The British Virgin Islands Financial Services Commission is accountable for all commercial services that are carried out within the British Virgin Islands, including business, investment business, bankruptcy service, and security business. In extension, the BVI FSC is liable for company formation, company administration, and intellectual property in the British Virgin Islands. The BVI FSC is similarly bound for the issuing of financial licenses for use in the foreign exchange industry.
Incorporation & obtaining a license: Depending on the Governor. In addition, can take from 4 weeks to 4 months
Minimum paid-up capital: Is set on a case-by-case basis. Once the application is presented to the Regulating jurisdiction, they will judge on the required capital, regularly, it is in the range of 77,500.00 – 193,500.00 pounds.
Non-refundable license application charge payable to the FSC: 600 pound
Initial Finance Business Licence charge payable to the FSC: 1,200 pound
The British Virgin Islands (BVI) is a self-governing British across the territory and is determined almost sixty miles east of Puerto Rico and two miles from St. Thomas, U.S. Virgin Islands
BVI allows a well-established structure for businesses willing to contribute financial services. It is understood as a member of the standard trio of Offshore Forex – Belize, Seychelles and BVI. The commercial services are organized by the British Virgin Islands Financial Service Commission (BVI FSC). The essential responsibilities of BVI FSC are to manage, oversee and investigate all financial services in and from within the BVI. Such duties include insurance, banking, trustee company, company administration, mutual funds business as well as the registration of companies, limited companies, intellectual property, and ships.
The BVI FSC licenses and allows businesses by publishing Securities and Investment License which allows them to operate economic service business. As respects, the Securities Brokerage or Forex Authorisation fees are relatively low and the whole process is straightforward.
Since 2010 there are implemented regulations and rules which applies to forex brokers and other financial business companies, thereby BVI FCS controls all BVI broker licenses.
The BVI is intriguing in terms of owning Forex Brokerage Company due to the fact that it gives regulating state as well as authorizes corporations to be entirely based abroad. Furthermore, such organizations are engaging because of their adaptable structure and high level of confidentiality and privacy.
Government charges and related expenses:
Investment Business Licence annual fee – 1,200 Pound
Government Company license fee – 350 Pound
Registered Office and Registered Agent – 2,000 Pound
Authorized Agent in the British Virgin Islands – depending on the Representative
Expert fees of company supporting – 1,300 Pound
IMPORTANT: It is expected to have a professional indemnity insurance (PII) or present a detailed self-exemption to PII. Price for the security will depend on the service provider. As a condition, it must be a regional insurance company.