FAQs

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.

Public filing and registration of trust details is not required by BVI law.

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 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.

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."

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.

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).

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).

1. General Banking Licence: twenty thousand dollars (US$20,000)
2. Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
3. 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

Under the Banks and Trust Companies Act, 1990 General Banking Licence holders are required to have a minimum fully paid up capital of not less than US$2,000,000 or its equivalent in foreign currencies, or such sum as the Commission, by order determines, and has deposited or invested the sum of $500,000 in such manner as the Commission by order, prescribes.

Under the Banks and Trust Companies Act, 1990 Restricted Class I and Restricted Class II Banking Licence holders are required to have a minimum fully paid up capital of not less than US$1,000,000 or its equivalent in foreign currencies, or such sum as the Commission, by order determines, and has deposited or invested the sum of $500,000 in such manner as the Commission by order, prescribes.

The Financial Services Commission adopts the guidelines as set by the Basel Committee for bank regulation and supervisory practices for the calculation of the capital adequacy ratio. The Basel Committee recommends a minimum capital adequacy ratio based on risk weighted assets of 8%.

Documentation required for the appointment of a director/senior officer:

• Two professional character references
• 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

An Authorised Agent is a person designated by a bank to act as an intermediary between the licence holder and the Commission.

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

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.

A list of the Authorised Registered Agents of the BVI may be accessed via this website.