Financial services commission bvi

Dr robert mathavious is the territory’s newest recipient of the order of the british empire (OBE) in the queen’s 2020 birthday honours for his contributions to financial services.

Today forex bonuses

Financial services commission bvi, financial services commission bvi.

The government of the virgin islands is exploring the prospect of the BVI being a hub for financial technology.

Financial services commission bvi

Dr robert mathavious is the territory’s newest recipient of the order of the british empire (OBE) in the queen’s 2020 birthday honours for his contributions to financial services.

Government to host BVI digital economy symposium

The government of the virgin islands is exploring the prospect of the BVI being a hub for financial technology.

Money matters BVI - wills and estate planning lunch & learn

MONEY MATTERS BVI (the financial literacy programme at the BVI financial services commission) will be hosting a lunch & learn event to address issues surrounding wills and estate planning on wednesday, may 15, from 1:00 p.M. Until 3:30 p.M. At financial services commission training centre.

Insurance tribunal settles 41 complaints in 12 months report

Chairman of the virgin islands insurance tribunal, mr. Jack husbands has stated that the insurance tribunal has been very active and has settled 41 complaints.

BVI government plans legislation to address EU concerns on economic substance

Premier and minister of finance, dr. The honourable D. Orlando smith, OBE announced today that the BVI government has responded constructively to the european union’s listing exercise and will take all reasonable steps to address EU concerns relating to ‘economic substance’.

Lunch and learn: A financial literacy discussion

A better quality of life is possible with the right knowledge of money and finances.

Insurance tribunal now in place to mediate claims

The government of the virgin islands today announced the introduction of the insurance tribunal created by the financial services (continuity of business) act, 2007.

Combining rugby with financial services in hong kong

The BVI rugby football union team competed in hong kong’s 2017 kowloon tens tournament, advancing to the cup quarter finals, before being knocked out in an extremely close game to russian team berdsk from krasnoyarsk.

Territory hosts first virgin islands law officers’ conference

Legal practitioners in the territory participated in a conference to reflect and assess how to best respond to the needs of their respective clients.

We are continuing to enrich the lives of our people through education

The appropriate recognitions have already been made, so it should be sufficient to say, good morning to everyone. As minister for education and culture I want to extend a warm virgin islands welcome to our guests from the caribbean examination council (CXC), and also to my fellow caribbean brothers and sisters that through the advances of technology are watching this presentation live, as it is being streamed by CXC.

Commission starts gathering evidence

speaking at a press conference on jan. 22, sir gary hickinbottom, left, laid out his timeline for conducting a united kingdom-led investigation into possible corruption in the territory. The process, he said, starts with soliciting community input. At right is commission secretary steven chandler. (photo: DANA KAMPA)

Following the bombshell announcement last week that the united kingdom will lead an independent investigation into potential corruption in the virgin islands, governor gus jaspert and commissioner sir gary hickinbottom held a press conference on jan. 22 to lay out a six-month timeline and urge community members to come forward with relevant evidence.

The governor said he decided to launch the inquiry based upon complaints heard by multiple high-ranking officials in the territory and years of official reports suggesting various misconduct and governance failings.

“this was, without doubt, a truly difficult decision to make but a very necessary one based on the great number of concerns and allegations put to me by members of the community, the public service, the media, the businesses and others,” mr. Jaspert said friday.

He also thanked community members “who had the courage to come forward in their desire for wanting better for this territory.”

The governor also commended the VI’s oversight institutions for their efforts to follow up on such complaints but noted that they have struggled to gain access to information they need for their investigations.

In response to questions about why he announced the inquiry five days before his departure from office, mr. Jaspert said he received “a number of serious concerns and allegations” from VI institutions about roadblocks in obtaining evidence.

“the decision I took was looking at the cumulative concerns that we have,” the governor said.

Commissioner

He later introduced sir gary, who arrived in the territory two weeks earlier and underwent a 14-day quarantine.

Sir gary said he agreed to the appointment in hopes of benefiting those who live and work in the VI.

Though he explained that he has “considerable powers” in the position, he added that the “commission is not a court of law” and he is unable to bring charges himself.

“I am required to consider all of the information submitted, and make findings as to whether anyone in public service here may have been guilty of corruption, abuse of office, or other serious dishonesty in relation to their service,” he said. “if I conclude that there is nothing possibly amiss with the governance of these islands, I will say so and that will be the end of it.”

If he does find evidence of misconduct, sir gary can recommend criminal proceedings against individuals or suggest “tightening up the controls over administrative processes,” among other measures, he said.

In 2009, the turks and caicos islands underwent a similar corruption inquiry that resulted in the temporary suspension of that UK territory’s constitution and the UK’s takeover of day-to-day governance for about three years.

Mr. Jaspert declined to comment on the possibility of the VI commission making a similar decision, saying it is up to the independent body to make its recommendations.

The commissioner also did not comment on the question.

