• British Virgin Islands introduce new record-keeping requirements

    03-01-2013

    The British Virgin Islands (BVI) introduced new rules for record keeping for all BVI companies and limited partnerships. These new rules apply from 1 January 2013.

    As a result, all BVI registered companies and limited partnerships are required to:

    1. keep at the office of its registered agent or at such other place or places, within or outside the BVI, as the directors may determine, the records and underlying documentation of the company or partnership.
    2. retain the records and underlying documentation for a period of at least 5 years from the date of completion of the transaction to which the records and underlying documentation relate or the company/partnership terminates the business relationship to which the records and underlying documentation relate.

    Where the the records and underlying documentation of a company/partnership are kept at a place other than at the office of the company's registered agent, the company shall provide the registered agent with a written records of the physical address of the place or place at which the records and underlying documentation are kept.

    The new legislation expressly states that reference to "records and underlying documentation" shall be construed to include accounts.

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