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FAQs

 

How can a company request a certificate of automatic re-registration?

This request can be made online through the Registry's VIRRGIN system. Once you log on to VIRRGIN, go to the section labeled Request for Certifications, and click on the Good Standing tab. From there you can select the automatic re-registration certificate for local companies. A fee of $25.00 is applicable.

What action may be taken against a company that did not deposit its bearer shares with a custodian?

Under paragraph 37 of Schedule 2, the Commission may apply to the Court for the appointment of a liquidator under the Insolvency Act where a company has not deposited its shares with a custodian after the transition date.

When are audited financial statements due from insurance licensees?

Audited financial statements accompanied by a director’s certificate, auditor’s report and annual statutory returns are due within six months of a company’s financial year end. An extension may be requested from the BVI FSC by application pursuant to section 59 of the Insurance Act, 2008.

What are the requirements for an insurance intermediary’s licence??

Currently, any BVI business company carrying on insurance business in or from within the BVI must be licensed by the FSC to do so. All intermediary (agent and broker) licence holders must be BVI business companies. An application, which can be found in the Insurance section of our website (Approved forms and Guidelines) must be submitted to the BVI FSC along with the required documents for consideration.

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.

What is the requirement for seeking approval for the change of a shareholder(s)/beneficial interest?

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

Why does the VIRRGIN tell me that the name I would like to reserve is not a desirable name for an entity?

The Name Reervation screen does not require you to attach the ending to the proposed company name (example LTD or Limited) as the ending is not used to determine likeness to other names on the Register or desirability. Please try your name reservation again excluding the company suffix which you can select at the time of incorporation.

Is there anyway for the Authorised Signatory of one agent to authorise payments in respect of a transaction or inquiry involving a company belonging to another agent?

No, Authorised Signatories are limited to companies and transactions for the specific Registered Agent assigned during the application process.

How can I apply for a Certificate of Re-registration for a company that is automatically re-registered?

Apply using Form R805

How can a company file a transaction to dissaply Part VI of Schedule 2 of the transitional provisions?

Filing should be done using Form R208 which is available under the Post Incorporations (BC); Amendment to Memorandum and/or Articles. Please be guided by Paragraph 40, Schedule 2, Part VI, Transitional Provisions, BVI Business Companies Act.

Where a person has lodged bearer shares with a custodian prior to the transition date but omitted to disapply paragraph 34A(2) of Schedule 2, what is the status of the bearer shares?

The bearer shares, by the operation of paragraph 35(5) of Schedule 2, would not be disabled by virtue of the fact that they were lodged with a custodian before the transition date. However, the company would not be able to issue bearer shares in the future or to convert/exchange bearer shares to/for registered shares without amending its memorandum to allow it to do so.

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.

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