Governor gus jaspert, who left the territory on jan. 23, introduced the team leading the united kingdom’s independent commission of inquiry during a press conference on jan. 22. Sir gary hickinbottom has six months to deliver a report on alleged corruption in the virgin islands.

Next steps

Sir gary said he will begin his investigation by organising his team, which includes secretary steven chandler.

A solicitor and counsel also will be appointed, he said.

Asked if any member of the team will be from the VI, sir gary did not explicitly answer the question but said it is important for the team to be “impartial, independent, and seen as such.”

Under sir gary’s instrument of appointment, he is required to deliver a report on his findings in six months.

“given the nature of the concerns and that timeline, we must press forward with all speed,” he said.

The “crucial first step” is getting information to aid the investigation from community members, he said, adding that he will invite people he believes can help during the coming weeks.

Details for future in-person meeting dates on tortola and the sister islands will be provided on the commission’s website at www.Bvi.Public-inquiry.Uk.

Sir gary added that provided information “will be treated in strictest confidence” if requested.

He also said that any evidence given to the commission is privileged and can’t be used in court against the witness.

“that does not of course mean that all witnesses are immune from subsequent criminal proceedings, if there are any, prompted by other evidence arising in the inquiry,” he said.

Based on the community-sourced information, the commission will then focus on summoning people to give testimony.

Sir gary said he aims to hold any necessary hearings between easter and the end of may.

“I will have to consider whether the hearings should be public — and, if so, whether they should be live online — or whether parts of the hearing should be heard privately in camera,” he noted.

In response to questions from the media, he later added that it is still too early in the proceedings to say if the hearings will be broadcast publicly as premier andrew fahie recently requested.

After the hearings, he plans to write and deliver his report by the july deadline, focusing on “matters of real substance and importance to the present and future well-being of the islands,” he explained.

The investigation’s remit spans “recent years,” sir gary said, but he added that he is not limited to probing a specific timeframe.

The cost of the inquiry is fully covered by the UK government, according to the commission website.

Timeframe

In the turks and caicos inquiry, the lead commissioner released an interim report in march 2009 before releasing a redacted final report four months later.

Sir gary said he could consider a similar move given the breadth of this investigation, and he would ask for an extension of the terms of reference if needed.

“this investigation is a wide-ranging one, which I think makes it different from other investigations which have happened here before,” he said. “it requires my having investigated the information and come to provisional conclusions on the investigation as to what it may show, then to make recommendations. Those recommendations can be wide ranging; they could be that certain matters should be investigated for criminal prosecution.”

He added that he hopes his recommendations are provided to the public after the report is delivered to the governor.

Financial services

Mr. Jaspert said during the press conference that “values of integrity, honesty and respect run deep in BVI” and that the territory largely meets “high international standards.” he specifically celebrated the VI’s financial services regulations.

“the very fact that so many individuals, businesses and public officers have come out in support of the commission speaks volumes to this territory’s character and values,” he said.

Responding to concern about the potential negative effects of launching the investigation, he said many of the issues raised by leaders — like the elmore stoutt high school wall project and failed BVI airways venture — have already been investigated publicly by VI institutions and are under investigation by police.

“I thought very carefully about the picture of concerns I was presented with, as well as the ability of our institutions to investigate and deal with those themselves,” he said. “in consultation with those, I made that decision.” mr. Jaspert left the territory on saturday, and former bermuda governor john rankin is set to take office tomorrow.

Mr. Jaspert said mr. Rankin, who has not granted interviews here yet, supports the decision to conduct the inquiry.

Premier, ministers push back

Hours after governor gus jaspert announced a commission of inquiry on jan. 18, premier andrew fahie guardedly supported the plan, pledging his government’s cooperation as long as the probe is carried out transparently.

But in the succeeding days, he changed his tone, sharply criticising the UK for what he described as a colonial plot to tarnish the territory’s reputation and impede its progress toward independence.

“they want to get the international world’s support, [so] that if they have to try to suspend our constitution they could say that they had to do it because we were corrupt,” mr. Fahie said saturday during a community meeting in baughers bay, adding, “so they fabricate lies to try to destroy our territory. I always heard as a little boy that they’re coming back for this place. Well, they’re back. We have to wake up and understand that they’re back.”

The united kingdom suspended parts of the turks and caicos islands’ constitution and took over day-to-day control of government for about three years starting in 2009 following a similar inquiry that reported evidence of widespread corruption in the TCI among elected leaders and public officers.

Law firm hired

Mr. Fahie also announced last week that government had secured the services of withers, an international law firm headquarted in london, and sir geoffrey cox, a queen’s counsel who formerly served as attorney general of england and wales, to represent it throughout the inquiry.

He did not say how much the services would cost or why outside counsel is needed in addition to the territory’s attorney general, who also represents the government.

On saturday, he also said the UK unfairly blamed the VI government for events leading to the record drug bust last november even though security falls under the responsibility of the governor.

“[the governor and police commissioner] want to use their failure and give it to the local government in the international media, and then tell us that they love us while trying to destroy our name for their failure,” he said.

