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FAQs

 

How will the transition to VIRRGIN affect the Registry's hours of operations?

The VIRRGIN implementation schedule changes to regular operations can be downloaded from http://www.bvifsc.vg.

Why do you need a financial contact?

This is the person we will contact regarding any financial management issues, we will also provide notification for critical balance information on your deposit account.

How do I file a BC complaint Memorandum & Articles?

Use Form R205 and submit the documents stated on page 2 of that form. Refer to the BVI Business Companies (Amendment of Schedules) Order, 2006 for requirements for M&A.

What is the approved form of the Notice of Appointment of registered agents?

Each Notice of Appointment must be submitted to the Registered using Form R303 - Notice of Appointment of Registered Agent which must be endorsed by the proposed registered agent giving his/her consent to act.

Would the amendment “revive” the entitlements that were extinguished when the bearer shares were disabled?

The amendment would NOT serve to revive any entitlements that were extinguished when the bearer shares were disabled. This would require an application to the Court for an extension of time to deposit the shares with a custodian or to convert the shares to registered shares. The amendment would relate to the issue of prospective bearer shares and the conversion/exchange of same to/for bearer shares.

What is the regulatory authority for captives in the BVI?

The BVI FSC is the regulatory authority for captives and the insurance sector generally as well as all other regulated financial services activities

What criteria are used to determine whether an applicant for a licence is “fit and proper”?

The BVI FSC’s criteria for assessing fitness and propriety of entities and individuals is set out in the Regulatory Code, 2009. Fitness and propriety requires a review of several components including honesty, integrity and reputation, competence and capability and financial soundness.

What is the annual licence fee for Company Managers and Trust Licence holders and when are they payable?

The annual licence fee for a:

  1. Company Management Licence: five hundred dollars (US$500) plus ten dollars (US$10) for each company under management.
  2. General Trust Licence: ten thousand dollars (US$10,000).
  3. Restricted Trust Licence: three hundred dollars (US$300).

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

What information is required for the approval of the appointment of directors/senior officers of a bank?

Documentation required for the appointment of a director/senior officer:

  • Two professional character references
  • A police certificate or notarized affidavit as to non- criminal record
  • A completed personal questionnaire
  • Notarized copy of individual passport identification page(s).
  • Detailed resume

How do I register to use VIRRGIN?

BVI Registered Agents may register for access to VIRRGIN for use by their authorised signatories and staff by completing the VIRRGIN Registration Agreement.

How can I track payments made by my Authorised Signatory?

Currently, VIRRGIN does not producea daily list of financial transactions on the Agents side. VIRRGIN does however return a receipt for each individual or batch of transactions uploaded to the Registry. Each transaction confirmation and receipt lists the relevant transactions and reference information. On the Agent side, there is also a module to monitor your deposit (payment on account) account.

What should the subscriber's clause state?

The Act does not specify this, but requires that the Memorandum & Articles be signed by the Registered Agent as registered Agent.

How can a change in Registered Office be filed?

A change in registered office must be filed in accordance with Section 92(4) of the Act.

Are registered agents required to provide the Commission with a list of companies that are authorised to issue bearer shares?

This is not a requirement under the financial services legislation. However best practice requires that such a list should be maintained. The Commission may monitor compliance with the Act in the course of a compliance inspection or by a review of the prudential returns that are submitted by licensees.

What are BVI reporting requirements for captive and domestic insurers?

The Insurance Act, 2008 and the Regulatory Code, 2009 contain reporting requirements which include the submission of audited financial statements (for all insurers general and long-term), actuarial reports in the case of long-term insurers and other prudential or statutory returns in the case of domestic insurers.

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