In full appreciation of the fiduciary burden imposed upon the trustee to prepare and maintain accurate and up to date trust accounts, Trinity offers the service of trust accounts preparation to BVI as well as international Trustees which establishes and administers BVI Trusts.
The trust accounts are invaluable in aiding the trustee in safeguarding the trust assets, monitoring the performance of the trust and also ensuring that a separation of assets is made where required between distinct beneficiaries such as capital and income beneficiaries. The trust accounts will enable the trustee to determine the current position of the trust fund in an easy to understand and yet accurate manner.
The recent introduction of the BVI Business Companies Act (“BC Act.”) has placed a burden for maintaining financial information on companies. In particular section 98 of the BC Act clearly states that a company shall keep records that a) are sufficient to show and explain the company’s transactions and b) will, at any time, enable the financial position of the company to be determined with reasonable accuracy. In a nutshell, the BC Act is saying that a BVI Company must maintain financial statements. This duty for ensuring that this section of the Act is complied with falls to the directors of the Company. Trinity is experienced and specializes in providing such accounting services to its clients.
Trinity is also capable of preparing and presenting trust accounts with separate capital and income accounts where required by the trust instrument . This is an enhancement, if needed, to the service offered to BVI Trustees first mentioned above.
For more information on these services please contact our office.