Ministers echo premier

Other government ministers took a similar tone in recent days, echoing mr. Fahie’s criticism of the decision to launch the inquiry.

Natural resources, labour and immigration minister vincent wheatley suggested at the saturday meeting that the inquiry is designed to thwart the VI government’s efforts to empower the people of the territory.

“that message was so well taken, so well received, that it got some people scared, and they said, ‘you people are going too far with this empowerment idea.’ so they’re trying their best to dissuade us,” mr. Wheatley claimed.

He added that the people of the VI must be able to handle their own affairs at some point.

During a jan. 20 meeting at the stickett in long look, deputy premier dr. Natalio “sowande” wheatley called on the community to “stay vigilant.” he said residents need to pay attention or their freedom would “be taken right from under you.”

“there are those that believe you should be back in slavery: economic slavery, political slavery and other forms of slavery,” he said.

A ‘global attack’

Health and social development minister carvin malone took to facebook to call the jan. 18 announcement of the inquiry a “global attack” on the territory, equating it to disasters including hurricane irma and the sept. 11, 2001 terrorist attack on the twin towers in new york.

“the WORLD awaits the details of the terms and conditions of the [commission of inquiry] that was pre-empted with spectacular GLOBAL announcements designed to fill the room with smoke,” mr. Malone wrote in a jan. 20 post on his personal facebook page. “these thoughts are personal and not official.”

British virgin islands financial services commissi : BVI FSC announces new appointments to management team and staff changes - press release no. 1 of 2016

Press release no. 1 of 2016

21 january 2016

PRESS RELEASE

THE BRITISH VIRGIN ISLANDS FINANCIAL SERVICES COMMISSION ANNOUNCES NEW APPOINTMENTS TO MANAGEMENT TEAM AND STAFF CHANGES

Tortola, british virgin islands - 21 january 2016 - today, the BVI financial services commission (the 'commission') announced several additions to its management team as well as several changes to commission staff. The appointments and changes are as follows:

Mr. Stephen grayson - deputy director, legal

Mr. Simon gray - special advisor - regulatory training and development

Mr. Leon wheatley - asia representative

Ms. Simone martin - director, insurance (acting)

Ms. Yolanda mccoy - deputy director, fiduciary services (acting)

Mr. Burton chalwell - deputy director, compliance inspection (acting)

'we are very excited to have such an experienced and seasoned group join our management team and we look forward to benefitting from the skills and unique expertise they all bring to the commission. We look forward to their continued commitment to service, excellence and professionalism in their new assignments,' said managing director of the commission robert mathavious.

Deputy director, legal

Mr. Stephen grayson will serve as the deputy director, legal for a period of 3 years. Mr. Grayson's focus as deputy director, legal will include providing advice to the commission on financial services legislation and related matters and providing leadership to and ensuring the overall development of the commission's in-house legal team. Prior to joining the commission, mr. Grayson worked with the financial conduct authority (UK) in the enforcement and market oversight division as a regulatory lawyer/investigator. Mr. Grayson brings over 20 years of experience to the commission, including extensive experience in financial crime.

On his appointment mr. Grayson offered: 'the commission is of central importance to the BVI economy and has developed a reputation as a key financial regulator across the international financial community. I am delighted to have the opportunity to join the commission at this important time and I look forward to contributing to its development and to the many challenges which we will face in the forthcoming period'

Special advisor training

Mr. Simon gray has been with the commission since october 2015 and since 4 january 2016 has taken up the role as a special advisor with responsibility for regulatory training and development. Mr. Gray is a financial services and risk management professional with a background in both public and private sectors in several countries. He previously worked as director, supervision and head of islamic finance at the dubai financial services authority.

On his appointment mr. Gray offered: 'I am excited to be joining the commission at this stage in the development of regulation - learning and development are integral elements of regulation which can benefit both regulator and regulated alike. The more that people understand the expectations of regulation then the easier it is to comply - in that sense training is the ultimate preventative medicine.'

Ms. Simone martin will serve as the acting director of insurance. Ms. Yolanda mccoy will serve as the acting deputy director, fiduciary services and mr. Burton chalwell will serve as the acting deputy director, compliance inspection. These appointees are expected to serve 3 month terms which commenced on 4 january, 2016. Mr. David abednego resigned at the end of last year as the director of insolvency services to pursue other interests.

Asia representative

Deputy director, investment business, mr. Leon wheatley will assume the post of asia representative effective 18 january and relocate to the commission's hong kong office at BVI house asia. Mr. Wheatley is expected to serve asia representative through to july 2017. Mr. Wheatley succeeds mrs. Michelle georges who after serving as asia representative will return to the commission's BVI office and resumed her role as deputy director, banking.

On his appointment mr. Wheatley offered: 'it is truly an honour to have been selected to serve in the role of representative of the BVI financial services commission in asia. I recognise the importance of the jurisdiction's relationship with the asia pacific region and in this light look forward to executing the mandate of the BVI financial services commission and continuing the work initiated by my very capable predecessors.'

