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FAQs

 

Can the appointment of a registered agent be done in accordance with Section 92(4) of the BVI Business Companies Act?

No. Section 92(4) refers to a change in registered agent where there was a previous agent. Because former local companies were not required previously to have registered agents, this section does not apply. A function under "General Filings All" on the VIRRGIN system, for the appointment of a registered agent will be made available shortly. Until the function is available, appointments can be submitted manually to the Registry by submitting the new Form R203 which can be downloaded from the FSC's website.

Are registered agents required to provide the Commission with a list of companies that are authorised to issue bearer shares?

This is not a requirement under the financial services legislation. However best practice requires that such a list should be maintained. The Commission may monitor compliance with the Act in the course of a compliance inspection or by a review of the prudential returns that are submitted by licensees.

What are BVI reporting requirements for captive and domestic insurers?

The Insurance Act, 2008 and the Regulatory Code, 2009 contain reporting requirements which include the submission of audited financial statements (for all insurers general and long-term), actuarial reports in the case of long-term insurers and other prudential or statutory returns in the case of domestic insurers.

Does the FSC issue certificates of good standing relating to insurance companies vis-a-vis their compliance with insurance regulations?

No, however, the FSC may provide pursuant to the Insurance Act, 2008, information that is considered public information to the general public.

The FSC may also provide to persons entitled to receive information where there are any regulatory issues with respect to a particular licensee - international cooperation.

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 is an Authorised Agent?

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

Who is a General Trust Licence holder?

A General Trust Licence holder is an entity which holds a valid general trust licence as prescribed by the Banks and Trust Companies Act, 1990 and enables the holder to carry on trust business without restrictions. Trust business as defined by this Act means "the business of (a) acting as a professional trustee, protector or administrator of a trust or settlement, (b) managing or administering any trust or settlement, and (c) company management as defined by the Company Management Act, 1990.

What should I put in Agent's Title on the VIRRGIN Registration Form?

Please fill in the job title of the Agent Representative completing that section of the form.

Do I use control sheets for manual filings?

For manual filings, please separate documents (post incorporations and new incorporations) and submit a control sheet in duplicate for each batch.

  • The control sheet should include date of filing, name of company (or proposed name, transaction description or form number)
  • The Registry’s finance staff will accept and stamp the agent copy of the batch to confirm receipt.

What is the fee for filing the Notice of Appointment of registered agents in respect of former local companies?

For now, there will be no fee payable for filing a Notice of Appointment of registered agents.

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

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