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FAQs

 

Will the Registry still process Name Reservations for us?

Will the Registry still process Name Reservations for us?

The VIRRGIN system is available for Name Reservations on-line and we encourage all agents to use this feature. Please call the VIRRGIN Customer Care Centre for assistance in completing Name Reservations.

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 existing private and professional funds required to update their offering documents to contain the investment warning in accordance with Regulation 9(1) of the Mutual Fund Regulations?

Where the offering document of an existing private or professional fund does not contain an investment warning, the offering document must be amended to include same before the fund makes an offer or invitation to an investor or potential investor to purchase or subscribe for shares. This requirement is prescribed by Regulation 9 and takes effect on the first transition date of 3 August 2010.

The investment warning should be included in a prominent place in the fund’s offering document. Where no offering document is issued the investment warning should be provided to each investor as a separate document. The requirement to issue an investment warning is therefore a prerequisite to the making of an offer or invitation to purchase or subscribe for shares.

Existing funds that are not making an offer or invitation need not amend their offering documents unless and until they make an offer or invitation to investors or potential investors.

What is the number of captives active in the BVI?

Current statistics on captives may be found in the most recent edition of the BVI FSC Statistical Bulletin.

Who is a Restricted Trust Licence holder?

A Restricted Trust Licence holder is an entity which holds a valid restricted trust licence as prescribed by the Banks and Trust Companies Act, 1990 and allows the holder to carry on trust business with restrictions specifically providing trustee services to a limited number of trusts.

How may I retain a list of the Authorised or Registered Agents of the BVI?

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

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

How many people from my organisation should consistently communicate with the Registry of Corporate Affairs?

Designate up to 2 persons to communicate with the Registry for more efficient service and response.

When filing amendments for an automatically re-registered company how do you file the documents?

Refer to company as a BVI Business Company with the existing number and BC approved forms should be used.

What is the fee to conduct a search on a former local company?

The fee is $15.00

Where an existing private or professional fund has not issued an offering document, should the fund provide to each investor a copy of the investment warning in accordance with Regulation 9(3)?

An existing private or professional fund that has not issued an offering document is required to provide investors and potential investors with an investment warning in all cases where an offer or invitation to purchase or subscribe for shares is made. In relation to existing investors an investment warning is required only where the fund continues to offer them its shares for purchase or subscription. The investment warning should be provided to each investor as a separate document.

What are the capital requirements for a captive by type of business?

Type of business Capital Requirements

General insurers - $100,000

Long-term insurers - $200,000

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