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FAQs

 

Is there a public register of trusts in the BVI?

Public filing and registration of trust details is not required by BVI law.

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 happens when I file an appeal on a name?

Once the Name Appeal is processed by the Registry, the system will return an email confirmation that includes the proposed name, name reservation number, status and time remaining on the reservation period.

Will documents that have not been officially submitted be honoured by the Registry?

The Registry of Corporate Affairs cannot honour transactions that have been saved or confirmed by agent staff or authorised signatory and not submitted. Documents must have a valid VIRRGIN receipt OR the appropriate Registry Form for acceptance as filed.

How do we discharge a charge that was filed under the IBC Act?

Under Schedule II, Part V, paragraph 38(2) of the BVI Business Companies Act, a company that is re-registered under Part II or III may apply to register a charge that was created prior to the company's re-registration. Where the charge no longer affects the company's property, the company may file a notice under section 165 of the BVI Business Companies Act. Once a notice is duly filed, a certificate is issued by the Registrar indicating the date and time on which the notice was filed.

SPECIAL NOTICE

Please read the Commission’s disclaimer and background statement on the immobilisation of bearer shares prior to viewing FAQs

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?

Yes. Under Regulation 10(1) and (4) all private and professional funds, including existing funds, are required to prepare and provide a copy of their audited financial statements to the Commission within six months after the financial year end, unless they have been exempted from the requirement under Regulation 10(2). Existing funds are not required to prepare or submit financial statements in respect of the current financial year where the financial year began before, and ends after, the commencement date (May 17, 2010). However, audited financial statements would be required in respect of the subsequent financial year.

What is the annual licence fee for insurers

Captive - $ 3,500

Reinsurers - $ 7,500

Captive SPC - $ 7,500

Domestic - $ 3,500 with total premium volume of

$0 to $4,999,999

$ 7,500 with total premium volume of

$5,000,000 to $9,999,99

$10,000 with total premium volume of

$10,000,000 and above

What is a principle office?

A principle office is the office of the Company Manager or Trust Licence holder with a physical presence in the (British) Virgin Islands.

With whom do I file a report on a BVI fiduciary company that is suspected of being involved in fraudulent activities?

The Financial Services Commission would be interested in receiving such complaints and will review the matter to determine what are the appropriate steps to take.

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).

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