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How do I complete a Name Reservation for changing the name of an IBC?

The Name Reservation Section in VIRRGIN does not distinguish between names for BCs and IBCs. You can reserve the name in VIRRGIN and then submit as usual your Change of Name documents including the name reservation number (which you can print from the confirmation screen in VIRRGIN).

What email address should I provide for automatic notices from the VIRRGIN system?

Please provide a general email address for automatic notices from the VIRRGIN system (i.e. approval notices, defect notifications etc.) to enable multiple members of your staff to access system generated emails.

If an automatically re-registered company is filing an amendment to prohibit the issuance bearer shares, is a declaration required?

Yes this requirement was carried forward to the BVIBC Act.

What annual fees will be applied to former local companies that are automatically re-registered?

Annual fees will be based on the company's stated capital. Please refer to the Transitional Provisions, Schedule 2 Part VI, Paragraph 48.

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.

Will the Registry still process Name Reservations for us?

Will the Registry still process Name Reservations for us?

How many people from my organisation should consistently communicate with the Registry of Corporate Affairs?

Designate up to 2 persons to communicate with the Registry for more efficient service and response.

When filing amendments for an automatically re-registered company how do you file the documents?

Refer to company as a BVI Business Company with the existing number and BC approved forms should be used.

What is the fee to conduct a search on a former local company?

The fee is $15.00

Can an investment business licence be extended to include a different category of investment business or is a new application required?

Schedule 3 of SIBA lists the categories and sub-categories of investment business licences that may be issued by the Commission. A single licence may be issued in one or more of the categories listed in Schedule 3. Where a licence-holder wishes to extend the scope of its licence to provide services that fall under a new category of investment business, an application for the grant of a licence in the new category must be made. Where the applicant satisfies the requirements for the grant of a licence, the existing licence may be amended to include the new category of investment business. In order to facilitate the application for a licence in the new category of investment business, the Commission may waive the requirement to provide information and supporting documents that were submitted when the application for the existing licence was made.

Does the insurance legislation include provisions for special categories of captives or Rent-A-Captives, Risk Retention Groups, etc.?

The Insurance Act, 2008 does not define categories of captives nor does it provide restrictions on the type of captives that can be formed. Therefore, rent-a-captives and risk retention groups can be formed.

Insurance SPCs may be formed under provisions contained in the BVI Business Companies Act, 2004.

What is a Trust Company?

A Trust Company is a company that carries on trust business as defined in (2) above.