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Record-keeping requirements in BVI
Please note that the Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2012 enacted on 12 November 2012.
The Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2012 requires that every company shall keep the records and underlying documentation of the Company and retain them for a minimum of five years from the date of completion of the transaction or termination of the business relationship to which the records and underlying documentation relate.
The “records and underlying documentation†is defined as all documents and books used in the preparation of the tax return and all financial statements, including general ledger, subsidiary ledgers, sales slips and invoices.
The Company must provide the registered agent with a written record of the physical address of the place and places at which the records and underlying documentation are kept if they are not kept at the office of the Company’s registered agent
If the location changes, the Company must provide the registered agent with the physical address of the new location within fourteen days of the change of the location.
Under Section 98 of the Business Companies Act, a Company that contravenes its records keeping obligation commits an offence and is liable to a fine of USD10,000.
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