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BVI Companies- New Requirements for Keeping Records

 

Following an amendment to the BVI Mutual Legal Assistance (Tax Matters) Act 2003 on 26 November 2012 the requirements for record keeping for BVI companies have been revised as explained below.

  • “Records and underlying documentation” must now be kept by a BVI company either atthe registered office of the company or anywhere else the directors decide. The recordsand underlying documentation must be kept “in such a form as are sufficient to show and explain the company’s transactions and will, at any time, enable the financial position of the company to be determined with reasonable accuracy”.
  • The records and underlying documentation must be maintained by the BVI company fora period of at least 5 years from “the date of completion of the transaction to which the records and underlying documentation relate or from the date the company terminates the business relationship to which the records and underlying documentation relate”.
  • If the directors of the BVI company decide to keep the records and underlyingdocumentation at a location other than at the registered office of the company then a written notice must be given to its registered agent regarding the physical address at which the records and underlying documentation will be kept.