"FAQ Category","Question","Answer"
"VIRRGIN","How do I register to use VIRRGIN?","BVI Registered Agents may register for access to VIRRGIN for use by their authorised signatories and staff by completing the VIRRGIN Registration Agreement."
"VIRRGIN","How can I track payments made by my Authorised Signatory?","Currently, VIRRGIN does not producea daily list of financial transactions on the Agents side. VIRRGIN does however return a receipt for each individual or batch of transactions uploaded to the Registry. Each transaction confirmation and receipt lists the relevant transactions and reference information. On the Agent side, there is also a module to monitor your deposit (payment on account) account."
"ROCA - Business Companies Act","Will an automatically re-registered company keep the same number as an IBC?","Unless there are good reasons for the contrary, the company number will remain the same. See paragraph 7(2) of Schedule 2."
"ROCA - Business Companies Act","How can a company request a certificate of automatic re-registration?","This request can be made online through the Registry's VIRRGIN system. Once you log on to VIRRGIN, go to the section labeled Request for Certifications, and click on the Good Standing tab. From there you can select the automatic re-registration certificate for local companies. A fee of $25.00 is applicable."
"Investment Business - SIBA","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."
"Insurance","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."
"Fiduciary Services","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."
"Fiduciary Services","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."
"Banking","What can I do if I have a complaint against a bank in the BVI?","Should you have a complaint against a BVI bank, you are invited to write to the bank explaining your concerns and ask that your request be reviewed by a senior officer or manager of the bank (one who is not directly involved in the complaint). The BVI Financial Services Commission is responsible for the supervision of banks in the British Virgin Islands and does not have the authority to act as arbitrator between parties to a dispute. Albeit, if you feel that the bank has not addressed your concerns the Commission will act mainly as an intermediary, between the complainant and the bank (delete - in question), and seek to establish a factual account of the situation. The Commission will work towards determining whether any violation of laws, regulations and/or policy guidelines has occurred. Complaints are to be made in writing by letter, fax or email to the BVI Financial Services Commission (support@edp-regulation.com)."
"VIRRGIN","What are the technical requirements for using VIRRGIN? Do I need to install or download anything to my internal systems?","VIRRGIN is internet based and is accessible through the use of a standard office computer. The specific techincal requirements are:
Pentium III processor
512 MB RAM
10 GB Hard Disk
Windows XP
Internet connection
Internet Explorer 6.0 and above (with Multiple Language Support)
Adobe Acrobat Reader 7.0
Scanner (to scan the documents)
Software to convert documents into PDF
"
"VIRRGIN","Can I use a cheque to make payment for transactions completed on-line?","Payment must be available to the FSC at the time of the transaction. This is facilitated through the deposit account and credit card. The FSC recommends that Agents use the deposit account feature to maintain an available balance for completing transactions using VIRRGIN. All cheques delivered to the Registry's Finance Department will be treated as cash and immediately available for use through VIRRGIN."
"ROCA - Business Companies Act","How can I apply for a Certificate of Re-registration for a company that is automatically re-registered?","Apply using Form R805"
"ROCA - Business Companies Act","How can a company file a transaction to dissaply Part VI of Schedule 2 of the transitional provisions?","Filing should be done using Form R208 which is available under the Post Incorporations (BC); Amendment to Memorandum and/or Articles. Please be guided by Paragraph 40, Schedule 2, Part VI, Transitional Provisions, BVI Business Companies Act."
"Investment Business - SIBA","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."
"Insurance","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"
"Fiduciary Services","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)."
"Fiduciary Services","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."
"Banking","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."
"VIRRGIN","Why does VIRRGIN tell me ""the name I would like to reserve is not a desirable name for an entity"" ?","The Name Reservation screen does not require you to attach the ending to the proposed company name (example LTD or Limited) as the ending is not used to determine likeness to other names on the Register or desirability. Please try your name reservation again excluding the company suffix which you can select at the time of incorporation.
"
"VIRRGIN","Is there anyway for the Authorised Signatory of one agent to authorise payments in respect of a transaction or inquiry involving a company belonging to another agent?","No, Authorised Signatories are limited to companies and transactions for the specific Registered Agent assigned during the application process."
"ROCA - Business Companies Act","Can an automatically re-registered company file an amendment and keep the same Memorandum & Articles that it had an IBC?","Yes it can. The transitional provisions allow for this."
"ROCA - Business Companies Act","What is the fee to obtain a Certificate of Good Standing for a former local company that has been automatically re-registered?","The fee is $25.00"
"Investment Business - SIBA","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."
