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FAQs

 

Who is a General Trust Licence holder?

A General Trust Licence holder is an entity which holds a valid general trust licence as prescribed by the Banks and Trust Companies Act, 1990 and enables the holder to carry on trust business without restrictions. Trust business as defined by this Act means "the business of (a) acting as a professional trustee, protector or administrator of a trust or settlement, (b) managing or administering any trust or settlement, and (c) company management as defined by the Company Management Act, 1990.

How do I conduct a company search?

Information on companies formed in the British Virgin Islands can be obtained from the BVI Commercial Registry. General information on a company's registration number, registered office, incorporation date, status and authorized capital, etc. is available. A small fee is charged for each search and various payment methods are available for your convenience.

Please contact the BVI Commercial Registry to conduct your search. Contact info: (284) 494 5355-phone or (284) 494 6331-fax.

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.

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.

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.

Are existing private and professional funds required to update their offering documents to contain the investment warning in accordance with Regulation 9(1) of the Mutual Fund Regulations?

Where the offering document of an existing private or professional fund does not contain an investment warning, the offering document must be amended to include same before the fund makes an offer or invitation to an investor or potential investor to purchase or subscribe for shares. This requirement is prescribed by Regulation 9 and takes effect on the first transition date of 3 August 2010.

The investment warning should be included in a prominent place in the fund’s offering document. Where no offering document is issued the investment warning should be provided to each investor as a separate document. The requirement to issue an investment warning is therefore a prerequisite to the making of an offer or invitation to purchase or subscribe for shares.

Existing funds that are not making an offer or invitation need not amend their offering documents unless and until they make an offer or invitation to investors or potential investors.

What is the number of captives active in the BVI?

Current statistics on captives may be found in the most recent edition of the BVI FSC Statistical Bulletin.

Who is a Restricted Trust Licence holder?

A Restricted Trust Licence holder is an entity which holds a valid restricted trust licence as prescribed by the Banks and Trust Companies Act, 1990 and allows the holder to carry on trust business with restrictions specifically providing trustee services to a limited number of trusts.

How may I retain a list of the Authorised or 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).

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.

How can I apply for a Certificate of Re-registration for a company that is automatically re-registered?

Apply using Form R805

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