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FAQs

 

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.

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

What is a Registered Agent?

A registered agent as defined by the International Business Companies Act ("IBCA") means "the person who is at any particular time performing the functions of registered agent of a company incorporated under this Act pursuant to subsection (1) of section 39" (of the IBCA).

How do I become a Registered Agent in the BVI?

To become a Registered Agent in the British Virgin Islands, a Company Management Licence or a General Trust Licence must be obtained under the laws of the British Virgin Islands.

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 happen after my 10 day Name Reservation has expired if I haven't incorporated the company?

After the inital name reservation period expires, your option for immediate re-reservation of the name is to exercise the 90-day Name Reservation. The initial name reservation cannot be extended for further complimentary 10-days immediately but you can do this after a further 10 days have past.

Should anything be attached to e-filings?

Attach the VIRRGIN generated receipt to e-filings

How do you submit final notice documents for an automatically re-registered company that began its winding-up procedures under the IBC Act?

Schedule II, Part VII, paragraph 55 of the BVI Business Companies Act states that Part 1X of the IBC continues to apply in this case. Once the dissolution process started under the IBC Act, it should continue pursuant to Part 1X of the IBC Act.

SPECIAL NOTICE

Please read the Commission’s disclaimer and background statement on the immobilisation of bearer shares prior to viewing FAQs

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

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