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FAQs

 

What happens if a company does not appoint a registered agent within the prescribed time?

Failure by a company to appoint a registered agent within the prescribed timeframe means that the company cannot effect any transaction which under the Act can be effected only by a registered agent. In addition, the company may be in violation of its obligations under the Act and is therefore liable to be struck off the Register.

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?

The option of converting or exchanging an existing bearer share of a grandfathered bearer share company to a registered share expired on the transition date. After the transition date the existing bearer shares became disabled and the rights attaching to them were extinguished. In the circumstances, a disabled bearer share may not be exchanged for or converted to a registered share.

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?

As the processing of new applications under SIBA involves the assessment of the applicant’s directors, senior officers, functionaries and auditors, a separate fee is not payable for approval of the appointment.

What is the minimum margin of solvency requirement for an insurer?

Insurer Minimum Solvency Margin

General Insurers

written premiums less than $500,000 $100,000

written premiums $500,000-$5,000,000 20% of annual net written premium

written premium greater than $5,000,000 $1,000,000 PLUS 10% of difference

difference between annual net written premium and $5,000,000

Long-term Insurers $250,000

the prescribed minimum solvency margin is $100,000;

  • if the insurer’s annual net written premium is greater than $500,000, but less than $5,000,000, the prescribed minimum solvency margin is 20% of the annual net written premium;
  • if the insurer’s annual net written premium is greater than $5,000,000, the prescribed minimum solvency margin is $1,000,000 plus 10% of the difference between the annual net written premium and $5,000,000.

Long-term insurers - the prescribed minimum solvency margin is $250,000

What are the minimum requirements for a General Trust Licence?

The minimum requirements for obtaining a General Trust Licence are: a minimum paid up capital of two hundred and fifty thousand dollars (US$250,000), proven trust experience and the applicant must satisfy our "fit and proper" criteria. Special Note: These requirements are by no means exhaustive.

In addition, an applicant who receives written confirmation that the granting of a general trust licence has been approved is required to make the following investment deposits:

  • Twenty thousand dollars (US$20,000.) where the licensee provides registered agent services for no companies, or for companies not exceeding 1,500 in number; or
  • Forty thousand dollars (US$40,000.) where the licensee provides registered agent services for companies exceeding 1,500 in number.

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 VIRRGIN service?

VIRRGIN is the FSC's internet based information network that provides on-line electronic access to the services of the Registry of Corporate Affairs including full electronic filing of all documents.

What should I put in Agent's Title on the VIRRGIN Registration Form?

Please fill in the job title of the Agent Representative completing that section of the form.

Can I submit filings for IBCs or in an unapproved format?

All companies on the Register are BVI Business Companies or Local (Cap. 285) companies. Filings for IBCs or filings not in the BC approved format will not be accepted.

Can the appointment of a registered agent be done in accordance with Section 92(4) of the BVI Business Companies Act?

No. Section 92(4) refers to a change in registered agent where there was a previous agent. Because former local companies were not required previously to have registered agents, this section does not apply. A function under "General Filings All" on the VIRRGIN system, for the appointment of a registered agent will be made available shortly. Until the function is available, appointments can be submitted manually to the Registry by submitting the new Form R203 which can be downloaded from the FSC's website.

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”?

Depositing a disabled bearer share in a grandfathered bearer share company with a custodian would not cure the disability. The available mechanism for doing so lies in paragraph 35(4) of Schedule 2 under which an application may be made to the Court for an extension of time to deposit shares with a custodian or to exchange them for or convert them to registered shares.

What legislation permits captives?

Captives are permitted and able to be formed under the Insurance Act, 2008 and Insurance Regulations, 2009. Other financial services legislation, including the Regulatory Code, 2009 and BVI Business Companies Act, 2004 also contain general and specific requirements governing captives.

What documentation is required to add or change a director, or senior officer?

To add a director or senior officer, a BVI insurer, insurance manager and insurance intermediary are all required to seek the prior written approval of the BVI FSC (this applies to all companies including captives which are BVI business companies, i.e. companies incorporated in the BVI). The company is required to complete and submit to the FSC - an application which provides full details of the applicant, the expertise of the director or senior officer and due diligence information. Full requirements are covered in the Guidelines for the Approved Persons Regime which is published by the BVI FSC.

A BVI insurer, insurance manager and insurance intermediary is required to notify the BVI FSC within fourteen (14) days of the event, when a director or senior offices ceases to hold office with or to be employed by the licensee.

A foreign insurer is required to notify the BVI FSC within fourteen (14) days of the event, of changes in director and senior officers.

 

What are the minimum requirement for a Restricted Trust Licence?

The minimum requirements for obtaining a Restricted Trust Licence are: proven trust experience and the applicant must meet our "fit and proper" criteria. There are no minimum capital requirements. Special Note: These requirements are by no means exhaustive.

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

  1. General Banking Licence: twenty thousand dollars (US$20,000)
  2. Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
  3. 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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