3 January 2013
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Changes to Record keeping requirements in B.V.I.
The record keeping and record retention obligation of all BVI companies have changed as a
result of amendments to the Mutual Legal Assistance (Tax Matters) Act, 2003 (MLAT) and the
Partnership Act, 1996 (PA 1996).
These amendments were effective from November 12,2012.
Key New Requirements:
»
Records must be maintained for a minimum of five years from the commencement or
termination of a transaction
» Records and underlying documentation can be kept in the B.V.I. or another jurisdiction
»
Where documentation is kept outside the B.V.I., the company (or partnership) must
confirm in writing to its B.V.I. registered agent the physical address where the records are
kept and of any changes in their location
Satisfying the records requirement:
Companies must still meet their existing statutory obligation to keep records that are sufficient to
show and explain a company’s transactions. The records must enable the financial position of the
company to be determined with member’s accuracy.
Intuit Research Team
Intuit Management Consultancy
India Tel: +91 9840708181 Fax: +91 44 42034149
Dubai Tel: +971 4 3518381 Fax: +971 4 3518385
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