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How may I obtain a list of the Authorised Agents and Registered Agents of the BVI?

A list of the Authorised Registered Agents of the BVI may be accessed via this website.

What can I do if I have a complaint against a bank in the BVI?

Should you have a complaint against a BVI bank, you are invited to write to the bank explaining your concerns and ask that your request be reviewed by a senior officer or manager of the bank (one who is not directly involved in the complaint). The BVI Financial Services Commission is responsible for the supervision of banks in the British Virgin Islands and does not have the authority to act as arbitrator between parties to a dispute. Albeit, if you feel that the bank has not addressed your concerns the Commission will act mainly as an intermediary, between the complainant and the bank (delete - in question), and seek to establish a factual account of the situation. The Commission will work towards determining whether any violation of laws, regulations and/or policy guidelines has occurred. Complaints are to be made in writing by letter, fax or email to the BVI Financial Services Commission (Commissioner@bvifsc.vg).

How may I obtain a copy of the Banks and Trust Companies Act, 1990?

The Banks and Trust Companies Act, 1990 is a fairly large document with several amendments. Many service providers unofficial consolidated copies available for their clients. In so far that a specific issue may be in question, the FSC can arrange to mail or fax you a copy of relevant sections.

How may I obtain an application form for a banking licence?

Application forms are available on the website. However, potential applicants are asked to note that applications should be forwarded to the Commission either through a Legal Advocate or Registered Agent. A list of each can be found on this website.

What are the licensing requirements for a bank?

The legal requirement for obtaining a banking licence in the Virgin Islands is governed by the Banks and Trust Companies Act, 1990. Section 3 of this Act provides that no person or company incorporated in the Virgin Islands shall carry on banking business from within the Virgin Islands, unless that person or company has obtained a licence under this Act. Further, section 4(4) of this Act states: "If the Commission is satisfied that an application to carry on banking business is not against the public interest and that the applicant is a person qualified to carry on banking business, it may grant the application and issue to the applicant a licence subject to such terms and conditions as it thinks fit."

What are the different types of banking licences issued by the British Virgin Islands?

There are three banking licences issued under the Banks and Trust Companies Act, 1990; a General Banking Licence, a Restricted Class I Banking Licence and a Restricted Class II Banking Licence.

What are the minimum requirements for a General Banking Licence?

The minimum requirements for obtaining a General Banking Licence are: proven banking experience, a minimum paid up capital of two million dollars (US$2,000,000), physical presence in the British Virgin Islands and the applicant must meet our "fit and proper" criteria. Special Note: These requirements are by no means exhaustive.

Further, an applicant who receives written confirmation that the grant of a General Banking licence has been approved is required to make a deposit or investment of five hundred thousand dollars (US$500,000).

What are the minimum requirements for a Restricted Class I or Restricted Class II Banking Licence?

The minimum requirements for obtaining a Restricted Class I or Restricted Class II Banking Licence are: a minimum paid up capital of one million dollars (US$1,000,000), proven banking experience and the applicant must meet our "fit and proper" criteria. Special Note: These requirements are by no means exhaustive.

Further, an applicant who receives written confirmation that the grant of a Restricted Class I or Restricted Class II Banking licence has been approved is required to make a deposit or investment of five hundred thousand dollars (US$500,000).

What is the annual licence fee for banks and when are they payable?

General Banking Licence: twenty thousand dollars (US$20,000)

  1. Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
  2. Restricted Class II Banking Licence: sixteen thousand dollars (US$16,000).
  3. Payment of these annual licence (renewal) fees is due during the month of January

  • General Banking Licence: twenty thousand dollars (US$20,000)
  • Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
  • Restricted Class II Banking Licence: sixteen thousand dollars (US$16,000).

Payment of these annual licence (renewal) fees is due during the month of January

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