To ensure that BVI remains compliant with OECD requirements, the BVI Business Companies Act provides the record keeping obligations and exact definition of financial records that must be kept by companies and limited partnerships.
Every BVI company and limited partnership always has had, and continues to have the obligation to maintain records that:
BVI companies are required to keep the records and underlying documentation of the company at the office of the registered agent or at such other place inside or outside the BVI as determined by the directors of the company.
Records and underlying documentation must be sufficient to show and explain the company’s transactions and enable the financial position of the company to be determined with reasonable accuracy.
Documents and underlying records must be retained for at least five years from completion of the transaction or when the company terminates the business relationship that the records and underlying documentation relate to.
The records and underlying documentation required to be maintained includes accounts and records such as invoices, contracts and similar documents in relation to all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place, all sales and purchases of goods by the company and the assets and liabilities of the company.
In cases where this documentation is not kept by the registered agent, the company is required to provide the registered agent with a written record of the address where such documents are kept and the name of the person who maintains and controls these documents. In cases where the location of the records or the identity of the person maintaining and controlling the documents changes, the company must provide the registered agent with updated information within 14 days of the change.
CPM can help
To help you comply with the requirements of the BVI Business Companies Act, CPM provides tailor-made accounting and bookkeeping services to meet the exact requirements of each of our clients. Our team of experienced and qualified accounting professionals provides the full range of accounting and bookkeeping services including the preparation of periodic management accounts. Please contact us.