FAQs

Currently, any BVI business company carrying on insurance business in or from within the BVI must be licensed by the FSC to do so. All intermediary (agent and broker) licence holders must be BVI business companies. An application, which can be found in the Insurance section of our website (Approved forms and Guidelines) must be submitted to the BVI FSC along with the required documents for consideration.

In determining whether an individual is "fit and proper" the Commission will consider a person's:(a) honesty, integrity and reputation (b) competence and capability and (c) financial soundness.

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

• Two professional character references (plus one financial reference)
• 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

VIRRGIN is the FSC's internet based information network that provides on-line electronic access to the services of the Registry of Corporate Affairs including full electronic filing of all documents.

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

Use Form R205 and submit the documents stated on page 2 of that form. Refer to the BVI Business Companies (Amendment of Schedules) Order, 2006 for requirements for M&A.

Each Notice of Appointment must be submitted to the Registered using Form R303 - Notice of Appointment of Registered Agent which must be endorsed by the proposed registered agent giving his/her consent to act.

The bearer shares, by the operation of paragraph 35(5) of Schedule 2, would not be disabled by virtue of the fact that they were lodged with a custodian before the transition date. However, the company would not be able to issue bearer shares in the future or to convert/exchange bearer shares to/for registered shares without amending its memorandum to allow it to do so.

A decision on an application for an insurer’s licence may take up to 6 weeks where the BVI FSC receives a complete application. Submission of an incomplete application may lead to delays in processing of up to 6 months.

A Company Manager is an entity that carries out company management business only, which is defined by the Company Management Act, 1990 as, "the provision of company management services for profit or reward in or from within the Virgin Islands".

Information with respect to establishing a trust in the BVI should be directed to a General Trust Company or Legal Advocate in the British Virgin Islands. A listing of these persons can be obtained from this website.

In determining whether an individual is "fit and proper" the Commission will consider: (a) honesty, integrity and reputation (b) competence and capability and (c) financial soundness, of the principals and companies associated with the applicant.

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.

This is the person we will contact regarding any financial management issues, we will also provide notification for critical balance information on your deposit account.

The Act does not specify this, but requires that the Memorandum & Articles be signed by the Registered Agent as registered Agent.