About the british virgin islands financial services commission

The BVI financial services commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the territory.

For further information, please contact:

Corporate communications unit

BVI financial services commission

Pasea estate, tortola, british virgin islands

British virgin islands financial services commission issued this content on 2016-01-21 and is solely responsible for the information contained herein. Distributed by public, unedited and unaltered, on 2016-01-21 15:24:01 UTC

Company search in the british virgin islands

Welcome to companysearch.VG, your reference provider for BVI company searches conducted by information experts.

You can order your search right now by typing the company name or number in the following box.

What is included

A BVI company search is a document issued by the BVI registry of corporate affairs (also named ROCA) either in paper or electronic format. We also include copies of all public documents filed by the company to the registry

Our team of local experienced BVI experts work closely with the registry to conduct your search and retrieve documents efficiently and securely.

This document is issued when the company is found in the registry after conducting a search by company name or number

Here's a sample document obtained from the registry. Note the field date of search that reflects the accuracy and freshness of the search (company statuses are updated daily)

This is another search retrieved from the registry in an alternate format. The BVI registry of corporate affairs use an internal software named VIRRGIN, which stands for virtual integrated registry and regulatory general information network. Company searches and other documents are extracted from VIRRGIN and sometimes the registry will deliver a screenshot which is very similar to a regular search:

How long does it take?

We delivery most company searches and full reports within 24 hours with the exception of BVI holidays. Orders received after 1PM atlantic standard time / 6PM UTC+1 may be delivered within 30 hours. We try to deliver image preview of the document as soon as possible. This image preview shows the same contents as the company search but it's not a scanned documment.

BVI full report searches with many filings may be delivered in several parts

Company search contents

Main fields

Current status

Previous names history

Transaction history

Certificate history

Availability of information

In general the amount of available information for a BVI company is limited. Confidentiality is one of the most interesting features of the BVI jurisdiction and nearly all of the companies incorporated here are looking for it. Memorandum and articles of association are always available for all companies because it's mandatory for them to file those documents along with any amendments. Other document that is available for all companies is the "application for incorporation" (BC if the company was incorporated under the 2004 act or IBC if it was before it)

All the documents filed by a company are available for public inspection at the BVI registry of corporate affairs but companies are not required to file annual accounts, annual returns, register of charges, financial statements or tax returns. Since 2016 BVI companies have to file a register of directors (ROD) but it's not available for public inspection unless the company decides to do so in accordance with section 231 (1) of the act. Although filing the register of charges is not mandatory many companies choose to file it because lenders may require it. If a company acts a borrower it has to provide the lender with a security interest. The lender will require the company to file the charge in the register of charges in order to have more priority than other future loans.

Companies have to maintain a registry of shareholders (members) at the registered office but that isn't public neither. Funds are an exception to these rules because they are regulated entities and therefore they have to file annual returns and financial statements.

Regular companies may choose to file any of the mentioned registers to the BVI registrar and in that case they will have to keep filing the register(s) each year. This requirement may be stopped by giving a formal notice to the BVI registrar.

Financial statements

The requirements for financial records are detailed in section 98 of the BVI business companies act 2004

A company shall keep records that are sufficient to show and explain the company’s transactions; and will, at any time, enable the financial position of the company to be determined with reasonable accuracy. A company that contravenes this section commits an offence and is liable on summary conviction to a fine of $10,000. So financial statements for a BVI company are not available because the company doesn't have to file them or even keep them at its registered office.

Independent audit of accounts is not required either with the exception of segregated portfolio companies (SPC) in accordance to section 159 (2)(b)(v) of the act

Directors

The list of the directors of a BVI company is not publicly available in general, even if the company has filed a register of directors. The reason for this is that most of the filings of register of directors are private. The company is not required to file this document as public. Most requested copies of this filing will only show that the company has filed a register of directors and not the names of the individuals as expected.

The register of directors is filed to the BVI registry of corporate affairs using form R410 titled "REGISTRATION TO REGISTER OF DIRECTORS/MEMBERS, THE BVI BUSINESS COMPANIES ACT, 2004, section 231". The contents of the register are in accordance with section 118 (1) of the act.

The particulars of directors maintained in the register include the following fields for individuals:

Full name

Each former name (if any)

Date of appointment or nomination of the individual as a director or reserve director

Date of cessation of the individual as a director or reserve director

Address for the service of documents

Usual residential address (if different from service address)

Date of birth

Place of birth

in case of corporate directors the fields maintained are:

Corporate name (name of the company or entity)

Company number (corporate registration number if available)

Date of appointment or nomination of the corporate entity as a director or reserve director

Date of cessation of the corporate entity as a director or reserve director

Registered office (or principal business address)

Address (in case of a company incorporated in the BVI just the company number)

Place of incorporation

Date of incorporation

Newly incorporated companies in BVI have to file its register of directors within 21 days of the appointment of the first directors. It's mandatory for all companies to notify their registered agent of any changes in the register of directors within 15 days of the modification. For older companies incorporated before 1 january 2016 the deadline was 31 march 2017 and a penalty of US$8,000 was established. This penalty was reduced to US$5,000 on the amendment of schedule 3 (september 2018).

