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FAQs

 

What is the fee to obtain a Certificate of Good Standing for a former local company that has been automatically re-registered?

The fee is $25.00

Are existing private or professional funds that do not currently have a custodian or fund manager required to appoint a custodian and fund manager?

Yes. All private and professional funds, including existing funds, are required to have a custodian and fund manager at all times, unless they are exempted from this requirement by the Commission. Where an existing private or professional fund has not appointed a custodian or a fund manager it should take steps to do so before the first transition date of August 3, 2010, or apply to the Commission for an exemption.

As regards the application process for exemptions, a single application may be made by or on behalf of two or more funds stating the names of the funds for which the exemption is sought and the reasons for the exemption.

What is the application fee for a new insurance entity?

Licence Type Application Fee

Insurer $1,000

Insurance Manager $500

Insurance Agent/broker $500

Loss Adjuster $500

What is an Authorised Agent?

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

Is there a public register of trusts in the BVI?

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

How may I obtain an application form for a banking licence?

Application forms are available on the 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.

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?

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