Simon Lawrenson

Aug 25, 2023 | lexology.com | Ian Montgomery |Jessica Lee |Simon Lawrenson |Martyn Heyes |Kelly Reed

IntroductionOn 1 January 2023, the BVI Business Companies (Amendment) Act, 2023 (the Amendment Act) came into force. Although BVI companies were required to maintain records that were sufficient to show and explain the company’s transactions and enable the financial position of the company to be determined with reasonable accuracy at any time, there was previously no requirement for an unregulated company to maintain financial records in any prescribed form.