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FAQs

 

Can the owners of disabled bearer shares in a grandfathered bearer share company deposit them with an authorised or recognised custodian to terminate their “disability”?

Depositing a disabled bearer share in a grandfathered bearer share company with a custodian would not cure the disability. The available mechanism for doing so lies in paragraph 35(4) of Schedule 2 under which an application may be made to the Court for an extension of time to deposit shares with a custodian or to exchange them for or convert them to registered shares.

What legislation permits captives?

Captives are permitted and able to be formed under the Insurance Act, 2008 and Insurance Regulations, 2009. Other financial services legislation, including the Regulatory Code, 2009 and BVI Business Companies Act, 2004 also contain general and specific requirements governing captives.

What documentation is required to add OR change a director or senior officer?

To add a director or senior officer, a BVI insurer, insurance manager and insurance intermediary are all required to seek the prior written approval of the BVI FSC (this applies to all companies including captives which are BVI business companies, i.e. companies incorporated in the BVI). The company is required to complete and submit to the FSC - an application which provides full details of the applicant, the expertise of the director or senior officer and due diligence information. Full requirements are covered in the Guidelines for the Approved Persons Regime which is published by the BVI FSC.

A BVI insurer, insurance manager and insurance intermediary is required to notify the BVI FSC within fourteen (14) days of the event, when a director or senior offices ceases to hold office with or to be employed by the licensee.

A foreign insurer is required to notify the BVI FSC within fourteen (14) days of the event, of changes in director and senior officers.

What are the minimum requirement for a Restricted Trust Licence?

The minimum requirements for obtaining a Restricted Trust Licence are: proven trust experience and the applicant must meet our "fit and proper" criteria. There are no minimum capital requirements. Special Note: These requirements are by no means exhaustive.

What are the minimum requirements for a Restricted Class I or Restricted Class II Banking Licence?

The minimum requirements for obtaining a Restricted Class I or Restricted Class II Banking Licence are: a minimum paid up capital of one million dollars (US$1,000,000), proven banking experience and the applicant must meet our "fit and proper" criteria. Special Note: These requirements are by no means exhaustive.

Further, an applicant who receives written confirmation that the grant of a Restricted Class I or Restricted Class II Banking licence has been approved is required to make a deposit or investment of five hundred thousand dollars (US$500,000).

How do I access VIRRGIN?

VIRRGIN may be accessed through the url https://VIRRGIN.bvifsc.vg after you have registered for access and received confirmation from the FSC of your login ID and password.

What is the Agent's Licence number on the VIRRGIN Registration Form?

Please provide the company's licence number (under the Banks and Trust act or the Company Management Act) issued by the FSC.

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.

Can a grandfathered bearer share company whose memorandum was amended by operation of law under paragraph 34A(1) amend its memorandum to allow the company to issue bearer shares, convert registered shares to bearer shares or exchange registered shares for bearer shares?

The Act does not prevent a grandfathered bearer share company whose memorandum was amended by operation of law under paragraph 34A(1) of Schedule 2 from amending its memorandum to allow for the issue of bearer shares and the conversion/exchange of bearer shares to registered shares. The provisions of section 13 of the Act would apply and the relevant application form is R204. The amendment would not, however, relate to the disabled bearer shares but to the issue of prospective bearer shares and the conversion/exchange of same to/for registered shares.

What is the total asset size of the captive sector and what is the total premium volume?

Current statistics on the captive (and other sectors) may be found in the most recent edition of the BVI FSC Statistical Bulletin.

What information must be submitted on the shareholder of a captive?

If the shareholder is an individual, full details about the person, (including references, resumes, certified copy of passport photo/details page and other supporting due diligence information) must be provided to the BVI FSC. Full requirements are outlined in the Guidelines for the Approved Persons Regime.

If the shareholder is a company, evidence of incorporation, articles of association of the company, names and addresses of ultimate beneficial owners and other supporting information must be submitted to the BVI FSC. Full details may be found in the Guidelines for the Approved Persons Regime published by the BVI FSC.

If the shareholder is a trust, a copy of the trust deed must be submitted to the BVI FSC. The trust deed should provide details on the trustee, protector, beneficiary, etc. Explicit due diligence requirements that relate to trusts as shareholders may be found in the Approved Forms and Related Guidelines published by the BVI FSC.

What are the requirements for seeking approval for the change of shareholder/beneficial interest of a licence holder?

When changing a shareholder/beneficial interest of a licence holder, the Commission must be presented with a breakdown of the Company's proposed shareholding (which must indicate the number and percentage of shares held by each proposed shareholder). Also, information on the new shareholder must include the following:

  • 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 the annual licence fee for banks and when are they payable?

General Banking Licence: twenty thousand dollars (US$20,000)

  1. Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
  2. Restricted Class II Banking Licence: sixteen thousand dollars (US$16,000).
  3. Payment of these annual licence (renewal) fees is due during the month of January

How will the transition to VIRRGIN affect the Registry's hours of operations?

The VIRRGIN implementation schedule changes to regular operations can be downloaded from http://www.bvifsc.vg.

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