Investment Business

What legislation permits captives?What is the total asset size of the captive sector and what is the total premium volume?Are existing professional funds, required to amend their memorandum and articles of association (M&A) to specify that i) the fund interests of the fund shall be issued only to professional investors; and ii) the initial investment of each investor in the fund, other than exempted investors, shall be not less than such sum as may be prescribed in the Mutual Funds Regulations? If so, in what time frame must this be completed?Are existing private and professional funds required to update their offering documents to contain the investment warning in accordance with Regulation 9(1) of the Mutual Fund Regulations?Where an existing private or professional fund has not issued an offering document, should the fund provide to each investor a copy of the investment warning in accordance with Regulation 9(3)?Are existing private or professional funds that do not currently have a custodian or fund manager required to appoint a custodian and fund manager?Are private and professional funds now required to prepare and submit audited financial statements to the Commission and, if so, how does this affect existing funds?Can an investment business licence be extended to include a different category of investment business or is a new application required?Is it a requirement that the Commission’s approval be sought for the use of the word “fund” or a derivative thereof prior to the entity being incorporated?Are application fees and approval fees payable in respect of applications for the appointment of a director or functionary of a public fund?Are application fees and approval fees payable for the appointment of a director or senior officer of an investment business licensee?Is there a separate fee payable for the approval to appoint directors, senior officers, functionaries or auditors where the approval forms part of an application for licensing, registration or recognition?What are the licensing requirements for a bank? What are the different types of banking licences issued by the British Virgin Islands? What are the minimum requirements for a General Banking Licence? SPECIAL NOTICEWhat are the minimum requirements for a Restricted Class I or Restricted Class II Banking Licence? What is the annual licence fee for banks and when are they payable? What are the capital adequacy guidelines for bank licensees? What information is required for the approval of the appointment of directors/senior officers of a bank? What is an Authorised Agent? What is the requirement for seeking approval for the change of a shareholder(s)/beneficial interest? What criteria are used to determine whether an applicant for a licence is & "fit and proper"? How may I obtain a list of the Authorised Agents and Registered Agents of the BVI? Who is a Company Manager?What can I do if I have a complaint against a bank in the BVI? How may I obtain a copy of the Banks and Trust Companies Act, 1990? Who is a General Trust Licence holder? How may I obtain an application form for a banking licence? Who is a Restricted Trust Licence holder?What is a Registered Agent?What is an Authorised Agent?What is a principle office?What is a Trust Company?What are the capital adequacy guidelines for Trust Licence holders? What are the capital adequacy guidelines for Company Managers?What are the minimum requirements for a Company Management Licence?What are the minimum requirements for a General Trust Licence? What are the minimum requirement for a Restricted Trust Licence?DISCLAIMERBACKGROUND STATEMENTIf the owners of bearer shares of a grandfathered bearer share company failed to deposit them with a custodian or to convert them to or exchange them for registered shares before 31 December, 2009 what options are now available?Can the owners of disabled bearer shares in a grandfathered bearer share company submit them to the company and request their exchange for registered shares?Can the owners of disabled bearer shares in a grandfathered bearer share company deposit them with an authorised or recognised custodian to terminate their “disability”?Can a grandfathered bearer share company whose memorandum was amended by operation of law under paragraph 34A(1) amend its memorandum to allow the company to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares?Would the amendment “revive” the entitlements that were extinguished when the bearer shares were disabled?Are registered agents required to provide the Commission with a list of companies that are authorised to issue bearer shares?What action may be taken against a company that did not deposit its bearer shares with a custodian?Where a person has lodged bearer shares with a custodian prior to the transition date but omitted to disapply paragraph 34A(2) of Schedule 2, what is the status of the bearer shares?ActiveWhat is the VIRRGIN service?How do I access VIRRGIN?How will the transition to VIRRGIN affect the Registry's hours of operations?How do I register to use VIRRGIN?What are the technical requirements for using VIRRGIN? Do I need to install or download anything to my internal systems?Why does the VIRRGIN tell me that the name I would like to reserve is not a desirable name for an entity?How do I complete a Name Reservation for changing the name of an IBC?Will the Registry still process Name Reservations for us?What happen after my 10 day Name Reservation has expired if I haven't incorporated the company?What happens when I file an appeal on a name?Can I have more than one (1) Authorised Signatory?What is the difference between an Authorised Signatory and a Staff User in VIRRGIN?How do I pay for transactions using VIRRGIN?What happens when there is no money in my deposit account?How are documents from VIRRGIN