazil and abroad. It is undoubtedly the most efficient way to be COMPLIANT.
In addition, the manual released by the Brazilian Central Bank for the DCBE (Declaration of Brazilian Capital Abroad) requests information on the results of the companies and detailed information on the controlled companies. Only the preparation of financial statements with criteria consistent with these guidelines will provide the correct data to comply with the guidance in the manual.
Dartmouth International provides annual accounting (preparation of financial statements) services to companies in 18 countries in accordance with the principles of International Financial Reporting Standards (IFRS), in Spanish, English or Portuguese.
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