HOW TO GET A FOREX LICENCE (FOREX LICENSE) IN THE BVI
PROCEDURES, COSTS & FEES
INITIAL APPLICATION PREPARATION FEES: app. US$16,000 plus disbursements.
COMPLIANCE MANUAL DRAFTING: from US$4,000 to US$6,000. The fee for this will depend on the nature of the business of the licensee which will determine the amount of information the manual will contain.
BVI FSC (FINANCIAL SERVICES COMMISSION) FEES
The FSC licence fee varies depending on the category of investment business. In addition to the legal fees the government fees will be as follows:
1. $2,000.00 for the license if the licence is issued before June 30th or $1,000.00 if the licence is issued after June 30th (annual fee thereafter will be $2,000);
2. There will be an application fee of $300.00 for the money services licence;
3. For the application for approval of each director will be $400.00 each which includes the application for approval and the approval fees once they are approved (one-time fee);
4. Appointment and approval of the auditor will be $250.00 which includes the application fee and the approval fee
OTHER DISBURSEMENTS
Certificate of Incumbency: US$245
BVI Business Company formation with the Memorandum & Articles of Association providing the minimum of two directors: US$1,450
Courier costs: from US$125
The subsequent years’ annual fees for this company would be $350.00 government fee plus $790.00 registered agent/registered office fees.
Note. We tried our best to look at all possible costs. However, the above disbursements list is by no means exhaustive as we are not able to foresee at this point any other possible costs to arise in the course of the application process.
DETAILS OF THE APPLICANT
SIBA (Securities and Investments Business Act), the Regulatory Code and the Approved Person regime require an applicant to submit a great deal of information and supporting documentation. In addition to the basic corporate details, this includes details of the applicant's:
- Practical experience in the relevant business
- Business record
- Ownership structure, including beneficial owners (a structural diagram)
- Directors and senior officers
- Financial statements
- Auditors and legal advisers*
- Financial resources and insurance arrangements
- Fitness for business; and
- Details of any regulatory or other action taken against the applicant
*We will recommend a local auditor and the process would go through our close associate in the BVI who is a local lawyer
The applicant must also submit:
- A draft compliance manual (we will assist with the drafting thereof)
- A copy of the business plan
STAGES OF PROCESS
1. COLLECTING THE REQURIED INFORMATION AND DOCUMENTS FROM THE CLIENT
2. DRAFTING REQUIRED DOCUMENTS
3. APPROVAL OF DIRECTORS AND AUDITORS BY THE FSC
4. SUBMITTING THE APPLICATION
5. FOLLOWING-UP THE REVIEW OF THE APPLICATION AND SUPPORTING DOCUMENTS
6. GETTING THE LICENSE
7. PROVIDING FURTHER ONGOING SUPPORT REGARDING COMPLIANCE WITH THE BVI REGULATORY REQUIREMENTS
Contact us for a free consultation.
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