signed?What should I put in Agent's Title on the VIRRGIN Registration Form?What is the Agent's Licence number on the VIRRGIN Registration Form?Why do you need a financial contact?How can I track payments made by my Authorised Signatory?Can I use a cheque to make payment for transactions completed on-line?Is there anyway for the Authorised Signatory of one agent to authorise payments in respect of a transaction or inquiry involving a company belonging to another agent?Will the FSC accept documents using the old method of hand delivery to the Registry after Wednesday 13 December?What email address should I provide for automatic notices from the VIRRGIN system?How many people from my organisation should consistently communicate with the Registry of Corporate Affairs?Should anything be attached to e-filings?Will documents that have not been officially submitted be honoured by the Registry?Will the Registry make changes to name reservations on an agent's behalf?How can I amend a name reservation?How do I transfer names from one agent to another?What do I do when I receive a defect notification?Can Foreign Character Names be submitted separately?Can I submit filings for IBCs or in an unapproved format?What are the requirements for seeking approval for the change of shareholder/beneficial interest of a licence holder?What is the annual licence fee for Company Managers and Trust Licence holders and when are they payable?What information is required for approval of the appointment of directors/senior officers of licence holders?What criteria are used to determine whether an applicant for a licence is fit and proper?I am interested in establishing a trust in the BVI, how should I proceed? How do I conduct a company search?How may I retain a list of the Authorised or Registered Agents of the BVI?How do I become a Registered Agent in the BVI?Is there a public register of trusts in the BVI?With whom do I file a report on a BVI fiduciary company that is suspected of being involved in fraudulent activities?How may I obtain a copy of the Banks and Trust Companies Act, 1990? How may I obtain a copy of the Company Management Act, 1990? What is the regulatory authority for captives in the BVI? What are BVI reporting requirements for captive and domestic insurers? When are audited financial statements due from insurance licensees? How long does it take to approve an application to be issued an insurer’s licence?How do I file a BC complaint Memorandum & Articles? What is the tax structure in the BVI? What should the subscriber's clause state?Will an automatically re-registered company keep the same number as an IBC?How can I apply for a Certificate of Re-registration for a company that is automatically re-registered? What is the number of captives active in the BVI?Can an automatically re-registered company file an amendment and keep the same Memorandum & Articles that it had an IBC?If an automatically re-registered company is filing an amendment to prohibit the issuance bearer shares, is a declaration required? What are the capital requirements for a captive by type of business?When filing amendments for an automatically re-registered company how do you file the documents?How do you submit final notice documents for an automatically re-registered company that began its winding-up procedures under the IBC Act?How do we discharge a charge that was filed under the IBC Act?Did the company numbers change?If a company was struck off the Register, and remained struck off on 1 January, 2009, was it automatically be re-registered? What is the application fee for a new insurance entity? If an individual/company was carrying on management functions for a former local company, is the person considered the registered agent for the company?How much time does a company have to appoint a registered agent? What is the annual licence fee for insurersWhat happens if a company does not appoint a registered agent within the prescribed time? Does the insurance legislation include provisions for special categories of captives or Rent-A-Captives, Risk Retention Groups, etc.? Can the appointment of a registered agent be done in accordance with Section 92(4) of the BVI Business Companies Act?What is the fee for filing the Notice of Appointment of registered agents in respect of former local companies?What is the approved form of the Notice of Appointment of registered agents? Are there legislative provision for re-domiciliation in and out of the Virgin Islands?How can a change in Registered Office be filed?How can a company request a certificate of automatic re-registration? How many insurance managers are in the British Virgin Islands? How can a company file a transaction to dissaply Part VI of Schedule 2 of the transitional provisions? Are all insurance companies required to have Insurance Managers?What is the fee to obtain a Certificate of Good Standing for a former local company that has been automatically re-registered?What annual fees will be applied to former local companies that are automatically re-registered?What is the fee to conduct a search on a former local company? What is the minimum margin of solvency requirement for an insurer? What documentation is required to add OR change a director or senior officer? What information must be submitted on the shareholder of a captive? What criteria are used to determine whether an applicant for a licence is “fit and proper”? Does the FSC issue certificates of good standing relating to insurance companies vis-a-vis their compliance with insurance regulations? What are the requirements for an insurance intermediary’s licence??Do I use control sheets for manual filings?In penalty (formally inactive)Re-registeredAgent ResignedStruck off - Agent ResignedStruck off - Sec. 213In Liquidation (voluntary)Struck off Dissolved (10 year