Companies that didn't file their register of directors by the end of 2018 will be struck off from the BVI registry on 2 january 2019. So there will be no BVI companies without a register of directors filed by 2019.

Here's a sample register of directors. Please note that this document is available only for companies that file it as public. Most BVI companies file it as private.

Shareholders

Shareholders of BVI companies are listed in the register of members which is defined in section 41 of the business companies act. They are not publicly available. There are three types of members:

Shareholders holding registered shares

Guarantee members

Unlimited members

A company shall keep a register of members containing names and addresses of the shareholders along with the number and class of shares hold. Additional information include the date on which each shareholder was entered in the register and the date on which the shareholder was ceased (if that's the case). Persons who are no longer members of a company may be deleted from the register in accordance with section 41 (4)

In case that the company has the ability to issue bearer shares, the register should contain the number and date of the certificate, number of bearer shares for each class and name and address of the approved custodian of the certificate

Unless the directors prevent it, the shareholders have right to inspect the memorandum and articles, the register of directors, the register of members and minutes of meetings. However the directors can oppose to this if they are satisfied that it would be contrary to the company's interests according to section 100 (3)

Here's a sample of a register of members. Please note that this document is not available for most BVI companies. Only in certain cases is filed to the registry.

Beneficial ownership

The ultimate beneficial owner of a BVI company is not available for the public. However, registered agents must keep the following information about the beneficial owner of a company:

Full name

Date of birth

Residential address

Nationality

This information is required in accordance with the anti-money laundering regulations, section 4 and it's a best practice KYC policy.

The beneficial ownership secure search system act (BOSS) was introduced in 2017 and it's designed to be a searchable database of beneficial ownership information. However access to this database is restricted to BVI authorities and it was designed with confidentiality in mind. The system was developed by binder dijker otte (BDO). Authorities competent to use the secure search system include the financial services commission, the international tax authority, the financial investigation agency and the attorney general's chambers. This act applies only to business companies and not to trusts or partnerships. Registered agents have to enter and keep updated beneficial owner data within 15 days of identification of the beneficial owners. The required information to be entered in the system is the same as the one that registered agents have to hold in their internal records. The prescribed information is described in section 10 (3) of the BOSS act.

Available records

Although the available information from a public company search is limited to a list of filings that can be requested too, and no public information about directors or shareholders, individuals or companies with legitimate interest (for example victims of fraud or creditors) can actually have access to comprehensive details about the company. This is possible because the key information actually exists and it's being properly recorded and stored. Rules on confidentiality in the BVI fall back on english common law principles but the fact that ownership information is not available for public inspection is not uncommon in civil law territories.

In order to start your research about a BVI company, enter the company name and click start search here

Application for incorporation

Memorandum & articles of association

Notarization, legalisation and apostille

Documents filed by a BVI business company to the registry of corporate affairs can be notarized by a BVI notary public. This also applies to documents retrieved from the registry such as certificates of good standing and company searches. Foreign countries may require the documents to be notarized and/or legalised if the foreign country is a member of the hague convention. The british virgin islands is also a member of the mentioned convention so it's possible to apostille documents that bear a BVI official signature. If the document lacks an official signature it has to be notarized first. Contact us if you require these services.

Company numbers

BVI company numbers are numeric with no letters or other characters. The current BVI business companies act 2004 (number 16) appeared in the BVI gazette on 29th december 2004 and came into force on 1st january 2005. On 1st january 2009 the companies that were incorporated under the previous companies act were re-registered under the current act and their company number was changed adding 700,000 to it.

It's possible to conduct a search using the company number only. In fact this is actually faster than searching by company name as sometimes there are very similar names.

Some companies have their number as a name, for example "BVI company number 7432732 limited" is a valid legal name of a BVI company

How many BVI active companies exist?

We track the official figures published by the BVI financial services commision since 2016 and as of 30th june 2020 there were 375,832 active companies in the BVI, up from 373,917 that were active on end of Q1 2020

Legislation

The original act came into force on 15 august 1984 and it was named "international business companies act, 1984". It allowed the incorporation of ibcs in the british virgin islands. This act was amended several times and it was replaced by the BVI business companies act which came into force on 1 january 2005 and it's still valid. The current act has been amended several times as well. Here's a comprehensive list of the companies acts.

BVI act name	date when it came into force
international business companies act, 1984	15 august 1984
BVI business companies act, 2004	1 january 2005

News and updates

The 59th volume (Q2 2020) of the FSC quarterly statistical bulletin reported 4,725 new incorporations, a 11% lower than Q1 2020 and a total number of companies of 375,832. The latter number is slightly higher (0,05%) than the previous figure of Q1 2020

British virgin islands announces plans to finally make company ownership information public premier and minister of finance of the british virgin islands (BVI) andrew A. Fahie announced the establishment of a "publicly accessible register of beneficial ownership for companies."

