BVI record keeping updates

As from 16 January 2016, the following record keeping must be complied with for BVI Companies according to the new section 98 of the BVI Business Companies Act, 2004 as amended by the BVI Business Companies (Amendment) Act, 2015

 

  1. The company’s directors determine where the books and records are to be kept, at the Agent’s registered office in the BVI or elsewhere or abroad.
  2. The records must be kept for a minimum of 5 years from the date which the business relationship relating to the transaction ceases or the date of completion of the transaction
  3. The Company must provide to the Registered agent all the documentation requested by the Agent according section 98 (6).

 

The records and documentation of the Company must be kept in such a way so as to enable with accuracy the financial position of the Company to be determined and must be sufficient to explain the transactions of the Company.

In case the records are not kept at the place of the Registered Agent, then the Company must provide the physical address of the place where the documents and records are kept as well as the name and address of the person responsible for maintaining the records and documentation.

In case of either a change in place of where the records and documentation are held or there is a change in the person responsible for maintaining the records and documentation, then the Company must notify the Registered Agent, within a period of 14 days, the address of the new place where the records and documentation are kept and also the name and address of the new person responsible for these records and documentation.

According to sections 98(7) records and underlying documentation includes records and accounts relating to the assets/liabilities of the company, sales and purchases made by the company and all receipts/expenditure made by the company.

Failure to comply with the above may result in a fine of US50.000.

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1. Provision of fiduciary services

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