non-pmt)Continued to IBCStruck off Dissolved (7 year non-pmt)Struck off - DissolvedStruck off - Non Pmt A/FeeStruck Off - DiscontinuedCeasedIn Liquidation (insolvent)Struck off - ConsolidatedActiveIn Penalty (Formally Inactive)Re-registeredAgent ResignedStruck Off - Agent ResignedStruck Off - Sec. 213In Liquidation (Voluntary)Struck Off Dissolved (10 year non-pmt)Continued to IBCStruck Off Dissolved (7 year non-pmt)Struck Off - DissolvedStruck Off - Non Pmt A/FeeStruck Off - DiscontinuedCeasedIn Liquidation (Insolvent)Struck Off - ConsolidatedIs it possible for to use the batch filing option in VIRRGIN to complete/upload filing for a single company?Is the time limitation of 21 days calculated/counted from the Appointment Date of the First Directors or the date of the Company has the First Directors regardless of appointment date because the First Directors can be appointed within 6 months from the date of incorporation? If a company that is currently struck from the Register is restored after the deadline of 17th March, 2017 please confirm that no penalties will be applied for filing the Register of Directors after 17th March, 2017? Is the director number provided to a director once or per appointment? Will agents will have the ability to make a batch (more than one company) change of address for a director?Please confirm that “up to 150 companies” means just as it states When using a spreadsheet for batch filings, should country names be in the full text in the forms? Or, will 2 or 3 letter ISO country codes be accepted? When using a spreadsheet for batch filings, should country names be in the full text in the forms? Or, will 2 or 3 letter ISO country codes be accepted? For the types, such as “Director Type”, “Entity Type”, “Office Type”, shall the full text be included (“Alternate Director”, “Reserve Director”, etc.) as in the form, or will a representative code be acceptable ? Once the transaction for a filing of particulars of directors is approved and a mistake is detected, what is the option to correct the mistake?: filing a correction? Filing an amendment?Do the penalties for late filing of directors (after 31st March 2017) apply only to existing companies or also to new companies? What is the filing requirement for companies that are currently struck-off and are restored after 1 April, 2016? What is the filing requirement for companies that currently exist (are on the Register) but are due to be struck-off for non-payment of fees or are to be liquidated? Should a Register of Directors be filed before dissolution of a company (after 31 March, 2017)?Is it a requirement to file the Register of Directors for companies which become struck between 1 April, 2016 and 31 March, 2017? If a company is incorporated after 1 April, 2016 would the $100 penalty apply regardless of the length of time the company has not filed the register? For example, if a company is incorporated on 1 July, 2016 and as at 1 December, 2016 the company has still not filed a register of directors, would the penalty still be only $100? Are filings required for Companies that become struck during 1 Apr 2016 to 31 Mar 2017 and are filings required for companies that are struck between January (when the legislation was enacted) and 1 April when filings commence?What is the format for input of director details? Will agents still need to attach a pdf document with director information?Can an agent export information from its system and upload it to VIRRGIN?Is an agent required to make changes to its systems to prepare for filing? What type of confirmation is provided as proof of a filing of Director particulars?Do agents have to use the FSC template?Can I review documents once they have been submitted?Who can submit batch filings?Who has access to batch filings?If a batch is being reviewed by one User, can it be reviewed simultaneously by another user? What legislation permits captives?What is the total asset size of the captive sector and what is the total premium volume?Are existing professional funds, required to amend their memorandum and articles of association (M&A) to specify that i) the fund interests of the fund shall be issued only to professional investors; and ii) the initial investment of each investor in the fund, other than exempted investors, shall be not less than such sum as may be prescribed in the Mutual Funds Regulations? If so, in what time frame must this be completed?Are existing private and professional funds required to update their offering documents to contain the investment warning in accordance with Regulation 9(1) of the Mutual Fund Regulations?Where an existing private or professional fund has not issued an offering document, should the fund provide to each investor a copy of the investment warning in accordance with Regulation 9(3)?Are existing private or professional funds that do not currently have a custodian or fund manager required to appoint a custodian and fund manager?Are private and professional funds now required to prepare and submit audited financial statements to the Commission and, if so, how does this affect existing funds?Can an investment business licence be extended to include a different category of investment business or is a new application required?Is it a requirement that the Commission’s approval be sought for the use of the word “fund” or a derivative thereof prior to the entity being incorporated?Are application fees and approval fees payable in respect of applications for the appointment of a director or functionary of a public fund?Are application fees and approval fees payable for the appointment of a director or senior officer of an investment business licensee?Is there a separate fee payable for the approval to appoint directors, senior officers, functionaries or auditors where the approval forms part of