FAQs

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.

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.

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.

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.

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.

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.

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).

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.

Existing name reservations can be amended in the following ways prior to submission of the incorporation

1. Change in case for each word
2. Addition of the letter S to any word
3. Addition of spaces
4. Addition of punctuation (for example: “&”, “,”, “-“ etc)

For major changes to an existing name reservation we suggest that you request immediate expiration of the name ([email protected]) and upon receipt of the expiration confirmation re-reserve the name as required.

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

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.

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.

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

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.

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).