BVI Record Requirements

Through an amendment to the Trustee Ordinance, Cap 303, on 30 March 2015, new regulations relating to BVI trusts as well as VISTA trusts, in order to comply with OECD recommendations were introduced
Trustees must maintain records and underlying documentation which must show
– Sales and purchase by the Trust
– The Trust’s assets and liabilities
– Receipts and payments made by the Trust
The records must show and explain the transactions of the Trust and the financial position of the Trust must be determined with reasonable accuracy.
All records must be maintained for a minimum period of five years from the transaction date and failure to comply can lead to a fine of up to US$100,000 or up to 5 years imprisonment.

FastCo provides you with specialized tailored solutions. Our team is comprised of professionals who are fully qualified in their field of expertise.

We are a trusted provider of corporate services including:

 – Company registration

– Provision of fiduciary services

– Opening of corporate bank accounts

– Management and administration of companies

– Audits

– Tax planning

– Accounting

www.fastcoregister.com

 

 

 

Be Sociable, Share!