an application for licensing, registration or recognition?What are the licensing requirements for a bank? What are the different types of banking licences issued by the British Virgin Islands? What are the minimum requirements for a General Banking Licence? SPECIAL NOTICEWhat are the minimum requirements for a Restricted Class I or Restricted Class II Banking Licence? What is the annual licence fee for banks and when are they payable? What are the capital adequacy guidelines for bank licensees? What information is required for the approval of the appointment of directors/senior officers of a bank? What is an Authorised Agent? What is the requirement for seeking approval for the change of a shareholder(s)/beneficial interest? What criteria are used to determine whether an applicant for a licence is & "fit and proper"? How may I obtain a list of the Authorised Agents and Registered Agents of the BVI? Who is a Company Manager?What can I do if I have a complaint against a bank in the BVI? How may I obtain a copy of the Banks and Trust Companies Act, 1990? Who is a General Trust Licence holder? How may I obtain an application form for a banking licence? Who is a Restricted Trust Licence holder?What is a Registered Agent?What is an Authorised Agent?What is a principle office?What is a Trust Company?What are the capital adequacy guidelines for Trust Licence holders? What are the capital adequacy guidelines for Company Managers?What are the minimum requirements for a Company Management Licence?What are the minimum requirements for a General Trust Licence? What are the minimum requirement for a Restricted Trust Licence?DISCLAIMERBACKGROUND STATEMENTIf the owners of bearer shares of a grandfathered bearer share company failed to deposit them with a custodian or to convert them to or exchange them for registered shares before 31 December, 2009 what options are now available?Can the owners of disabled bearer shares in a grandfathered bearer share company submit them to the company and request their exchange for registered shares?Can the owners of disabled bearer shares in a grandfathered bearer share company deposit them with an authorised or recognised custodian to terminate their “disability”?Can a grandfathered bearer share company whose memorandum was amended by operation of law under paragraph 34A(1) amend its memorandum to allow the company to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares?Would the amendment “revive” the entitlements that were extinguished when the bearer shares were disabled?Are registered agents required to provide the Commission with a list of companies that are authorised to issue bearer shares?What action may be taken against a company that did not deposit its bearer shares with a custodian?Where a person has lodged bearer shares with a custodian prior to the transition date but omitted to disapply paragraph 34A(2) of Schedule 2, what is the status of the bearer shares?ActiveWhat is the VIRRGIN service?How do I access VIRRGIN?How will the transition to VIRRGIN affect the Registry's hours of operations?How do I register to use VIRRGIN?What are the technical requirements for using VIRRGIN? Do I need to install or download anything to my internal systems?Why does the VIRRGIN tell me that the name I would like to reserve is not a desirable name for an entity?How do I complete a Name Reservation for changing the name of an IBC?Will the Registry still process Name Reservations for us?What happen after my 10 day Name Reservation has expired if I haven't incorporated the company?What happens when I file an appeal on a name?Can I have more than one (1) Authorised Signatory?What is the difference between an Authorised Signatory and a Staff User in VIRRGIN?How do I pay for transactions using VIRRGIN?What happens when there is no money in my deposit account?How are documents from VIRRGIN signed?What should I put in Agent's Title on the VIRRGIN Registration Form?What is the Agent's Licence number on the VIRRGIN Registration Form?Why do you need a financial contact?How can I track payments made by my Authorised Signatory?Can I use a cheque to make payment for transactions completed on-line?Is there anyway for the Authorised Signatory of one agent to authorise payments in respect of a transaction or inquiry involving a company belonging to another agent?Will the FSC accept documents using the old method of hand delivery to the Registry after Wednesday 13 December?What email address should I provide for automatic notices from the VIRRGIN system?How many people from my organisation should consistently communicate with the Registry of Corporate Affairs?Should anything be attached to e-filings?Will documents that have not been officially submitted be honoured by the Registry?Will the Registry make changes to name reservations on an agent's behalf?How can I amend a name reservation?How do I transfer names from one agent to another?What do I do when I receive a defect notification?Can Foreign Character Names be submitted separately?Can I submit filings for IBCs or in an unapproved format?What are the requirements for seeking approval for the change of shareholder/beneficial interest of a licence holder?What is the annual licence fee for Company Managers and Trust Licence holders and when are they payable?What information is required for approval of the appointment of directors/senior officers of licence holders?What criteria are used to determine whether an applicant for a licence is fit and proper?I am interested in establishing a trust in the BVI, how should I proceed? How do I conduct a company search?How may I retain a list of the Authorised or Registered Agents of the BVI?How do I become a Registered Agent in the BVI?Is there a public register of trusts in the BVI?With whom do I file a report on a BVI fiduciary company that