The British Virgin Islands (BVI) is one of the most popular jurisdictions for obtaining a Forex license. According to recent data, more than half of all new Forex companies are registered in the British Virgin Islands. Due to the absence of the most common types of taxation, this state rightfully bears the title of “the offshore tax haven”.
To obtain a Forex license in BVI, you must contact the Financial Services Commission (FSC), a body that also monitors and controls.
Key responsibilities of Financial Services Commission:
- a regulation of all companies, individuals registered in the territory of BVI authorized to provide financial services;
- support and development of innovations in the financial services industry;
- the monitoring the effectiveness of the financial services industry;
- the ensuring the continuous functioning of financial services;
- the improving public awareness of the benefits and risks of financial services;
- a contributing to the growth and development of the financial industry;
- the maintaining a reputation of the financial services industry both domestically and abroad;
- a monitoring and detection of financial crimes;
- a monitoring the implementation of all rules and regulations of the Commission.
In the event, that the FSC detects a violation of established rules in the work of the forex company, the regulatory body can cancel or suspend the license. Some reasons, that can cause a revocation of a BVI license are:
- FSC providing a false information;
- the violation of any provision or conditions for obtaining Forex licenses in the British Virgin Islands;
- non-compliance with FSC directives;
- a money laundering;
- the violation of laws or regulations in the field of financial services;
- doing business in BVI in a way that leads to harm to the public interest or the interests of customers, lenders, investors.
The main features, that you must consider, when registering a Forex license in the British Virgin Islands:
- only Offshore British Virgin Islands can obtain a license;
- you can register a company on the Virgin Islands with a registered capital of at least 250,000 USD (capital cannot be used in operating activities);
- all documents/acts must be in English;
- a company in the Virgin Islands is not subject to a capital gains tax, the inheritance tax, or dividends;
- the appointment of an auditor for a firm on the Virgin Islands is mandatory (auditors must be approved by the FSC);
- BVI must have at least two directors of any nationality;
- beneficiaries must maintain the adequate capital for conducting business in the Virgin Islands.
- notarized copies of the passport (in English);
- a paid receipt for utilities (for the last 3 months);
- a document from the bank, confirming the existence of an open account of the beneficiary and the absence of debts;
- a copy of a document, confirming the availability of relevant education (in English);
- a business plan.
- The state application filing fee is 1000 USD/for each category;
- The annual fee is 1500 USD/for each category;
- A registration of the license costs from 35 000 USD;
- The cost of an authorized representative is 3000 USD/year.
The specialists of our company will provide you with more detailed information, advise on the process of issuing a brokerage license in the British Virgin Islands. With the help of our company, you will register a company in BVI, open an account in the Virgin Islands and issue a license for brokerage services.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
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