2012 British Virgin Islands mutual legal assistance (Tax matters) amendment
Act required every company shall maintain at the office of its registered
agent records and underlying documentation; sufficient to explain the
company’s transactions and financial position as determined by the
directors, for a period of five years from the date of
of transaction relating to the records and documentation.
of business relationship by the company to which the records and
the records are kept elsewhere, the company shall inform the registered
agent in writing about the physical address where the records are kept this
may be an overseas address.
If there is any change in location, the registered agent must be notified
within 14 days
The new amendment now
The records and underlying documentation shall include those
sum of money received and expended.
sales and purchase of goods.
assets and liabilities of the company.
The penalties for non compliances range from a fine from
US$5,000 to US$100,000 or to imprisonment from 2 years to 5 years or both.