Bahamas IBC (Amendment) Act 2011, Section 67 entered
into force
Gabriel Aguilar/Partner
Lombardi Aguilar Group
Reliable
accounting records shall include the
informatio on all sums of money
received and expended by the
company, the assets and liabilities of the company, and the detail of
transactions with underlying documentation. The
accounting records should be
sufficient to determine the
financial position of the company with reasonable accuracy.
The Amendment Act also specifies that accounting
records shall be kept for a minimum of five years from the date of
transactions.
Anyone who contravenes this requirement is liable to a
fine of USD 10,000.
If your company does not keep
sufficient accounting records, LAG can help you comply with this requirement. For
companies with less than 10 transactions per year, LAG can provide assistance
in preparing an Initial Opening Balance
and a subsequent Account Balance on a yearly basis, both verified and
certified by a qualified and accredited CPA in the Republic of Panama.
For an Initial Opening Balance Fee and a Annual
Balance Fee send your request to: gabriel.aguilar@laglex.com
