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Getting a Forex License in the British Virgin Islands: Step-by-Step Guide.

The British Virgin Islands (BVI) is one of the most popular destinations for the Forex license. This jurisdiction offers the status of a regulated entity, meaning that your company enhances its reputation and can be completely based overseas. High-level confidentiality is another upside of the jurisdiction.

This article is about the chief advantages of the BVI Forex license and provides a detailed description of the Forex license issue process.

Key benefits of a BVI Forex license

We have highlighted a number of advantages of getting a Forex license in the BVI. Many businessmen choose the BVI to obtain the Forex license because:

  • the BVI does not impose local office and staff requirements, which is a great reduction in expenditures;
  • the jurisdiction does not grant public access to the data on beneficiaries, shareholders and directors;
  • there is no capital gains and inheritance tax;
  • director and shareholder meetings can be held outside the BVI;
  • there are no annual meeting requirements in the jurisdiction. All meetings can be held online.

How are the Forex activities regulated in the British Virgin Islands?

The BVI Financial Services Commission (FSC) is in charge of all financial services rendered in the BVI. The FSC is responsible for company formation and management and for intellectual property in the BVI. The regulator also issues broker licenses for Forex market operations in the British Virgin Islands.

In 2010 the BVI Financial Services Commission drafted the Securities and Investment Business Act, implementing a new set of rules and regulations for Forex brokers and other investment companies.

Getting a BVI license: basic requirements

The FSC defines the authorized capital which varies from USD 100,000 to 250,000. Forex companies should also keep in mind the professional liability insurance requirements.

Forex company structure:

  • at least one shareholder (of any nationality; can be a legal entity);
  • two directors (of any nationality; no resident status requirement; can be a legal entity);
  • an auditor to submit annual statements;
  • an agent in the BVI to communicate with the regulator.

List of documents to obtain the BVI Forex license

We have made a list of documents essential for getting the BVI Forex license. Those should be submitted by shareholders, directors, and beneficiaries. To set up a corporate bank account the following is required:

  • a copy of the valid passport certified by a notary;
  • confirmation of the residential address (e.g. utility bill paid 3 months before or earlier);
  • a copy of the letter of reference provided by the bank, lawyer or accountant and certified by a notary;
  • corporate documents (the copies must be certified by a notary or a practicing lawyer).

To be submitted to the FSC regulator:

  • a CV;
  • a copy of the valid passport certified by a notary;
  • confirmation of the residential address (e.g. utility bill paid 3 months before or earlier);
  • a professional letter of reference;
  • a copy of the university diploma certified by a notary.

The documents must be in English and certified by a notary. the FSC and the bank may request additional documents.

How long does it take to get a Forex license in the BVI?

The Forex license issue involves the following stages:

  • Register a company.
  • Open a bank account.
  • Prepare an application and the documents.
  • Draw up AML documents and a business plan.
  • Submit the application to the BVI FSC.

Obtain the Forex license.

The Forex license issue period in the BVI is up to 4 months.

Our lawyers will help you get a Forex license in the British Virgin Islands and beyond. Our offer includes customized solutions depending on the legislation, budget, residency, and other specifics. Join our Telegram chat to get a free consultation from our FinTech lawyers.