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Overview

 
The Banks and Trust Companies Act, 1990 provides for the following categories of licence:
Category Description
Authorised Custodian

An existing service provider who:

  • holds a license issued by the FSC.
  • A company incorporated or formed outside of the BVI and does not reside or have a place of business in the BVI.
Class I Trust Licences - Registered Agent Status A Class I trust licence, for the purposes of carrying on trust business and company management business.
Class II Trust Licences A Class II trust licence, for the purpose of carrying on trust business only.
Class III Trust Licences A Class III trust licence, for the purpose of carrying on company management business only.
Company Management Issued under the Company Management Act, 1990 and authorizes the holder to register companies and to provide registered agent and registered office services for companies registered under the BVI Business Companies Act or International Business Companies Act
Financing and Money Services

The authority under the Financing and Money Services Act, 2009 for a licence holder to conduct either financing business or money services business or both

General Banking

Issued under the Banks and Trust Companies Act, 1990 and authorizes the holder to carry on banking business within and outside the jurisdiction of the Virgin Islands

Restricted Class I Banking Restricted Class I Banking Licence, for the purpose of carrying on banking business within and outside with the restrictions on that business set forth in section 11
 
Restricted Class II Trust Licences A restricted Class II trust licence authorizes the holder of the licence to undertake trust business for up to fifty trusts, which are listed in a sworn undertaking.
Restricted Class III Trust Licences A restricted Class III trust licence, in which case the holder of the licence shall undertake no company management business, other than the provision of directors and officers, and nominee shareholders, for Virgin Islands companies.