"Insurance","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"
"Fiduciary Services","What is an Authorised Agent?","An Authorised Agent is a person designated by a trust company to act as an intermediary between the licence holder and the Commission."
"Fiduciary Services","Is there a public register of trusts in the BVI?","Public filing and registration of trust details is not required by BVI law."
"Banking","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."
"VIRRGIN","How do I complete a Name Reservation for changing the name of an IBC?","The Name Reservation Section in VIRRGIN does not distinguish between names for BCs and IBCs. You can reserve the name in VIRRGIN and then submit as usual your Change of Name documents including the name reservation number (which you can print from the confirmation screen in VIRRGIN)."
"VIRRGIN","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."
"ROCA - Business Companies Act","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."
"ROCA - Business Companies 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."
"Investment Business - SIBA, ROCA - Bearer Shares","Are private and professional funds now required to prepare and submit audited financial statements to the Commission and, if so, how does this affect existing funds?","Yes. Under Regulation 10(1) and (4) all private and professional funds, including existing funds, are required to prepare and provide a copy of their audited financial statements to the Commission within six months after the financial year end, unless they have been exempted from the requirement under Regulation 10(2). Existing funds are not required to prepare or submit financial statements in respect of the current financial year where the financial year began before, and ends after, the commencement date (May 17, 2010). However, audited financial statements would be required in respect of the subsequent financial year.
"
"Insurance","What is the annual licence fee for insurers","Captive           -           $ 3,500
Reinsurers      -           $ 7,500
Captive SPC    -           $ 7,500
Domestic         -           $ 3,500 with total premium volume of
                                    $0 to $4,999,999
                                    $ 7,500 with total premium volume of
                                    $5,000,000 to $9,999,99
                                    $10,000 with total premium volume of
                                    $10,000,000 and above"
"Fiduciary Services","What is a principle office?","A principle office is the office of the Company Manager or Trust Licence holder with a physical presence in the (British) Virgin Islands."
"Fiduciary Services","With whom do I file a report on a BVI fiduciary company that is suspected of being involved in fraudulent activities?","The Financial Services Commission would be interested in receiving such complaints and will review the matter to determine what are the appropriate steps to take."
"VIRRGIN","Will the Registry still process Name Reservations for us?","Will the Registry still process Name Reservations for us?"
"VIRRGIN","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."
"ROCA - Business Companies Act","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."
"ROCA - Business Companies Act","What is the fee to conduct a search on a former local company?","The fee is $15.00"
"Investment Business - SIBA, ROCA - Bearer Shares","Can an investment business licence be extended to include a different category of investment business or is a new application required?","Schedule 3 of SIBA lists the categories and sub-categories of investment business licences that may be issued by the Commission. A single licence may be issued in one or more of the categories listed in Schedule 3. Where a licence-holder wishes to extend the scope of its licence to provide services that fall under a new category of investment business, an application for the grant of a licence in the new category must be made. Where the applicant satisfies the requirements for the grant of a licence, the existing licence may be amended to include the new category of investment business. In order to facilitate the application for a licence in the new category of investment business, the Commission may waive the requirement to provide information and supporting documents that were submitted when the application for the existing licence was made.
"
"Insurance","Does the insurance legislation include provisions for special categories of captives or Rent-A-Captives, Risk Retention Groups, etc.?","The Insurance Act, 2008 does not define categories of captives nor does it provide restrictions on the type of captives that can be formed.  Therefore, rent-a-captives and risk retention groups can be formed.
Insurance SPCs may be formed under provisions contained in the BVI Business Companies Act, 2004."
"Fiduciary Services","What is a Trust Company?","A Trust Company is a company that carries on trust business as defined in (2) above."
"Fiduciary Services","How may I obtain a copy of the Company Management Act, 1990?","How may I obtain a copy of the application form for a company management licence, restricted trust licence and general trust licence?
Application forms are available on this 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.
"
"VIRRGIN","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.
"
"VIRRGIN","Should anything be attached to e-filings?","Attach the VIRRGIN generated receipt to e-filings"
"ROCA - Business Companies Act","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."
"ROCA - Bearer Shares","DISCLAIMER","These Frequently Asked Questions summarise the views of the Commission regarding the interpretation of the relevant provisions of the BVI Business Companies Act, 2004 in relation to bearer shares generally and specifically with respect to grandfathered bearer shares, and how the Commission expects to apply those provisions. They represent interpretations based on questions raised by the industry. The responses to the FAQs are therefore intended as general guidance to the industry. As it is not a part of the Commission’s remit to offer legal advice to third parties, persons are advised to take independent legal advice on all relevant matters should they so wish."
