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FAQs

 

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.

Does the FSC issue certificates of good standing relating to insurance companies vis-a-vis their compliance with insurance regulations?

No, however, the FSC may provide pursuant to the Insurance Act, 2008, information that is considered public information to the general public.

The FSC may also provide to persons entitled to receive information where there are any regulatory issues with respect to a particular licensee - international cooperation.

What information is required for approval of the appointment of directors/senior officers of licence holders?

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

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

What is an Authorised Agent?

An Authorised Agent is a person designated by a bank to act as an intermediary between the licence holder and the Commission.

What are the technical requirements for using VIRRGIN? Do I need to install or download anything to my internal systems?

VIRRGIN is internet based and is accessible through the use of a standard office computer. The specific techincal requirements are:

  • Pentium III processor
  • 512 MB RAM
  • 10 GB Hard Disk
  • Windows XP
  • Internet connection
  • Internet Explorer 6.0 and above (with Multiple Language Support)
  • Adobe Acrobat Reader 7.0
  • Scanner (to scan the documents)
  • Software to convert documents into PDF

Can I use a cheque to make payment for transactions completed on-line?

Payment must be available to the FSC at the time of the transaction. This is facilitated through the deposit account and credit card. The FSC recommends that Agents use the deposit account feature to maintain an available balance for completing transactions using VIRRGIN. All cheques delivered to the Registry's Finance Department will be treated as cash and immediately available for use through VIRRGIN.

Will an automatically re-registered company keep the same number as an IBC?

Unless there are good reasons for the contrary, the company number will remain the same. See paragraph 7(2) of Schedule 2.

How can a company request a certificate of automatic re-registration?

This request can be made online through the Registry's VIRRGIN system. Once you log on to VIRRGIN, go to the section labeled Request for Certifications, and click on the Good Standing tab. From there you can select the automatic re-registration certificate for local companies. A fee of $25.00 is applicable.

What action may be taken against a company that did not deposit its bearer shares with a custodian?

Under paragraph 37 of Schedule 2, the Commission may apply to the Court for the appointment of a liquidator under the Insolvency Act where a company has not deposited its shares with a custodian after the transition date.

When are audited financial statements due from insurance licensees?

Audited financial statements accompanied by a director’s certificate, auditor’s report and annual statutory returns are due within six months of a company’s financial year end. An extension may be requested from the BVI FSC by application pursuant to section 59 of the Insurance Act, 2008.

What are the requirements for an insurance intermediary’s licence??

Currently, any BVI business company carrying on insurance business in or from within the BVI must be licensed by the FSC to do so. All intermediary (agent and broker) licence holders must be BVI business companies. An application, which can be found in the Insurance section of our website (Approved forms and Guidelines) must be submitted to the BVI FSC along with the required documents for consideration.

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

In determining whether an individual is "fit and proper" the Commission will consider a person's:(a) honesty, integrity and reputation (b) competence and capability and (c) financial soundness.

What is the requirement for seeking approval for the change of a shareholder(s)/beneficial interest?

When changing a shareholder/beneficial interest of a bank, the Commission must be presented with a breakdown of the bank's proposed shareholding (which must indicate the number and percentage of shares held by each proposed shareholder). Additionally, information on the new shareholder must include the following:

  • Two professional character references (plus one financial reference)
  • 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

Why does the VIRRGIN tell me that the name I would like to reserve is not a desirable name for an entity?

The Name Reervation screen does not require you to attach the ending to the proposed company name (example LTD or Limited) as the ending is not used to determine likeness to other names on the Register or desirability. Please try your name reservation again excluding the company suffix which you can select at the time of incorporation.

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