There is a big difference in the financial information that You would usually keep for Your own needs, and the financial reporting that a government usually requires to file, right? In many offshore jurisdictions there is no requirement for either of those – quite simply, offshore companies are not required to keep books. However, since recently, some of the more advanced offshore financial centres have gradually realized that a formal requirement to maintain some financial records in an offshore company would quite well be in the best interests of the beneficial owners of the companies, providing them with some extra peace of mind. This becomes especially important when an offshore company has several owners and more elaborate system of management and decision-making process.