All about Dealing in Investments Licence in the BVI
Financial Services Commission (FSC) of the British Virgin Islands.
- Dealing in investments as Agent
- Dealing in investments as Principle
- Arranging Deals in Investments
- Execution of orders
- Reception and transmission of orders
- Dealing on own account
- Underwriting and placing instruments on firm commitment basis or without a firm commitment basis
- The Applicant must be a company incorporated in the British Virgin Islands.
- No paid up capital requirement however proof of US$1,000,000 Financial Standing is needed for shareholders (there is no requirement to attach a fixed monetary value to each share but the Regulator requires proof that the shareholder(s) have capital adequacy to back up the company if needed).
- Professional Indemnity Insurance is required. Insurance companies provide a quote upon receipt of full information about the company, including the company’s structure, services to be provided, clients etc.
- The time-frame for application approval is at the Regulator’s discretion.
- Two directors are required who are fit and proper for the position.
- A local director is not required. The directors shall hold 1) an academic qualification in the disciplines of accounting, economics, finance, business, management, law and any other related discipline or/and 2) professional qualification in the aforementioned fields. If the director does not hold any academic qualification or holds non-related academic qualification then he/she shall have a minimum of three years of related experience. Certificates of non-bankruptcy and non-criminal record are required.
- Compliance officer and external auditors shall be appointed. The Compliance officer and auditors do not need to be locals however, they need to be approved by the FSC.
- The Company must have an operating office, however it is not imperative to have this operating office within the BVI.
Indicative list of services:
- Consulting on the investment services to be undertaken, as well as on the design of the business structure;
- BVI Company Registration with the required custom Memorandum;
- Gathering and preparing all the required documentation, including due diligence;
- Preparation and drafting of a custom business plan;
- Preparation of the financial projections;
- Advisory on AML and Compliance matters;
- Assistance on appointment of directors and/or other staff, including assistance on the preparation of the company shareholder, director and senior management questionnaires;
- Completion of the Application Form and ensuring that all documentation is in order;
- Submission of the application to the BVI FSC;
- Following up, responding to queries during the process of assessment by the FSC:
- Bank account opening;
- Appointment of Compliance/AML Office and External Auditors.
The above list is indicative and non-exhaustive, as the required services may vary depending on the specifics of your case.