"Investment Business - SIBA, ROCA - Bearer Shares","Is it a requirement that the Commission’s approval be sought for the use of the word “fund” or a derivative thereof prior to the entity being incorporated?","Yes. An entity that intends to use the word “fund” or a derivative thereof in its name is required to seek the Commission’s approval prior to incorporation. However, the Commission has streamlined its procedures to facilitate the approval process. Accordingly, where an entity upon incorporation intends to make an application for licensing, recognition or registration under SIBA, the entity may provide a written undertaking to the Registrar of Corporate Affairs (on making the application for incorporation) stating that upon incorporation, it will make an application for recognition, registration or licensing under SIBA. The undertaking will avoid the need for a separate application for approval to use the “fund” and facilitate the timely incorporation of the entity.
"
"Insurance","Are there legislative provision for re-domiciliation in and out of the Virgin Islands?","The BVI Business Companies Act, 2004 contains provisions for domiciliation/re-domiciliation to and from the Virgin Islands (BVI).  If the new insurer (seeking re-domiciliation to the Virgin Islands) desires to use the same name (as currently used in the foreign jurisdiction if it is available) an application must be made to the BVI FSC for name approval. An application would also be required to be submitted for approval to carry-on insurance business in or from within the BVI."
"Fiduciary Services","What are the capital adequacy guidelines for Trust Licence holders?","Under the Banks and Trust Companies Act, 1990 General Trust Licence holders are required to have a minimum fully paid up capital of two hundred and fifty thousand dollars (US$250,000) or its equivalent in foreign currencies, or such sum as the Commission, by order determines, and has deposited or invested a sum of money as may be specified by the Commission but not to exceed $100,000.
Applicants for a Restricted Trust Licence are not subject to capital requirements."
"Banking","What are the licensing requirements for a bank?","The legal requirement for obtaining a banking licence in the Virgin Islands is governed by the Banks and Trust Companies Act, 1990. Section 3 of this Act provides that no person or company incorporated in the Virgin Islands shall carry on banking business from within the Virgin Islands, unless that person or company has obtained a licence under this Act. Further, section 4(4) of this Act states: ""If the Commission is satisfied that an application to carry on banking business is not against the public interest and that the applicant is a person qualified to carry on banking business, it may grant the application and issue to the applicant a licence subject to such terms and conditions as it thinks fit."""
"VIRRGIN","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."
"VIRRGIN","Will documents that have not been officially submitted be honoured by the Registry?","The Registry of Corporate Affairs cannot honour transactions that have been saved or confirmed by agent staff or authorised signatory and not submitted. Documents must have a valid VIRRGIN receipt OR the appropriate Registry Form for acceptance as filed."
"ROCA - Business Companies Act","How do we discharge a charge that was filed under the IBC Act?","Under Schedule II, Part V, paragraph 38(2) of the BVI Business Companies Act, a company that is re-registered under Part II or III may apply to register a charge that was created prior to the company's re-registration. Where the charge no longer affects the company's property, the company may file a notice under section 165 of the BVI Business Companies Act. Once a notice is duly filed, a certificate is issued by the Registrar indicating the date and time on which the notice was filed."
"ROCA - Bearer Shares","BACKGROUND STATEMENT","What is the effect of transitional provisions in an enactment? How do they relate to the other provisions in the same enactment?
Essentially, transitional provisions in an enactment (principal or subsidiary) outline precisely when and how specified operative parts in the enactment are to take effect. They are designed to facilitate a transition from an existing regime to a new regime.
As Thornton (in his book titled “Legislative Drafting”) outlines, “The function of a transitional provision is to make special provision for the application of legislation to the circumstances which exist at the time when that legislation comes into force”. Transitional provisions in an enactment therefore give effect to existing scenarios/matters by outlining how (and when) they should be treated and modify the application of the substantive provisions in the enactment. They must therefore not be read in isolation and, unless they are specifically excluded with respect to existing scenarios/matters, they must be given effect.