is suspected of being involved in fraudulent activities?How may I obtain a copy of the Banks and Trust Companies Act, 1990? How may I obtain a copy of the Company Management Act, 1990? What is the regulatory authority for captives in the BVI? What are BVI reporting requirements for captive and domestic insurers? When are audited financial statements due from insurance licensees? How long does it take to approve an application to be issued an insurer’s licence?How do I file a BC complaint Memorandum & Articles? What is the tax structure in the BVI? What should the subscriber's clause state?Will an automatically re-registered company keep the same number as an IBC?How can I apply for a Certificate of Re-registration for a company that is automatically re-registered? What is the number of captives active in the BVI?Can an automatically re-registered company file an amendment and keep the same Memorandum & Articles that it had an IBC?If an automatically re-registered company is filing an amendment to prohibit the issuance bearer shares, is a declaration required? What are the capital requirements for a captive by type of business?When filing amendments for an automatically re-registered company how do you file the documents?How do you submit final notice documents for an automatically re-registered company that began its winding-up procedures under the IBC Act?How do we discharge a charge that was filed under the IBC Act?Did the company numbers change?If a company was struck off the Register, and remained struck off on 1 January, 2009, was it automatically be re-registered? What is the application fee for a new insurance entity? If an individual/company was carrying on management functions for a former local company, is the person considered the registered agent for the company?How much time does a company have to appoint a registered agent? What is the annual licence fee for insurersWhat happens if a company does not appoint a registered agent within the prescribed time? Does the insurance legislation include provisions for special categories of captives or Rent-A-Captives, Risk Retention Groups, etc.? Can the appointment of a registered agent be done in accordance with Section 92(4) of the BVI Business Companies Act?What is the fee for filing the Notice of Appointment of registered agents in respect of former local companies?What is the approved form of the Notice of Appointment of registered agents? Are there legislative provision for re-domiciliation in and out of the Virgin Islands?How can a change in Registered Office be filed?How can a company request a certificate of automatic re-registration? How many insurance managers are in the British Virgin Islands? How can a company file a transaction to dissaply Part VI of Schedule 2 of the transitional provisions? Are all insurance companies required to have Insurance Managers?What is the fee to obtain a Certificate of Good Standing for a former local company that has been automatically re-registered?What annual fees will be applied to former local companies that are automatically re-registered?What is the fee to conduct a search on a former local company? What is the minimum margin of solvency requirement for an insurer? What documentation is required to add OR change a director or senior officer? What information must be submitted on the shareholder of a captive? What criteria are used to determine whether an applicant for a licence is “fit and proper”? Does the FSC issue certificates of good standing relating to insurance companies vis-a-vis their compliance with insurance regulations? What are the requirements for an insurance intermediary’s licence??Do I use control sheets for manual filings?In penalty (formally inactive)Re-registeredAgent ResignedStruck off - Agent ResignedStruck off - Sec. 213In Liquidation (voluntary)Struck off Dissolved (10 year non-pmt)Continued to IBCStruck off Dissolved (7 year non-pmt)Struck off - DissolvedStruck off - Non Pmt A/FeeStruck Off - DiscontinuedCeasedIn Liquidation (insolvent)Struck off - ConsolidatedActiveIn Penalty (Formally Inactive)Re-registeredAgent ResignedStruck Off - Agent ResignedStruck Off - Sec. 213In Liquidation (Voluntary)Struck Off Dissolved (10 year non-pmt)Continued to IBCStruck Off Dissolved (7 year non-pmt)Struck Off - DissolvedStruck Off - Non Pmt A/FeeStruck Off - DiscontinuedCeasedIn Liquidation (Insolvent)Struck Off - ConsolidatedIs it possible for to use the batch filing option in VIRRGIN to complete/upload filing for a single company?Is the time limitation of 21 days calculated/counted from the Appointment Date of the First Directors or the date of the Company has the First Directors regardless of appointment date because the First Directors can be appointed within 6 months from the date of incorporation? If a company that is currently struck from the Register is restored after the deadline of 17th March, 2017 please confirm that no penalties will be applied for filing the Register of Directors after 17th March, 2017? Is the director number provided to a director once or per appointment? Will agents will have the ability to make a batch (more than one company) change of address for a director?Please confirm that “up to 150 companies” means just as it states When using a spreadsheet for batch filings, should country names be in the full text in the forms? Or, will 2 or 3 letter ISO country codes be accepted? When using a spreadsheet for batch filings, should country names be in the full text in the forms? Or, will 2 or 3 letter ISO country codes be accepted? For the types, such as “Director Type”, “Entity Type”, “Office Type”, shall the full text be included (“Alternate Director”, “Reserve Director”, etc.) as in the form, or will a representative code be acceptable ? Once the transaction for a filing of particulars of directors