BRITISH VIRGIN ISLANDS Law and Practice Contributed by: Omonike Robinson-Pickering, Iona Wright, Lucy Frew and Sara Hall, Walkers
Walkers 171 Main Street PO Box 92 Road Town Tortola VG1110
British Virgin Islands Tel: +1 284 494 2204 Fax: +1 284 494 5535
Email: info@walkersglobal.com Web: www.walkersglobal.com
1. Legal Framework 1.1 Key Laws and Regulations
ing licence, a restricted class I banking licence and a restricted class II banking licence. The minimum requirements for obtaining a general banking licence are: proven banking experience, a minimum paid up capital of USD2 million, physical presence in the BVI, and the applicant must meet the FSC’s fit and proper test. A successful applicant is also required to make a deposit or investment of USD500,000. Preliminary discussions with the FSC and com - pletion of a comprehensive application form are required to submit an authorisation application. This includes supporting documents such as a detailed business plan covering capital require - ments, compliance and AML policies and pro - cedures, approved auditor details, professional indemnity cover and Form As (a certain form called “Form A”) for the directors and senior officers of the bank. The FSC has committed to acknowledge receipt of new licence applications within one week from submission, and deter- mine a complete application within ten weeks, although in practice this may take longer. Costs will depend on the type of bank licence and include legal, FSC (application, initial licence and renewal fees) and company incorporation
The principal legislation governing the British Virgin Islands’ (BVI) banking sector is the Banks and Trust Companies Act, Revised Edition 2020 (as amended) (BTCA) and the Banks and Trust Companies Regulations, Revised Edition 2020. The BVI Regulatory Code (Revised 2020) has the status of delegated or subsidiary legislation and sets out certain principles of business and explanatory notes that apply to all BVI licensees (including banks), along with additional require - ments specific to banks. The Financial Services Commission (FSC) is the regulator responsible for supervising banks in the BVI. 2. Authorisation 2.1 Licences and Application Process The BTCA provides that no person shall carry on any kind of banking business in or from within the BVI unless the person holds a valid licence authorising them to carry on that kind of bank - ing business. There are three banking licence classes issued under the BTCA: a general bank -
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