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FAQs

 

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.

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.

What should I put in Agent's Title on the VIRRGIN Registration Form?

Please fill in the job title of the Agent Representative completing that section of the form.

Do I use control sheets for manual filings?

For manual filings, please separate documents (post incorporations and new incorporations) and submit a control sheet in duplicate for each batch.

  • The control sheet should include date of filing, name of company (or proposed name, transaction description or form number)
  • The Registry’s finance staff will accept and stamp the agent copy of the batch to confirm receipt.

What is the fee for filing the Notice of Appointment of registered agents in respect of former local companies?

For now, there will be no fee payable for filing a Notice of Appointment of registered agents.

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

What is the VIRRGIN service?

VIRRGIN is the FSC's internet based information network that provides on-line electronic access to the services of the Registry of Corporate Affairs including full electronic filing of all documents.

What is the Agent's Licence number on the VIRRGIN Registration Form?

Please provide the company's licence number (under the Banks and Trust act or the Company Management Act) issued by the FSC.

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.

Where a person has lodged bearer shares with a custodian prior to the transition date but omitted to disapply paragraph 34A(2) of Schedule 2, what is the status of the bearer shares?

The bearer shares, by the operation of paragraph 35(5) of Schedule 2, would not be disabled by virtue of the fact that they were lodged with a custodian before the transition date. However, the company would not be able to issue bearer shares in the future or to convert/exchange bearer shares to/for registered shares without amending its memorandum to allow it to do so.

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