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FAQs

 

How may I obtain a copy of the Banks and Trust Companies Act, 1990?

The Banks and Trust Companies Act, 1990 is a fairly large document with several amendments. Many service providers unofficial consolidated copies available for their clients. In so far that a specific issue may be in question, the FSC can arrange to mail or fax you a copy of relevant sections.

What happens when there is no money in my deposit account?

If you do not have enough funds in your deposit account to support the transactions you are trying to complete you have several options:

  • increase your deposit account through a payment at the Registry
  • select an alternative payment method e.g. credit card
  • remove some items from your transaction list to reduce the transaction total

Can Foreign Character Names be submitted separately?

For existing name reservations, please add foreign character names PRIOR to submission for incorporation. Foreign Character Names cannot be submitted separately except for Change of Name filings. For applications with foreign character names that were not attached to the name reservation, prior to 29 January 2007, please send foreign characters to foreigncharacters@bvifsc.vg

What happens if a company does not appoint a registered agent within the prescribed time?

Failure by a company to appoint a registered agent within the prescribed timeframe means that the company cannot effect any transaction which under the Act can be effected only by a registered agent. In addition, the company may be in violation of its obligations under the Act and is therefore liable to be struck off the Register.

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 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 are documents from VIRRGIN signed?

Official documents issued by the FSC will be issued by hard copy original and bear an electronically affixed signature.

Can I submit filings for IBCs or in an unapproved format?

All companies on the Register are BVI Business Companies or Local (Cap. 285) companies. Filings for IBCs or filings not in the BC approved format will not be accepted.

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.

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