The “BVI Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2012″, published in the Official Gazette on November 26, 2012, establishes that it is obligatory for all companies in the British Virgin Islands to keep accounting records. Such records shall contain sufficient information to explain the operations of the company and determine their financial situation with a reasonable accuracy.
This amendment to the Act also specifies that the accounting records must be kept for a minimum of five years from the date of the transactions.
If additional documentation and logs are not kept in the Office of the registered agent of the company, the company shall facilitate the agent a record in writing with the physical address of the place where these records are kept.
Companies that do not comply with this requirement will be subject to a fine of $10,000.