is approved and a mistake is detected, what is the option to correct the mistake?: filing a correction? Filing an amendment?Do the penalties for late filing of directors (after 31st March 2017) apply only to existing companies or also to new companies? What is the filing requirement for companies that are currently struck-off and are restored after 1 April, 2016? What is the filing requirement for companies that currently exist (are on the Register) but are due to be struck-off for non-payment of fees or are to be liquidated? Should a Register of Directors be filed before dissolution of a company (after 31 March, 2017)?Is it a requirement to file the Register of Directors for companies which become struck between 1 April, 2016 and 31 March, 2017? If a company is incorporated after 1 April, 2016 would the $100 penalty apply regardless of the length of time the company has not filed the register? For example, if a company is incorporated on 1 July, 2016 and as at 1 December, 2016 the company has still not filed a register of directors, would the penalty still be only $100? Are filings required for Companies that become struck during 1 Apr 2016 to 31 Mar 2017 and are filings required for companies that are struck between January (when the legislation was enacted) and 1 April when filings commence?What is the format for input of director details? Will agents still need to attach a pdf document with director information?Can an agent export information from its system and upload it to VIRRGIN?Is an agent required to make changes to its systems to prepare for filing? What type of confirmation is provided as proof of a filing of Director particulars?Do agents have to use the FSC template?Can I review documents once they have been submitted?Who can submit batch filings?Who has access to batch filings?If a batch is being reviewed by one User, can it be reviewed simultaneously by another user? What legislation permits captives?What is the total asset size of the captive sector and what is the total premium volume?Are existing professional funds, required to amend their memorandum and articles of association (M&A) to specify that i) the fund interests of the fund shall be issued only to professional investors; and ii) the initial investment of each investor in the fund, other than exempted investors, shall be not less than such sum as may be prescribed in the Mutual Funds Regulations? If so, in what time frame must this be completed?Are existing private and professional funds required to update their offering documents to contain the investment warning in accordance with Regulation 9(1) of the Mutual Fund Regulations?Where an existing private or professional fund has not issued an offering document, should the fund provide to each investor a copy of the investment warning in accordance with Regulation 9(3)?Are existing private or professional funds that do not currently have a custodian or fund manager required to appoint a custodian and fund manager?Are private and professional funds now required to prepare and submit audited financial statements to the Commission and, if so, how does this affect existing funds?Can an investment business licence be extended to include a different category of investment business or is a new application required?Is it a requirement that the Commission’s approval be sought for the use of the word “fund” or a derivative thereof prior to the entity being incorporated?Are application fees and approval fees payable in respect of applications for the appointment of a director or functionary of a public fund?Are application fees and approval fees payable for the appointment of a director or senior officer of an investment business licensee?Is there a separate fee payable for the approval to appoint directors, senior officers, functionaries or auditors where the approval forms part of an application for licensing, registration or recognition?What are the licensing requirements for a bank? What are the different types of banking licences issued by the British Virgin Islands? What are the minimum requirements for a General Banking Licence? SPECIAL NOTICEWhat are the minimum requirements for a Restricted Class I or Restricted Class II Banking Licence? What is the annual licence fee for banks and when are they payable? What are the capital adequacy guidelines for bank licensees? What information is required for the approval of the appointment of directors/senior officers of a bank? What is an Authorised Agent? What is the requirement for seeking approval for the change of a shareholder(s)/beneficial interest? What criteria are used to determine whether an applicant for a licence is & "fit and proper"? How may I obtain a list of the Authorised Agents and Registered Agents of the BVI? Who is a Company Manager?What can I do if I have a complaint against a bank in the BVI? How may I obtain a copy of the Banks and Trust Companies Act, 1990? Who is a General Trust Licence holder? How may I obtain an application form for a banking licence? Who is a Restricted Trust Licence holder?What is a Registered Agent?What is an Authorised Agent?What is a principle office?What is a Trust Company?What are the capital adequacy guidelines for Trust Licence holders? What are the capital adequacy guidelines for Company Managers?What are the minimum requirements for a Company Management Licence?What are the minimum requirements for a General Trust Licence? What are the minimum requirement for a Restricted Trust Licence?DISCLAIMERBACKGROUND STATEMENTIf the owners of bearer shares of a grandfathered bearer share company failed to deposit them with a custodian or to convert them to or exchange them for registered shares before 31 December, 2009 what options are now available?Can the owners of disabled bearer shares in a grandfathered bearer share company