The 58th volume (Q1 2020) of the FSC quarterly statistical bulletin reported 5,275 new incorporations, a 5% lower than Q4 2019 and a total number of companies of 373,917. The total number of active companies is the lowest in our records.

7% tax on all $$ leaving the BVI via money transfers the new legislation mandating that a seven percent tax to be taken from all wire transfers leaving the BVI through money transfer agencies has come into effect. Non-compliant agencies will be fined.

The 57th volume (Q4 2019) of the FSC quarterly statistical bulletin reported 5,596 new incorporations, a 20% lower than Q3 2019 and a total number of companies of 387,344. Both figures are the lowest in our records.

The 56th volume (Q3 2019) of the FSC quarterly statistical bulletin reported 6,975 new incorporations, a 9,5% higher than Q2 2019 and a total number of companies of 402,234 which is an increase from last quarter and it's a similar figure to the end of Q4 2018.

A hedge fund report analyzes the BVI as a hubspot with more than 1.500 hedge funds registered.

The british virgin islands signed another multilateral memorandum of understanding among the members of the caribbean association of insurance regulators (CAIR). Members include anguilla, antigua and barbuda, barbados, belize, bahamas, cayman islands, curaçao and sint maarten, dominica, grenada, guyana, haiti, jamaica, montserrat, st. Vincent and the granadines, st. Kitts and nevis, st. Lucia, suriname, trinidad and tobago and turks and caicos islands

The british virgin islands signed a multilateral memorandum of understanding among several caribbean countries

The 55th volume (Q2 2019) of the FSC quarterly statistical bulletin reported 6,365 new incorporations, a 12% lower than Q1 2019 and a total number of companies of 396,932, the lowest since 31st december 2017.

The 54th volume (Q1 2019) of the FSC quarterly statistical bulletin was released. New incorporations in Q1 2019 were 7,214, 20% less than the previous period and one of the lowest values of the last years. Total number of companies is 408,848 which is an increase.

The 53th volume (Q4 2018) of the FSC quarterly statistical bulletin was published. The number of new incorporations in Q4 2018 was 8,916 and it's an increase by 4.43% when compared to the number of new incorporations in Q4 2017. Total number of BVI active companies is 402,907 (31st dec. 2018), a 4.6% decrease from 30th september 2018.

The european union announced that it recognises the british virgin islands as a cooperative jurisdiction. The economic substance act (bill passed in 20 december 2018) address the EU's specific concerns.

The 52th volume (Q3 2018) of the FSC quarterly statistical bulletin was published. The number of new incorporations in Q3 2018 increased by 25.34% when compared to the number of new incorporations in Q3 2017. Total number of BVI active companies is 422,594 (30th sept. 2018), a 1.3% increase from 30th june 2018.

Economic substance act an act to introduce the substantive economic substance requirements; to amend the beneficial ownership secure search system act, 2017

The 51th volume of the FSC quarterly statistical bulletin was published. It reported 417,125 active business companies in the registry, a 3.69% decrease from the previous known figure

The 50th volume of the FSC quarterly statistical bulletin was published. It reported 432,529 active business companies in the registry

Financial services commission bvi

STATEMENT BY PREMIER AND MINISTER OF FINANCE DR. THE HONOURABLE ORLANDO SMITH, OBE
URING THE ELEVENTH SITTING OF THE SECOND SESSION OF THE THIRD HOUSE OF ASSEMBLY OF THE VIRGIN ISLANDS
ON MONDAY, 13 TH NOVEMBER, 2017
AT THE HOUSE OF ASSEMBLY
ARBITRATION CENTRE, RITTER HOUSE
ROAD TOWN, TORTOLA AT 10:00 A.M.

BVI FINANCIAL SERVICES

Madam speaker, I am pleased to provide you with an update on financial services in this post irma period.

Just over 2 months following hurricanes irma and maria, I am pleased to confirm that our financial services industry continues to perform well. Industry firms, the financial services commission and BVI finance should be commended for their sterling efforts to keep the industry functioning in the aftermath of the hurricanes.

Immediately after hurricane irma passed, business continuity plans were engaged across the territory. Leaders of firms pulled together, along with the financial services commission, to ensure there was minimal negative impact experienced by our clients worldwide. In fact, companies were incorporated just days after irma passed thanks to the fact that VIRRGIN, our online registry platform was operational.

Financial services commission staff worked around the clock to ensure that this important facility stayed intact and procedures were put in place to allow authorised persons from around the world to access the system I am grateful to dr. Robert mathavious and his staff for their hard work and diligence.

Working closely with the chief justice dame janice periera, we quickly decided to temporarily relocate the sittings of the commercial court to st lucia where over 100 cases have already been heard by the two BVI commercial court judges, ably assisted by BVI registry staff who were relocated to st. Lucia.. Since the hurricanes, locally based firms have also continued to be involved in major international transactions.