Section 248 of the BVI Business Companies Act, 2004, (“BVIBCA”) specifically provides that “the transitional provisions set out in Schedule 2 apply” and that Schedule has the heading “Transitional Provisions”. The effect of the Schedule is to outline how companies under the old regimes (CapCo and IBC) would be treated or transitioned into the BVIBCA and, unless otherwise specifically excluded, the transitional provisions apply to those companies and matters relative to them to the exclusion of any other provision in the Act. Division 5 of Part IV of Schedule 2 of the Act is headed “Bearer Shares in Grandfathered Bearer Share Companies” and thus all bearer shares within the scope of a company which qualifies as a grandfathered bearer share company would fall to be treated in accordance with the terms of that Division as opposed to any other provision of the Act (unless specifically stated otherwise).
Consequently, a grandfathered bearer share company whose memorandum is amended by virtue of the operation of law in accordance with the terms of paragraph 34A (1) of Division 5 of Part IV of Schedule 2 would effectively have its bearer shares disabled (unless “revived” by a court order under paragraph 35 (4)). Indeed paragraph 35 outlines how an existing bearer share of a grandfathered bearer share company is to be treated and the consequences flowing therefrom.
In this context, the provisions of sections 38 (2) and Division 5 of Part III of the Act relate only to bearer shares that are not the subject of transition; they cannot be read to override the transitional provisions relative to bearer shares in a grandfathered bearer share company. To read this subject differently would be negating the purpose and effect of the transitional provisions and the whole purpose and intent of a transitional provision in an enactment.
"
"Investment Business - SIBA, ROCA - Bearer Shares","Are application fees and approval fees payable in respect of applications for the appointment of a director or functionary of a public fund?","With effect from January 1, 2011, the application fee for the appointment of a director of a public fund is $150 and the approval fee for the appointment of a director of a public fund is $250. There is no application fee or approval fee for the appointment of a functionary of a public fund.
"
"Insurance","How many insurance managers are in the British Virgin Islands?","Current statistics on insurance managers (and Insurance sector generally) may be found in the most recent edition of the BVI FSC Statistical Bulletin.
At the end of 2013 there were 14 insurance managers licensed to carry on insurance business as an insurance manager in the BVI."
"Fiduciary Services","What are the capital adequacy guidelines for Company Managers?","Under the Company Management Act, 1990, a Company Manager is required to have a minimum paid up capital of twenty five thousand dollars (US$25,000)."
"Banking","What are the different types of banking licences issued by the British Virgin Islands?","There are three banking licences issued under the Banks and Trust Companies Act, 1990; a General Banking Licence, a Restricted Class I Banking Licence and a Restricted Class II Banking Licence."
"VIRRGIN","What happens when I file an appeal on a name?","Once the Name Appeal is processed by the Registry, the system will return an email confirmation that includes the proposed name, name reservation number, status and time remaining on the reservation period."
"VIRRGIN","Will the Registry make changes to name reservations on an agent's behalf?","Please reserve names exactly as you would like them to appear on the company’s documents. The Registry cannot make changes to name reservations or to applications for incorporation on the agent’s behalf."
"ROCA - Business Companies Act","Did the company numbers change?","All companies that were automatically re-registered will now have the number 700,000 appended to their original company number. For example company number 1 was changed to company number 700,001, company number 567 was changed to company number 700,567, etc."
"ROCA - Bearer Shares","If the owners of bearer shares of a grandfathered bearer share company failed to deposit them with a custodian or to convert them to or exchange them for registered shares before 31 December, 2009 what options are now available?","The Act provides a clear solution under paragraph 35(4) of Division 5 of Part IV of Schedule 2 (Schedule 2). The company or a person interested in the bearer share may apply to the Court to extend the transition date. The Court hearing the application may extend the transition date by such further period or periods not exceeding one year in total as it considers fit."
"Investment Business - SIBA, ROCA - Bearer Shares","Are application fees and approval fees payable for the appointment of a director or senior officer of an investment business licensee?","With effect from January 1, 2011, the application fee for the appointment of a director or senior officer of an investment business licensee is $150 and the approval fee for the appointment of a director or senior officer of an investment business licensee is $250.
"
"Insurance","Are all insurance companies required to have Insurance Managers?","Only captive insurers are mandated to appoint and and at all times have an insurance manager.
A foreign insurer is required to have a representative in the BVI if it does not operate a branch in the BVI.  The representative may be licensed either as an insurance agent or insurance manager."
"Fiduciary Services","What are the minimum requirements for a Company Management Licence?","The minimum requirements for obtaining a Company Management Licence are: proven company management experience, a minimum paid up capital of twenty five thousand dollars (US$25,000) and physical presence in the British Virgin Islands. The application fee is two hundred dollars (US$200). Special Note: These requirements are by no means exhaustive.
