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FAQs

 

What are the minimum requirements for a Company Management Licence?

The minimum requirements for obtaining a Company Management Licence are: proven company management experience, a minimum paid up capital of twenty five thousand dollars (US$25,000) and physical presence in the British Virgin Islands. The application fee is two hundred dollars (US$200). Special Note: These requirements are by no means exhaustive.

Note: A consensus has now emerged that only in circumstances where the institution concerned is of blue chip international stature and renown, whose presence in the jurisdiction would be a fillip to the reputation of the BVI as a situs for conduct of international business; or where the institution concerned will be providing additional services not currently provided within the jurisdiction, will company management licences be granted to companies other than companies with local ownership and a physical presence here in the BVI. In both cases, the company is expected to establish its own physical presence and apply for a general trust licence within two years of the grant of the licence. All other interests will initally have to apply for a General Trust Licence.

What are the minimum requirements for a General Banking Licence?

The minimum requirements for obtaining a General Banking Licence are: proven banking experience, a minimum paid up capital of two million dollars (US$2,000,000), physical presence in the British Virgin Islands 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 General Banking licence has been approved is required to make a deposit or investment of five hundred thousand dollars (US$500,000).

Can I have more than one (1) Authorised Signatory?

Yes! Each Authorised Signatory must be setup by the FSC. Please complete the relevant sections on pages 2 and 3 of the Registration Form for each authorised signatory. Authorised Signatories within VIRRGIN are the ONLY users allowed to submit filings that require payment and create staff login accounts for other employees.

How can I amend a name reservation?

Existing name reservations can be amended in the following ways prior to submission of the incorporation

  1. Change in case for each word
  2. Addition of the letter S to any word
  3. Addition of spaces
  4. Addition of punctuation (for example: “&”, “,”, “-“ etc)

For major changes to an existing name reservation we suggest that you request immediate expiration of the name (nameres@bvifsc.vg) and upon receipt of the expiration confirmation re-reserve the name as required.

If a company was struck off the Register, and remained struck off on 1 January, 2009, was it automatically be re-registered?

No. Only companies on the Register on 1 January, 2009 were re-registered. If the company is restored and all outstanding fees are paid, it will then deem to have been re-registered on 1 January, 2009

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).

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 is the difference between an Authorised Signatory and a Staff User in VIRRGIN?

Authorised Signatories must be created by the FSC and are the only users allowed to submit filings that require payment. Staff users are created by the agent at their office once they have access to VIRRGIN. Staff users can submit filings that do not require payment and prepare individual or batch transactions for approval by the Authorised Signatory.

How do I transfer names from one agent to another?

The Registry cannot facilitate the transfer of names from one agent to another. The holder of the approved name must request immediate expiration of the name to allow the second agent to complete the name reservation

If an individual/company was carrying on management functions for a former local company, is the person considered the registered agent for the company?

No. The concept of registered agent was not recognised under the old CAP Companies Act, therefore, the company does not have a registered agent until one is appointed. (Paragraph 46 Schedule 2, Part VI of the BVI Business Companies Act, Transitional Provisions.). However, the registered office previously held will continue to be recognised until a change in registered office is filed.

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.

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