Many industry firms have gone above and beyond the call of duty for their staff by providing them with generators and hot lunches and sheltering staff families in their offices, all this has generated a sense of community and goodwill during these times of hardship. In addition, financial contributions to local schools and other areas of need by industry firms help to ease the burden and demonstrates the industry’s commitment to the overall reconstruction of the BVI.

Madam speaker, communication, as we know, has been difficult at times but BVI finance hosted a number of industry updates to keep all stakeholders informed. Stakeholders temporarily located overseas dialed in to hear about progress being made. Key speakers were invited to attend and they provided crucial updates on the situations regarding electricity, immigration and labour, the security and the financial services commission. I was also able to attend and provide updates at one of these meetings.

Many people around the world have commented and praised the BVI for the effectiveness that we have demonstrated in keeping the doors open and continuing to do business during this period. Without doubt, the positive attitude and the willingness to work together and help each other by all staff and stakeholders in the financial services industry resulted in BVI’s financial services processes and reputation remaining intact.

In late october BVI finance conducted a survey of all the firms in the financial services industry and this highlighted that 73% of employees were now back on island and working. The vast majority of the remaining 27% are hoping to be back and working in BVI by january, 2018. However this is heavily dependent on the quality of the housing stock. The interim executive director of BVI finance, lorna smith, recently visited the cayman islands and talked to many representatives of industry firms based there temporarily. She was also able to personally thank the cayman islands government for their support of the virgin islands.

Madam speaker we are also continuing to progress the territory’s financial services legislative agenda to enable the territory to remain competitive and promote expansion and diversification in this key sector. Today, this house is scheduled to consider the microbusiness corporations and limited partnership bills for their second and third readings, as well as legislation to make special provision for circumstances in the aftermath of the hurricanes. In summary it is important to remember the value of the financial services industry to the virgin islands. 60 cents out of every dollar in revenue received by this government comes from this crucial sector. The resilience of the financial services industry is something we should all be proud of and I would like to personally thank all those involved for their efforts and contributions as we now begin the long process to rebuild our territory.

Financial services commission bvi

Professional overview

Our commercial expertise and knowledge coupled with our network of professional relationships allow us to fully utilise the benefits provided by the.

Financial services

SHRM are niche providers of financial services and solutions. Our commercial knowledge and experience creates opportunities to utilise the benefits.

Global network

We have a global network and established business relationships with banks and professional firms in major financial centres and offshore.

Regulated entities

SHRM trustees (BVI) ltd. Is licensed and approved by the BVI financial services commission (“FSC”), holding a class 1 general trust license.

Professional overview

Our commercial expertise and knowledge coupled with our network of professional relationships allow us to fully utilise the benefits provided by the.

Financial services

SHRM are niche providers of financial services and solutions. Our commercial knowledge and experience creates opportunities to utilise the benefits.

Global network

We have a global network and established business relationships with banks and professional firms in major financial centres and offshore.

Regulated entities

SHRM trustees (BVI) ltd. Is licensed and approved by the BVI financial services commission (“FSC”), holding a class 1 general trust license.

The SHRM group of companies (“SHRM”) consists of five stand-alone, owner managed companies that collectively operate under the SHRM name. The companies have evolved since the mid 1990s into highly specialised providers of trust and corporate services. The network of SHRM offices is situated in four different continents and spans the world’s major time zones.

SHRM work in close conjunction with clients to help deliver a bespoke solution to their trust and/or corporate needs.

The offices are located in luxembourg, british virgin islands (“BVI”), hong kong and new zealand, that together offer a broad spectrum of products and services to comprehensively service clients’ financially diverse and often dynamic circumstances.

British virgin islands financial services commissi : BVI FSC announces new appointments to management team and staff changes - press release no. 1 of 2016

Press release no. 1 of 2016

21 january 2016

PRESS RELEASE

THE BRITISH VIRGIN ISLANDS FINANCIAL SERVICES COMMISSION ANNOUNCES NEW APPOINTMENTS TO MANAGEMENT TEAM AND STAFF CHANGES

Mr. Stephen grayson - deputy director, legal

Mr. Simon gray - special advisor - regulatory training and development

Mr. Leon wheatley - asia representative

Ms. Simone martin - director, insurance (acting)

Ms. Yolanda mccoy - deputy director, fiduciary services (acting)

Mr. Burton chalwell - deputy director, compliance inspection (acting)

Deputy director, legal

Special advisor training

Asia representative

About the british virgin islands financial services commission

The BVI financial services commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the territory.

