Recent Record Keeping Requirements In BVI - Fit For Whose Purpose?

One of the many sensible and creative concepts underpinning the BVI Business Company (and its predecessor – the international business company) is a simple statutory requirement for financial record keeping.

The requirement for a BVI Business Company is for it to keep records that:

• are sufficient to show and explain the company's transactions; and 
• will, at any time, enable the financial position of the company to be determined with reasonable accuracy. 

Simple! This allowed for a great deal of flexibility by allowing the directors of the company to map the actual activities of the company to the appropriate level of financial record keeping. To directors of a BVI company, therefore, the provision was 'fit for purpose'.