You are here
FAQs
What information is required for approval of the appointment of directors/senior officers of licence holders?
Documentation required for the appointment of a director/senior officer:
- Two character references
- A police certificate/affidavit as to non-criminal record
- A completed personal questionnaire
- Notarized copy of individual passport identification page(s)
- Complete resume
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.
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.
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 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.
How do I become a Registered Agent in the BVI?
To become a Registered Agent in the British Virgin Islands, a Company Management Licence or a General Trust Licence must be obtained under the laws of the British Virgin Islands.
Is there a public register of trusts in the BVI?
Public filing and registration of trust details is not required by BVI law.
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.
How may I obtain a copy of the Banks and Trust Companies Act, 1990?
The Banks and Trust Companies Act, 1990 is a fairly large document with several amendments. Many service providers have unofficial consolidated copies available for their clients. In so far that a specific issue may be in question the FSC can arrange to mail or fax you relevant sections.
How may I obtain a copy of the Company Management Act, 1990?
How may I obtain a copy of the application form for a company management licence, restricted trust licence and general trust licence?
Application forms are available on this website. However, potential applicants are asked to note that applications should be forwarded to the Commission either through a Legal Advocate or Registered Agent. A list of each can be found on this website.
What are the licensing requirements for a bank?
The legal requirement for obtaining a banking licence in the Virgin Islands is governed by the Banks and Trust Companies Act, 1990. Section 3 of this Act provides that no person or company incorporated in the Virgin Islands shall carry on banking business from within the Virgin Islands, unless that person or company has obtained a licence under this Act. Further, section 4(4) of this Act states: "If the Commission is satisfied that an application to carry on banking business is not against the public interest and that the applicant is a person qualified to carry on banking business, it may grant the application and issue to the applicant a licence subject to such terms and conditions as it thinks fit."
What are the different types of banking licences issued by the British Virgin Islands?
There are three banking licences issued under the Banks and Trust Companies Act, 1990; a General Banking Licence, a Restricted Class I Banking Licence and a Restricted Class II Banking 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).
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).
What is the annual licence fee for banks and when are they payable?
General Banking Licence: twenty thousand dollars (US$20,000)
- Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
- Restricted Class II Banking Licence: sixteen thousand dollars (US$16,000).
Payment of these annual licence (renewal) fees is due during the month of January
Pages
