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FAQs

 

What information must be submitted on the shareholder of a captive?

If the shareholder is an individual, full details about the person, (including references, resumes, certified copy of passport photo/details page and other supporting due diligence information) must be provided to the BVI FSC. Full requirements are outlined in the Guidelines for the Approved Persons Regime.

If the shareholder is a company, evidence of incorporation, articles of association of the company, names and addresses of ultimate beneficial owners and other supporting information must be submitted to the BVI FSC. Full details may be found in the Guidelines for the Approved Persons Regime published by the BVI FSC.

If the shareholder is a trust, a copy of the trust deed must be submitted to the BVI FSC. The trust deed should provide details on the trustee, protector, beneficiary, etc. Explicit due diligence requirements that relate to trusts as shareholders may be found in the Approved Forms and Related Guidelines published by the BVI FSC.

What are the requirements for seeking approval for the change of shareholder/beneficial interest of a licence holder?

When changing a shareholder/beneficial interest of a licence holder, the Commission must be presented with a breakdown of the Company's proposed shareholding (which must indicate the number and percentage of shares held by each proposed shareholder). Also, information on the new shareholder must include the following:

  • 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 are the capital adequacy guidelines for bank licensees?

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%.

How will the transition to VIRRGIN affect the Registry's hours of operations?

The VIRRGIN implementation schedule changes to regular operations can be downloaded from http://www.bvifsc.vg.

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.

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.

Would the amendment “revive” the entitlements that were extinguished when the bearer shares were disabled?

The amendment would NOT serve to revive any entitlements that were extinguished when the bearer shares were disabled. This would require an application to the Court for an extension of time to deposit the shares with a custodian or to convert the shares to registered shares. The amendment would relate to the issue of prospective bearer shares and the conversion/exchange of same to/for bearer shares.

What is the regulatory authority for captives in the BVI?

The BVI FSC is the regulatory authority for captives and the insurance sector generally as well as all other regulated financial services activities

What criteria are used to determine whether an applicant for a licence is “fit and proper”?

The BVI FSC’s criteria for assessing fitness and propriety of entities and individuals is set out in the Regulatory Code, 2009. Fitness and propriety requires a review of several components including honesty, integrity and reputation, competence and capability and financial soundness.

What is the annual licence fee for Company Managers and Trust Licence holders and when are they payable?

The annual licence fee for a:

  1. Company Management Licence: five hundred dollars (US$500) plus ten dollars (US$10) for each company under management.
  2. General Trust Licence: ten thousand dollars (US$10,000).
  3. Restricted Trust Licence: three hundred dollars (US$300).

Payment of these annual licence (renewal) fees are due during the month of January.

What information is required for the approval of the appointment of directors/senior officers of a bank?

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

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.

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.

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