For further information, please contact:

Corporate communications unit

BVI financial services commission

Pasea estate, tortola, british virgin islands

British virgin islands financial services commissi : BVI FSC announces new appointments to management team and staff changes - press release no. 1 of 2016

Press release no. 1 of 2016

21 january 2016

PRESS RELEASE

THE BRITISH VIRGIN ISLANDS FINANCIAL SERVICES COMMISSION ANNOUNCES NEW APPOINTMENTS TO MANAGEMENT TEAM AND STAFF CHANGES

Mr. Stephen grayson - deputy director, legal

Mr. Simon gray - special advisor - regulatory training and development

Mr. Leon wheatley - asia representative

Ms. Simone martin - director, insurance (acting)

Ms. Yolanda mccoy - deputy director, fiduciary services (acting)

Mr. Burton chalwell - deputy director, compliance inspection (acting)

Deputy director, legal

Special advisor training

Asia representative

About the british virgin islands financial services commission

The BVI financial services commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the territory.

For further information, please contact:

Corporate communications unit

BVI financial services commission

Pasea estate, tortola, british virgin islands

BVI financial services business continuity

The financial services (continuity of business) act, 2020 (the act) came into force on 28 march 2020. It was enacted to provide for special measures to support the continuity of financial services business either from within or temporarily outside the virgin islands in an “exceptional circumstance”.

In this guide, we examine the scope of application of the act and some of the special measures that may be deployed whenever an “exceptional circumstance” has arisen or is likely to arise within or outside the virgin islands.

At the start of the 2020 hurricane season, it is timely for entities carrying on financial services business to review and be aware of the provisions of the financial services (exceptional circumstances) act, 2020 (the FSECA) which may apply to the financial services industry in the case of any disruption.

The FSECA came into force on 28 march 2020. It repeals the financial services (continuity of business) act, 2017 which was put in place for a transient period to deal with the interruption in BVI financial services business in the aftermath of hurricanes irma and maria. The FSECA now provides a permanent framework for the adoption of special measures relating to the conduct of financial services business in the event of an exceptional circumstance arising within or outside the virgin islands including but not limited to pandemics, earthquakes and hurricanes.

Whom does the FSECA apply to?

All persons holding a financial services licence; and

Any person otherwise subject to the financial services commission act, 2001 (the FSCA) or any other financial services legislation including approved, recognised and authorised persons,

(together referred to as relevant persons).

When does the FSECA apply?

The special measures provided for by the FSECA will apply when the minister with responsibility for financial services issues an order published in the virgin islands official gazette declaring that an exceptional circumstance has arisen or is likely to arise whether within or outside the virgin islands (the order). An exceptional circumstance has arisen or is likely to arise when:

It has become difficult or impossible to carry out financial services business in and from within the virgin islands in accordance with the FSCA or any other financial services legislation; or

Different or special measures are otherwise required to facilitate the conduct of financial services business in and from within the virgin islands.

The order may indicate whether all or only specified provisions of the FSECA will apply or if it applies to all or only specified relevant persons. It must indicate the date from which the provisions of the FSECA will apply and, unless specified otherwise, the duration of application. The order may also specify that the FSECA is to be applied retroactively if necessary.

What are the main allowances under the FSECA?

In an exceptional circumstance, the board of the financial services commission (the board), which has the responsibility for monitoring and overseeing the operation of the financial services commission, will be afforded added flexibility to continue to discharge its functions. In particular:

The board may not be able to meet for the number of times stipulated in the FSCA. Under FSECA, it will have additional flexibility to meet at any other time or place, whether within or outside the virgin islands, or by any convenient medium, including via electronic means;

The chairman and/or the managing director of the board may make urgent decisions on their own which would have otherwise required a majority vote of the commissioners of the board. Such decisions, however, will require subsequent ratification by the board.

The order may also specify that:

A relevant person may temporarily relocate the whole or part of his or her business to another jurisdiction or to a new address within the virgin islands in order to continue the operation of his or her business;

The provisions of the insurance act and the regulatory code relating to the licensing of loss adjusters are disapplied;

Directors or authorised agents normally required to be resident in the virgin islands may be resident outside the virgin islands for the period that the order remains in force;

The commission may extend the time for relevant persons to perform outstanding obligations, including the payment of any administrative penalty;

Records that are normally required to be kept in the virgin islands may be temporarily kept in the jurisdiction of relocation; and

Certain specified fees that would have otherwise been payable are waived.

What are the additional points to note under the FSECA?

Where a relevant person relocates temporarily outside the virgin islands due to an exceptional circumstance, he or she will be deemed to be operating in the virgin islands and must continue to comply with all applicable laws.

The FSECA also establishes a financial services complaints tribunal to receive and investigate complaints made by a client or customer of a licensee regarding the handling of claims made against the licensee.

The minister has already issued an order in light of the disruptions caused by the covid-19 pandemic. Although hopefully further orders under the FSECA will not be required, the FSECA now provides a permanent legislative framework to help facilitate the ongoing operation of the financial services industry in or temporarily from outside the virgin islands in the event of any exceptional circumstance.

For more information and to discuss how the FSECA could inform your business continuity plans and strategies, please feel free to email us or reach out to one of our lawyers using the contact details below.

So, let's see, what was the most valuable thing of this article: financial services commission bvi dr robert mathavious is the territory’s newest recipient of the order of the british empire (OBE) in the queen’s 2020 birthday honours for his contributions to at financial services commission bvi