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FAQs

 

How long does it take to approve an application to be issued an insurer’s licence?

A decision on an application for an insurer’s licence may take up to 6 weeks where the BVI FSC receives a complete application. Submission of an incomplete application may lead to delays in processing of up to 6 months.

Who is a Company Manager?

A Company Manager is an entity that carries out company management business only, which is defined by the Company Management Act, 1990 as, "the provision of company management services for profit or reward in or from within the Virgin Islands".

I am interested in establishing a trust in the BVI, how should I proceed?

Information with respect to establishing a trust in the BVI should be directed to a General Trust Company or Legal Advocate in the British Virgin Islands. A listing of these persons can be obtained from this website.

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) honesty, integrity and reputation (b) competence and capability and (c) financial soundness, of the principals and companies associated with the applicant.

How do I access VIRRGIN?

VIRRGIN may be accessed through the url https://VIRRGIN.bvifsc.vg after you have registered for access and received confirmation from the FSC of your login ID and password.

Why do you need a financial contact?

This is the person we will contact regarding any financial management issues, we will also provide notification for critical balance information on your deposit account.

What should the subscriber's clause state?

The Act does not specify this, but requires that the Memorandum & Articles be signed by the Registered Agent as registered Agent.

How can a change in Registered Office be filed?

A change in registered office must be filed in accordance with Section 92(4) of the Act.

Are existing professional funds, required to amend their memorandum and articles of association (M&A) to specify that i) the fund interests of the fund shall be issued only to professional investors; and ii) the initial investment of each investor in the fund, other than exempted investors, shall be not less than such sum as may be prescribed in the Mutual Funds Regulations? If so, in what time frame must this be completed?

Under paragraph 10 of Schedule 8 to SIBA, all existing professional funds are deemed to be recognised under section 55. Existing professional funds must therefore satisfy the criteria for such recognition, including the requirements of section 55(2)(c) that their constitutional documents should specify that i) the fund interest of the fund shall be issued only to professional investors; and ii) the initial investment of each investor in the fund, other than exempted investors, shall be not less that $100,000 (as prescribed in the Mutual Funds Regulations). In order to comply with this requirement, existing professional funds should amend their constitutional documents and provide evidence of same to the Commission before the second transition date of 12 October 2010.

However, as a matter of policy, where the Commission has granted approval under the BVI Business Companies Act, 2004, to an existing fund to voluntarily liquidate or where a liquidator has been appointed under the Insolvency Act, 2003, the fund would not be required to amend its constitutional documents to comply with section 55(2)(c).

In addition, where an existing fund is closed to new investors, or is otherwise winding down its business, it need not immediately amend its constitutional documents to comply with the requirement. However, the fund would be required to provide written confirmation to the Commission from its directors (supported by a board resolution) that it is closed to new investors or is winding down its business. Where the fund subsequently proposes to make an offer to new or existing investors it must, prior to the offering, amend its constitutional documents to comply with the requirements of section 55(2)(c)and file a copy of same with the Commission.

What is the tax structure in the BVI?

The BVI does not levy corporate income or capital gains taxes on companies (including insurance companies).

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.

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