Licensing Criteria and Procedures for Applying for British Virgin Islands Forex License
General information
Company structure
- Only one shareholder (can also be a legal person, no nationality restriction)
- At least two directors (can also be a legal person, no nationality or residency restrictions)
Confidentiality
- Beneficial owners' details – Not part of public record
- Shareholders' details – Not part of public record
- Directors' details –Not part of public record
- It is required to Maintain professional indemnity insurance (PII) or provide a detailed self-exemption to PII
Taxation
The capital gains, death duties or inheritance taxes are not subject to taxation. As well dividends, royalties or interest is are not required to be paid
Other benefits
- The meetings of directors or shareholders need not be held in the British Virgin Islands; also there is no requirement for an Annual General Meeting. All meetings may be held outside the BVI, by telephone or other electronic means. Alternatively, directors and shareholders may vote by proxy
Accounting requirements - Annual audited financial statements are required
Registered Agent - Required
Local office - Not Required
Local employees - Not Required
Company name
- Language: Any
- Letters: From Roman alphabet
- Company name must end with such sufixes or their abbreviations: Limited, Corporation, Incorporated, Society Anonyme, Sociedad Anonima
- Names Requiring Consent or a Licence: Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, trust, trustees, Chamber of Commerce, university, municipal
N.B.
- Restricted connections for company name: name of state, national or local government.
- Any name that implies illegal activity or implies royal or government patronage is restricted.
- Registrar may reject any name which it considers undesirable or contrary to the public interest.
- Company name is restricted to be identical or similar that of an existing company.
- In case when foreign language is used for company name the translation must be provided to Registrar which will ensure conformity to above listed restrictions.
In order to obtain a license, the following steps will be carried out:
- Gathering of personal due diligence documents
- Preparation of statutory declarations and application forms
- Submission of the application to the BVI FSC
- Custom-drafting of Anti-money laundering procedures and business plan
- Preparation of all necessary ad-hoc documents
- Supervision of the process
- Opening of a bank account for capital deposit
- Assistance with receipt of professional indemnity insurance
- Finalization of the process
In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents.
For that reason, please provide us with the following documents.
For bank:
(Each beneficial owner, shareholder, director, authorised signatory)
- A notarized copy of valid passport
- A copy of proof of residential address (ex. utility bill that is not older than 3 months)
- A notarized copy of Letter of Reference form Bank, Attorney or Accountant
- Corporate Documents (Copies must be notarized or certified by a practicing attorney)
For local regulatory authority:
(Each beneficial owner, shareholder, director, authorised signatory and secretary must provide)
- CV
- A notarized copy of valid passport
- A copy of proof of residential address (ex. utility bill that is not older than 3 months)
- Professional letter/bank reference
- A notarized copy of a University Diploma
N.B.
- If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
- Please ensure that notarization is in English language if not then please provide with notarized English translation.
Additional documents may be requested by the regulatory authority or local Bank at any point to certify specific information