Note: A consensus has now emerged that only in circumstances where the institution concerned is of blue chip international stature and renown, whose presence in the jurisdiction would be a fillip to the reputation of the BVI as a situs for conduct of international business; or where the institution concerned will be providing additional services not currently provided within the jurisdiction, will company management licences be granted to companies other than companies with local ownership and a physical presence here in the BVI. In both cases, the company is expected to establish its own physical presence and apply for a general trust licence within two years of the grant of the licence. All other interests will initally have to apply for a General Trust Licence."
"Banking","What are the minimum requirements for a General Banking Licence?","The minimum requirements for obtaining a General Banking Licence are: proven banking experience, a minimum paid up capital of two million dollars (US$2,000,000), physical presence in the British Virgin Islands 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 General Banking licence has been approved is required to make a deposit or investment of five hundred thousand dollars (US$500,000)."
"VIRRGIN","Can I have more than one (1) Authorised Signatory?","Yes! Each Authorised Signatory must be setup by the FSC. Please complete the relevant sections on pages 2 and 3 of the Registration Form for each authorised signatory. Authorised Signatories within VIRRGIN are the ONLY users allowed to submit filings that require payment and create staff login accounts for other employees."
"VIRRGIN","How can I amend a name reservation?","Existing name reservations can be amended in the following ways prior to submission of the incorporation
Change in case for each word
Addition of the letter S to any word
Addition of spaces
Addition of punctuation (for example: “&”, “,”, “-“ etc)
For major changes to an existing name reservation we suggest that you request immediate expiration of the name (nameres@bvifsc.vg) and upon receipt of the expiration confirmation re-reserve the name as required."
"ROCA - Business Companies Act","If a company was struck off the Register, and remained struck off on 1 January, 2009, was it automatically be re-registered?","No. Only companies on the Register on 1 January, 2009 were re-registered. If the company is restored and all outstanding fees are paid, it will then deem to have been re-registered on 1 January, 2009"
"ROCA - Bearer Shares","Can the owners of disabled bearer shares in a grandfathered bearer share company submit them to the company and request their exchange for registered shares?","The option of converting or exchanging an existing bearer share of a grandfathered bearer share company to a registered share expired on the transition date. After the transition date the existing bearer shares became disabled and the rights attaching to them were extinguished. In the circumstances, a disabled bearer share may not be exchanged for or converted to a registered share."
"Investment Business - SIBA, ROCA - Bearer Shares","Is there a separate fee payable for the approval to appoint directors, senior officers, functionaries or auditors where the approval forms part of an application for licensing, registration or recognition?","As the processing of new applications under SIBA involves the assessment of the applicant’s directors, senior officers, functionaries and auditors, a separate fee is not payable for approval of the appointment.
"
"Insurance","What is the minimum margin of solvency requirement for an insurer?","Insurer 	Minimum Solvency Margin
General Insurers
written premiums less than $500,000	$100,000
written premiums $500,000-$5,000,000	20% of annual net written premium
written premium greater than $5,000,000	$1,000,000 PLUS 10%  of difference
difference between annual net written premium and $5,000,000
Long-term Insurers	$250,000
the prescribed minimum solvency margin is $100,000;
if the insurer’s annual net written premium is greater than $500,000, but less than $5,000,000, the prescribed minimum solvency margin is 20% of the annual net written premium;
if the insurer’s annual net written premium is greater than $5,000,000, the prescribed minimum solvency margin is $1,000,000 plus 10% of the difference between the annual net written premium and $5,000,000.
Long-term insurers  -  the prescribed minimum solvency margin is $250,000"
"Fiduciary Services","What are the minimum requirements for a General Trust Licence?","The minimum requirements for obtaining a General Trust Licence are: a minimum paid up capital of two hundred and fifty thousand dollars (US$250,000), proven trust experience and the applicant must satisfy our ""fit and proper"" criteria. Special Note: These requirements are by no means exhaustive.
In addition, an applicant who receives written confirmation that the granting of a general trust licence has been approved is required to make the following investment deposits:
Twenty thousand dollars (US$20,000.) where the licensee provides registered agent services for no companies, or for companies not exceeding 1,500 in number; or
Forty thousand dollars (US$40,000.) where the licensee provides registered agent services for companies exceeding 1,500 in number.
"
"Banking","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)."
"Banking","How may I obtain a list of the Authorised Agents and Registered Agents of the BVI? ","A list of the Authorised Registered Agents of the BVI may be accessed via this website.
