Pursuant to the BVI Business Companies Act, 2004 (the “BC Act”), BVI companies have always been required to keep records that are sufficient to show and explain their transactions and which would, at any time, enable their financial position to be determined with reasonable accuracy.
This obligation now also applies to limited partnerships. In addition, both limited partnerships and companies are required to keep the documentation underlying such financial records (which includes accounts). Such records and underlying documents must be kept for a minimum period of five years.
The records and underlying documentation can be kept at any location(s) but if they are not kept at the registered agent’s office, the company or limited partnership (as the case may be) must provide a written record to its registered agent of the physical address of the place(s) where the records and underlying documentation are kept. In addition, a limited partnership must provide a copy of the records and underlying documentation to its registered agent.
Where any changes are made to the location of the records or underlying documentation, the registered agent must be notified of the new location within 14 days of the change.
Catherine Ross, Partner
+44 (0)207 0143 224
Karen Gilbert, Senior Associate
+44 (0)207 0143 225