submit them to the company and request their exchange for registered shares?Can the owners of disabled bearer shares in a grandfathered bearer share company deposit them with an authorised or recognised custodian to terminate their “disability”?Can a grandfathered bearer share company whose memorandum was amended by operation of law under paragraph 34A(1) amend its memorandum to allow the company to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares?Would the amendment “revive” the entitlements that were extinguished when the bearer shares were disabled?Are registered agents required to provide the Commission with a list of companies that are authorised to issue bearer shares?What action may be taken against a company that did not deposit its bearer shares with a custodian?Where a person has lodged bearer shares with a custodian prior to the transition date but omitted to disapply paragraph 34A(2) of Schedule 2, what is the status of the bearer shares?ActiveWhat is the VIRRGIN service?How do I access VIRRGIN?How will the transition to VIRRGIN affect the Registry's hours of operations?How do I register to use VIRRGIN?What are the technical requirements for using VIRRGIN? Do I need to install or download anything to my internal systems?Why does the VIRRGIN tell me that the name I would like to reserve is not a desirable name for an entity?How do I complete a Name Reservation for changing the name of an IBC?Will the Registry still process Name Reservations for us?What happen after my 10 day Name Reservation has expired if I haven't incorporated the company?What happens when I file an appeal on a name?Can I have more than one (1) Authorised Signatory?What is the difference between an Authorised Signatory and a Staff User in VIRRGIN?How do I pay for transactions using VIRRGIN?What happens when there is no money in my deposit account?How are documents from VIRRGIN signed?What should I put in Agent's Title on the VIRRGIN Registration Form?What is the Agent's Licence number on the VIRRGIN Registration Form?Why do you need a financial contact?How can I track payments made by my Authorised Signatory?Can I use a cheque to make payment for transactions completed on-line?Is there anyway for the Authorised Signatory of one agent to authorise payments in respect of a transaction or inquiry involving a company belonging to another agent?Will the FSC accept documents using the old method of hand delivery to the Registry after Wednesday 13 December?What email address should I provide for automatic notices from the VIRRGIN system?How many people from my organisation should consistently communicate with the Registry of Corporate Affairs?Should anything be attached to e-filings?Will documents that have not been officially submitted be honoured by the Registry?Will the Registry make changes to name reservations on an agent's behalf?How can I amend a name reservation?How do I transfer names from one agent to another?What do I do when I receive a defect notification?Can Foreign Character Names be submitted separately?Can I submit filings for IBCs or in an unapproved format?What are the requirements for seeking approval for the change of shareholder/beneficial interest of a licence holder?What is the annual licence fee for Company Managers and Trust Licence holders and when are they payable?What information is required for approval of the appointment of directors/senior officers of licence holders?What criteria are used to determine whether an applicant for a licence is fit and proper?I am interested in establishing a trust in the BVI, how should I proceed? How do I conduct a company search?How may I retain a list of the Authorised or Registered Agents of the BVI?How do I become a Registered Agent in the BVI?Is there a public register of trusts in the BVI?With whom do I file a report on a BVI fiduciary company that is suspected of being involved in fraudulent activities?How may I obtain a copy of the Banks and Trust Companies Act, 1990? How may I obtain a copy of the Company Management Act, 1990? What is the regulatory authority for captives in the BVI? What are BVI reporting requirements for captive and domestic insurers? When are audited financial statements due from insurance licensees? How long does it take to approve an application to be issued an insurer’s licence?How do I file a BC complaint Memorandum & Articles? What is the tax structure in the BVI? What should the subscriber's clause state?Will an automatically re-registered company keep the same number as an IBC?How can I apply for a Certificate of Re-registration for a company that is automatically re-registered? What is the number of captives active in the BVI?Can an automatically re-registered company file an amendment and keep the same Memorandum & Articles that it had an IBC?If an automatically re-registered company is filing an amendment to prohibit the issuance bearer shares, is a declaration required? What are the capital requirements for a captive by type of business?When filing amendments for an automatically re-registered company how do you file the documents?How do you submit final notice documents for an automatically re-registered company that began its winding-up procedures under the IBC Act?How do we discharge a charge that was filed under the IBC Act?Did the company numbers change?If a company was struck off the Register, and remained struck off on 1 January, 2009, was it automatically be re-registered? What is the application fee for a new insurance entity? If an individual/company was carrying on management functions for a former local company, is the person considered the registered agent for the company?How much time does a company have to appoint a registered agent? What is the annual licence fee for insurersWhat happens if a company does not appoint a registered agent