FAQs

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

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.

Apply using Form R805

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.

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.

Type of business Capital Requirements

General insurers - $100,000

Long-term insurers - $200,000

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).

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.

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.

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.

No, Authorised Signatories are limited to companies and transactions for the specific Registered Agent assigned during the application process.

Yes it can. The transitional provisions allow for this.

The fee is $25.00

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.

Licence Type Application Fee

Insurer $1,000

Insurance Manager $500

Insurance Agent/broker $500

Loss Adjuster $500