BVI FSC License

About that Country :

The British Virgin Islands is a British Dependant Territory consisting of numerous small islands approximately 50 miles east of Puerto Rico and adjacent to the United States Virgin Islands in the Caribbean Sea. The principal islands of the British Virgin Islands are Tortola, Virgin Gorda, Anegada and Josh Van Dyke. The capital of British Virgin Islands is Road Town, situated in Tortola. The population of the islands is about 19,000 with an ethnic diversity of Afro-Caribbean, European, American and Asian.

Advantages :
Benefits of registering a company in BVI :

All documents and legislation are in the official business language of English.

The incorporation time for a BVI company is short and any future administration simple and cost-efficient.

A BVI company offers a high level of privacy and confidentiality.

There are no requirement to pay capital gains, inheritance taxes or death duties.

No dividends, interest or royalties are required to be paid.

Registered or bearer shares are permitted.

Only one Director and Shareholder are required. The Directors and Shareholders can be any nationality and are not required to be resident in the BVI.

There is no requirement for an annual meeting to be held. If board meetings are required they can be held anywhere in the world.

Directors can be individual or corporate bodies.

There is no requirement to register initial or ongoing changes in Directors and Shareholders.

There are lenient accounting and auditing requirements.

No foreign exchange controls exist.

Corporate bank accounts can be opened without being present at the bank.

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

About that Regulating Body :

The British Virgin Islands Financial Services Commission is responsible for all financial services that are carried out within the British Virgin Islands, including banking, investment business, insolvency service and insurance business. In addition, the BVI FSC is responsible for company formation, company management and intellectual property in the British Virgin Islands. The BVI FSC is also responsible for the issuing of financial licenses for use in the foreign exchange industry.

Today there is a great deal of interest from forex brokers looking for a BVI forex license. In 2010 the BVI Financial Services Commission drafted and put into law the Securities and Investment Business Act of 2010, which provided a newly assessed set of rules and regulations for forex brokers and other investment business firms to abide by, that are independent of previous acts. Prior to this, the Mutual Funds Act of 1996 regulated all investment activity in the BVI. The new act has brought all financial activity it up to the correct level of regulation for all investment business. Today, all BVI forex broker licenses are regulated by the BVI FSC.

For Bank :

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 :

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

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.

Cost :

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