Licensing

Forex License
British Virgin Islands (BVI) often referred to as “offshore tax heaven” is one of the most popular forex jurisdictions due to absence of profit, corporation and capital gains tax.
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Incorporation & obtaining license: depending on the Regulator. In general, can take from 4 weeks to 4 months

Minimum paid up capital: is set on case-by-case basis. Once the application is submitted to the Regulating authority, they will decide on the required capital, usually it is in the range of 100,000.00 – 250,000.00 USD.

Non-refundable licence application fee payable to the FSC: USD$ 1,000

Initial Investment Business Licence fee payable to the FSC: USD$ 1,500

(NB: if licensed after June 30th this is reduced to US$750)


Overview

The British Virgin Islands (BVI) is a self-governing British overseas territory and is located approximately sixty miles east of Puerto Rico and two miles from St. Thomas, U.S. Virgin Islands

BVI offers a well established framework for companies willing to provide financial services. It is perceived as a member of the classical trio of Offshore Forex – Belize, Seychelles and BVI. The financial services are regulated by British Virgin Islands Financial Service Commission (BVI FSC). The key responsibilities of BVI FSC is to regulate, supervise and inspect all financial services in and from within the BVI. Such services include insurance, banking, trustee business, company management, mutual funds business as well as the registration of companies, limited partnerships, intellectual property and ships.

The BVI FSC licenses and authorizes companies by issuing Securities and Investment License which enables them to operate financial service business. As regards to the Securities Brokerage or Forex Authorisation expenses are comparatively low and the whole process is straightforward.

Since 2010 there are implemented regulations and rules which applies to forex brokers and other investment business companies, thereby BVI FCS regulates all BVI broker licenses.

The BVI are appealing in terms of owning Forex Brokerage Company due to the fact that it provides regulating status as well authorizes companies to be completely based abroad. Moreover, such companies are attractive because of their flexible structure and high level of confidentiality and secrecy.

Government fees and related fees:

Investment Business Licence annual fee - US$ 1,500

Government Company licence fee - US$ 450

Registered Office and Registered Agent - US$ 2,500

Authorised Representative in the British Virgin Islands - depending on the Representative

Professional fees of company supporting – US$ 1,000

IMPROTANT: It is required to maintain a professional indemnity insurance (PII) or provide a detailed self-exemption to PII. Price for the insurance will depend on the service provider. As a requirement it must be a local insurance company.

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Facts & Info for British Virgin Islands Forex License

Notable features
Procedure
Documents Required

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 forex license, we 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