Desfran provides a turnkey solution for financial licensing. To facilitate your process of applying for a British Virgin Island (BVI) Financial Services Business Provider license, we will:
- Promote your application to the BVI regulators
- Assist with answering questions regarding the application process and requirements
- Draft and review application documents and questionnaires
- Follow up with the application and ensure the submission of additional information required by the related department of BVI
(i) Dealing in Investments
(ii) Arranging Deals in Investments
(iii) Investment Management
There are currently no minimum capital requirements, the licensee is required to maintain capital resources that are deemed adequate to support its investment business. Desfran recommends a range of USD 1,000,000 and above.
The economic substance requirements for the Relevant Activities other than Holding Business are:
A registered firm shall at all times maintain insurance policies in an amount appropriate to the complexity, size and nature of the securities business of the firm to cover at least professional indemnity.
Registration will not be granted should the Commission thinks that the coverage amount is insufficient.
However, this requirement does not apply to firms engaging exclusively in advising on securities.
Desfran shall seek to understand your business activities and goals to assist with your business plan drafting that best encompasses this whilst still being compliant with the prevailing regulations. Desfran shall also advise on the possible questions that might be posed by the regulator.
Filing and Reporting Requirements
Registers of Directors
Companies must file (through its registered agent) a copy of its register of directors with the Registrar of Corporate Affairs.
The registers of directors are not publicly available and will only be made available pursuant to a court order or a written request from a competent authority.
Beneficial Ownership Information
BVI registered agents are required to maintain a database of the ultimate beneficial owners of the legal entities for whom they act as registered agent (the “Registered Agent Database”). The Registered Agent Database is private but searchable by specifically designated BVI Governmental bodies via the Beneficial Ownership Secure Search System (“BOSS”), which enables an electronic search of each Registered Agent Database.
As mentioned above the information uploaded to the Registered Agent Database will not be publicly available.
Maximum leverage of 1:1000
Due Diligence is necessary to formally verify the identity of all clients of the firm. The following documents are required to conduct due diligence for the license application:
Please note for a company listed on a major stock exchange or subject to regulatory supervision in a country with equivalent AML regulations to the BVI, evidence of such listing or regulation will suffice in place of the above information. Where the directors to be appointed are employees of such a listed or regulated company, a certified passport copy and confirmation of employment (to include position) will suffice.
The BVI Financial Services Commission is the territory’s single financial services regulator. It is responsible for authorizing and licensing companies or persons to conduct financial services business and for monitoring regulated financial services activities. Through the Registry of Corporate Affairs, the Commission is also responsible for the registration of all companies formed in the Territory and for the formation of Limited Partnerships and registration of Trademarks and Patents.
The Commission’s key objectives include:
Desfran assists with the complete licensing application. Contact us to find out more about the BVI company registration and forex license application. Our team of experts will get back to within the next business day.