1. 22 July 2013
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BVI Important Announcement
Action Required
The BVI Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2012, published in the Official
Gazette on November 26, 2012, establishes that it is mandatory for all BVI companies to keep
reliable accounting records.
Reliable accounting records shall include sufficient information to explain the company’s
transactions and determine the financial position of the company with reasonable accuracy. The
Amendment Act also specifies that accounting records shall be kept for a minimum of five years
from the date of transactions. [Section 5A (b)]
As “Registered Agent”, Intuit must maintain a written record of the physical address of the place
where the accounting records of its companies are kept. The BVI Company that fails to comply
with these requirements is liable to a fine of US$10,000 as stated in Section 98 (2) of the BVI BC
Act, 2004.
If your company does not keep sufficient accounting records, Intuit can help you comply with this
requirement by producing the accounts for your entities. For further information or assistance on
Intuit’s Accounting and Bookkeeping Services please send us an email to
bc@intuitconsultancy.com.
Intuit Research Team
Intuit Management Consultancy
India Tel: +91 9840708181 Fax: +91 44 42034149
Dubai Tel: +971 4 3518381 Fax: +971 4 3518385
Email: newsletter@intuitconsultancy.com
www.intuitconsultancy.com
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Disclaimer: The content of this news alert should not be constructed as legal opinion. This news alert provides general information at the time of preparation. This is intended as a news update and Intuit
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