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BVI Business Companies Act Workshop. Kenneth Baker Deputy Managing Director, Regulation. How to Become a Company Manager / Registered Agent. Relevant Legislation Definition Application Minimum Requirements Fit & Proper Assessment Application Checklist Post Licensing Approvals

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bvi business companies act workshop

BVI Business Companies Act Workshop

Kenneth Baker

Deputy Managing Director, Regulation

how to become a company manager registered agent
How to Become a Company Manager / Registered Agent
  • Relevant Legislation
  • Definition
  • Application
  • Minimum Requirements
  • Fit & Proper Assessment
  • Application Checklist
  • Post Licensing Approvals
  • Anti-Money Laundering & Compliance
  • Failure to Comply with Legislation
  • Contact Details
relevant legislation
Relevant Legislation
  • Company Management Act, 1990
  • Financial Services Commission Act, 2001
  • Anti-Money Laundering Code of Practice, 1999
definition of company management business
Definition of Company Management Business
  • Formation of Virgin Islands companies & [continuation of companies]
  • Provision of Registered Agent Services
  • Provision of Registered Office Services
  • [Provision of Director or Officers for companies]
  • [Provision of Nominee Shareholders of companies]
application for licence
Application for Licence
  • Issue of a licence is discretionary and not an entitlement
  • Decision to refuse to grant a licence is not subject to appeal
minimum requirements
Minimum Requirements
  • Applicant satisfies requirements - Company Management Act
  • Applicant “Fit & Proper” – competence & capability conduct company management business
  • Organization & management of applicant adequate for carrying on company management business
  • Minimum capital resources US$25,000
  • Application fee US$200
company management capital resource requirements
Company Management Capital Resource Requirements
  • Minimum cash in hand or on deposit of US$25,000; or
  • Minimum cash in hand or on deposit of US$10,000 and security or interest for US$15,000
    • Irrevocable letter of credit or security guarantee from BVI bank
    • Interest in real property located in the BVI
fit and proper test
Fit and Proper Test
  • Honesty, integrity and reputation
  • Competence and capability
  • Financial soundness
  • [Track record & viability]
application checklist 1
Application Checklist - 1
  • Name of company applicant
  • Address
    • Principal office
    • Registered office
  • Name and Address of Shareholders (must be BVI Nationals)
  • Name & Address of 2 Directors
  • Name and Address of Officers and Managers
application checklist 2
Application Checklist - 2
  • Name and Address of Solicitors
    • Letter confirming that they are acting on behalf of applicant
  • Name and Address of Auditors
    • Letter confirming that they are acting on behalf of applicant
  • Evidence of incorporation
application checklist 3
Application Checklist - 3
  • Evidence of [relevant experience] competence & capability
  • [Paid-up capital] – Company Management Capital Resource Requirements of US$25,000
  • 2 Character references plus bank statement
    • Police record
  • [Annual Accounts for the preceding 3 years]
application checklist 4
Application Checklist - 4

Business Plan

  • Business objectives
  • Management structure & operations
  • Business development
  • Financial projections
  • Operating policies & procedures
duration of licence
Duration of Licence
  • Licence valid until surrendered, suspended or revoked
  • Licence fee US$500 plus US$10 for each company under management due annually during January
  • Licence prominently displayed on the premises from where the business is conducted
  • List of licence holder on Commission’s website, Financial Directory www.bvifsc.vg
post licensing approvals
Post-Licensing Approvals
  • Change in shareholders
  • Changes in company name
  • Changes in business address
  • Changes in Directors & Senior Officers
  • Changes in auditors
  • Change in corporate structure
  • Changes in business strategies
anti money laundering safeguards
Anti-Money Laundering Safeguards
  • Commission has a vested interest in the prevention of Money Laundering
  • Our mandate requires that we monitor the entities that we register and licence, for compliance with the applicable anti-money laundering legislation
  • All Commission staff members and staff members of licensees are obligated to report any suspicious transactions to the Financial Investigation Agency (“FIA”). Failure to report a suspicious transaction is an offence punishable by a fine and jail sentence
compliance issues
Compliance Issues
  • As regulator, Commission’s duty to monitor its licensees for:
    • Compliance with the regulatory legislation and the applicable regulations, code of fiduciary conduct, international standards and rules imposed by the Regulator (“Regulatory Compliance”)
    • Compliance with the licensed institutions’ own set of internal rules (“Internal Compliance”)
regulatory compliance
Regulatory Compliance
  • The on site inspection involves visiting the premises of the licensee and reviewing their operations and internal control
  • Commission also works with individual licensees and associations in developing and enhancing anti-money laundering procedures through the development of guidance notes.
failure to comply with legislation
Failure to Comply with Legislation
  • Commission entitled to take Enforcement Action
    • Administrative Penalty
    • Revoke appointment of Directors
    • Appoint an Examiner
    • Appoint a Qualified Person
    • Issue a Directive
    • Suspend or Revoke Licence
contact details
Contact Details
  • For Additional Information:
  • Kenneth Baker
  • Director, Banking & Fiduciary Services
  • Financial Services Commission
  • Pasea Estate
  • Tel: 494 1324
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