BVI

Officially named Virgin Islands, it is a self-governing British Overseas Territory in the Caribbean, to the East of Puerto Rico and the U.S. Virgin Islands.

overview

British Virgin Islands

BVI offers a well established framework for financial services providers.

BVI is a member of the classical trio of Offshore Forex, the others being Belize and Seychelles.

USD is the legal tender of British Virgin Islands (BVI).

The financial industry is regulated by British Virgin Islands Financial Service Commission (BVI FSC).

For Forex Brokerage and Securities Brokerage Licenses, the process is quite straightforward while the fees are relatively low.

Thanks to the stringent regulation, high level of confidentiality and the fact that the operation can be conducted fully abroad, BVI is now an appealing jurisdiction for brokerages to thrive.

Full tax exemption for income derived outside BVI.

No public record keeping for company directors, shareholders and beneficial owners.

  • Time Frame: 4 Weeks to 4 Months
  • Taxation: 0% (No corporate, capital gains, property or withholding taxes).
  • License: British Virgin Islands Securities and Investment License

For each Director, Shareholder and Ultimate Beneficial Owner:

  • Notarized / Certified True Copy of Passport
  • Notarized / Certified True Copy of Proof of Address
  • Notarized / Certified True Copy of Bank Statement
  • Reference Letter from Bank / Lawyer / Accountant
  • Curriculum Vitae (C.V.) dated and signed
  • 2 Character Reference Letters
  • Notarized / Certified True Copy of University Diploma


For each Corporate Shareholders of the company:

  • Certificate of Incorporation
  • Memorandum of Association
  • Articles of associations
  • Articles of Incorporation
  • Register of Directors
  • Register of Shareholdings
  • Certificate of Good Standing (if the company is over a year old)
Company structure:
  • Minimum one Shareholder (natural or legal person, no restriction on nationality).
  • Minimum two Directors (natural or legal person, no restrictions on nationality or residence)

Confidentiality:
  • Beneficial owners’ details – Not part of public record
  • Shareholders’ details – Not part of public record
  • Directors’ details –Not part of public record

Taxation:
  • All income derived from overseas, including capital gains, dividends, royalties etc. are not subject to tax.

Accounting requirements:
  • Audited financial statements must be submitted annually
  • Others: Registered Agent – Required
  • Local office – Not Required
  • Local employees – Not Required

Insurance:
  • The company should maintain insurance to cover professional indemnity.
  • Legal Framework: Securities Investment Business Act 2010
  • Regulatory Authority: British Virgin Islands Financial Service Commission (BVI FSC)
  • Capital Requirement: Will be decided by the BVI FSC (Around USD 100,000.00 – 250,000.00 usually)

Permitted Activities:
  • Accept and transmit funds
  • Execute orders on behalf of the clients
  • Underwrite financial instruments
  • Securities management
  1. Compile and prepare of all of the documents, including due diligence documents for initial verification

  2. Prepare statutory declarations and application forms

  3. Submit the application of Forex License to British Virgin Islands Financial Service Commission (BVI FSC)

  4. Drafting of Anti-Money Laundering (AML) procedures and business plan by Offshore Tech & Intermediary Services

  5. Prepare additional information requested, liaise with BVI FSC on follow-up actions

  6. Open a bank account for the deposit of initial capital

  7. Prepare Professional Indemnity (PI) Insurance

  8. If all conditions are met, provisional approval will be granted by BVI FSC

  9. Once we reach this stage, Offshore Tech & Intermediary Services will provide proof of local presence, as well as settling all the fees.
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