within the prescribed time? Does the insurance legislation include provisions for special categories of captives or Rent-A-Captives, Risk Retention Groups, etc.? Can the appointment of a registered agent be done in accordance with Section 92(4) of the BVI Business Companies Act?What is the fee for filing the Notice of Appointment of registered agents in respect of former local companies?What is the approved form of the Notice of Appointment of registered agents? Are there legislative provision for re-domiciliation in and out of the Virgin Islands?How can a change in Registered Office be filed?How can a company request a certificate of automatic re-registration? How many insurance managers are in the British Virgin Islands? How can a company file a transaction to dissaply Part VI of Schedule 2 of the transitional provisions? Are all insurance companies required to have Insurance Managers?What is the fee to obtain a Certificate of Good Standing for a former local company that has been automatically re-registered?What annual fees will be applied to former local companies that are automatically re-registered?What is the fee to conduct a search on a former local company? What is the minimum margin of solvency requirement for an insurer? What documentation is required to add OR change a director or senior officer? What information must be submitted on the shareholder of a captive? What criteria are used to determine whether an applicant for a licence is “fit and proper”? Does the FSC issue certificates of good standing relating to insurance companies vis-a-vis their compliance with insurance regulations? What are the requirements for an insurance intermediary’s licence??Do I use control sheets for manual filings?In penalty (formally inactive)Re-registeredAgent ResignedStruck off - Agent ResignedStruck off - Sec. 213In Liquidation (voluntary)Struck off Dissolved (10 year non-pmt)Continued to IBCStruck off Dissolved (7 year non-pmt)Struck off - DissolvedStruck off - Non Pmt A/FeeStruck Off - DiscontinuedCeasedIn Liquidation (insolvent)Struck off - ConsolidatedActiveIn Penalty (Formally Inactive)Re-registeredAgent ResignedStruck Off - Agent ResignedStruck Off - Sec. 213In Liquidation (Voluntary)Struck Off Dissolved (10 year non-pmt)Continued to IBCStruck Off Dissolved (7 year non-pmt)Struck Off - DissolvedStruck Off - Non Pmt A/FeeStruck Off - DiscontinuedCeasedIn Liquidation (Insolvent)Struck Off - ConsolidatedIs it possible for to use the batch filing option in VIRRGIN to complete/upload filing for a single company?Is the time limitation of 21 days calculated/counted from the Appointment Date of the First Directors or the date of the Company has the First Directors regardless of appointment date because the First Directors can be appointed within 6 months from the date of incorporation? If a company that is currently struck from the Register is restored after the deadline of 17th March, 2017 please confirm that no penalties will be applied for filing the Register of Directors after 17th March, 2017? Is the director number provided to a director once or per appointment? Will agents will have the ability to make a batch (more than one company) change of address for a director?Please confirm that “up to 150 companies” means just as it states When using a spreadsheet for batch filings, should country names be in the full text in the forms? Or, will 2 or 3 letter ISO country codes be accepted? When using a spreadsheet for batch filings, should country names be in the full text in the forms? Or, will 2 or 3 letter ISO country codes be accepted? For the types, such as “Director Type”, “Entity Type”, “Office Type”, shall the full text be included (“Alternate Director”, “Reserve Director”, etc.) as in the form, or will a representative code be acceptable ? Once the transaction for a filing of particulars of directors is approved and a mistake is detected, what is the option to correct the mistake?: filing a correction? Filing an amendment?Do the penalties for late filing of directors (after 31st March 2017) apply only to existing companies or also to new companies? What is the filing requirement for companies that are currently struck-off and are restored after 1 April, 2016? What is the filing requirement for companies that currently exist (are on the Register) but are due to be struck-off for non-payment of fees or are to be liquidated? Should a Register of Directors be filed before dissolution of a company (after 31 March, 2017)?Is it a requirement to file the Register of Directors for companies which become struck between 1 April, 2016 and 31 March, 2017? If a company is incorporated after 1 April, 2016 would the $100 penalty apply regardless of the length of time the company has not filed the register? For example, if a company is incorporated on 1 July, 2016 and as at 1 December, 2016 the company has still not filed a register of directors, would the penalty still be only $100? Are filings required for Companies that become struck during 1 Apr 2016 to 31 Mar 2017 and are filings required for companies that are struck between January (when the legislation was enacted) and 1 April when filings commence?What is the format for input of director details? Will agents still need to attach a pdf document with director information?Can an agent export information from its system and upload it to VIRRGIN?Is an agent required to make changes to its systems to prepare for filing? What type of confirmation is provided as proof of a filing of Director particulars?Do agents have to use the FSC template?Can I review documents once they have been submitted?Who can submit batch filings?Who has access to batch filings?If a batch is being reviewed by one User, can it be reviewed simultaneously by another user?

Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg