Please be reminded of the following key amendments made to the Mutual Legal Assistance (Tax Matters) Act 2003 and the Partnership Act 1996, which were published in the Official Gazette and came into force on November 26, 2012 –
- Every company and limited partnership registered in the BVI shall retain records and the underlying documentation for a period of at least five (5) years from the date
- of completion of the transaction of which the records and underlying documentation relate; or
- the company terminates the business relationship to which the records and underlying documentation relates
“Business relationship” here refers to a continuing arrangement between a company and one or more persons with whom the company engages in business, whether on a one-off, habitual or regular basis.
Reference to “records” and “underlying documentation” shall be construed to include accounts.
- Records and underlying documentation of the company shall be kept at the office of its registered agent or at such other place(s), within or outside the Virgin Islands, as the directors may determine.Where these 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 record of the physical address of the place(s) at which they are kept.
- Where the records keeping place changes, the company shall provide its registered agent with the physical address of the new location of the records and underlying documentation within fourteen (14) days of the change of location.
- The records and underlying documentation of the company shall be in such form as:
- sufficient to show and explain the company’s transactions; and
- at any time, enable the financial position of the company to be determined with reasonable accuracy
The above new requirements are in addition to any records required to be kept and maintained under the BVI Business Companies Act 2004 or any other enactment.
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