"
"VIRRGIN","What is the difference between an Authorised Signatory and a Staff User in VIRRGIN?","Authorised Signatories must be created by the FSC and are the only users allowed to submit filings that require payment. Staff users are created by the agent at their office once they have access to VIRRGIN. Staff users can submit filings that do not require payment and prepare individual or batch transactions for approval by the Authorised Signatory."
"VIRRGIN","How do I transfer names from one agent to another?","The Registry cannot facilitate the transfer of names from one agent to another. The holder of the approved name must request immediate expiration of the name to allow the second agent to complete the name reservation"
"ROCA - Business Companies Act","If an individual/company was carrying on management functions for a former local company, is the person considered the registered agent for the company?","No. The concept of registered agent was not recognised under the old CAP Companies Act, therefore, the company does not have a registered agent until one is appointed. (Paragraph 46 Schedule 2, Part VI of the BVI Business Companies Act, Transitional Provisions.). However, the registered office previously held will continue to be recognised until a change in registered office is filed."
"ROCA - Bearer Shares","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."
"Insurance","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."
"Insurance","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.
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"Fiduciary Services","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."
"Banking","What is the annual licence fee for banks and when are they payable?","General Banking Licence: twenty thousand dollars (US$20,000)
	Restricted Class I Banking Licence: sixteen thousand dollars (US$16,000).
	Restricted Class II Banking Licence: sixteen thousand dollars (US$16,000).
Payment of these annual licence (renewal) fees is due during the month of January
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"Banking","What can I do if I have a complaint against a bank in the BVI?","Should you have a complaint against a BVI bank, you are invited to write to the bank explaining your concerns and ask that your request be reviewed by a senior officer or manager of the bank (one who is not directly involved in the complaint). The BVI Financial Services Commission is responsible for the supervision of banks in the British Virgin Islands and does not have the authority to act as arbitrator between parties to a dispute. Albeit, if you feel that the bank has not addressed your concerns the Commission will act mainly as an intermediary, between the complainant and the bank (delete - in question), and seek to establish a factual account of the situation. The Commission will work towards determining whether any violation of laws, regulations and/or policy guidelines has occurred. Complaints are to be made in writing by letter, fax or email to the BVI Financial Services Commission (support@edp-regulation.com).
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"VIRRGIN","How do I pay for transactions using VIRRGIN?","VIRRGIN supports payments for transactions using credit cards, electronic cheques, electronic funds transfer, and a prepaid deposit account. You may start a deposit account with the FSC and payment for transactions using VIRRGIN are automatically deducted from your available balance.
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"VIRRGIN","What do I do when I receive a defect notification?","On receiving a defect notification, please use VIRRGIN to correct and return the filing. Additionally, please alert staff when a defective transaction is selected from the drop down list because the transaction is automatically saved to the staff’s profile that is handling the filing and cannot be accessed by Registry or other agent staff."
"ROCA - Business Companies Act","How much time does a company have to appoint a registered agent?","A company had two months from the date of automatic re-registered to appoint a registered agent. An amendments to Schedule 2 of the Act is being considered to extend this period beyond 2 months and if this occurs the public will be notified accordingly. However, former local companies are strongly advised to ain to comply with the current requirements of two months (which ends of 28 February, 2009) within which to appoint registered agents."
"ROCA - Bearer Shares","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."
"Insurance","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."
"Insurance","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."
"Fiduciary Services","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
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"Banking","What are the capital adequacy guidelines for bank licensees?","Under the Banks and Trust Companies Act, 1990 General Banking Licence holders are required to have a minimum fully paid up capital of not less than US$2,000,000 or its equivalent in foreign currencies, or such sum as the Commission, by order determines, and has deposited or invested the sum of $500,000 in such manner as the Commission by order, prescribes.
Under the Banks and Trust Companies Act, 1990 Restricted Class I and Restricted Class II Banking Licence holders are required to have a minimum fully paid up capital of not less than US$1,000,000 or its equivalent in foreign currencies, or such sum as the Commission, by order determines, and has deposited or invested the sum of $500,000 in such manner as the Commission by order, prescribes.
The Financial Services Commission adopts the guidelines as set by the Basel Committee for bank regulation and supervisory practices for the calculation of the capital adequacy ratio. The Basel Committee recommends a minimum capital adequacy ratio based on risk weighted assets of 8%."
"Banking","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.
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"VIRRGIN","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
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"VIRRGIN","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"
"ROCA - Business Companies Act","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."
"ROCA - Bearer Shares","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."
"Insurance","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"
"Insurance","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."