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Vast experience with BVI Regulation
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Efficient & fast procedures
Our Practice for BVI Security Dealer License:
We offer a full package set-up for a BVI brokerage Forex license. We will assist you with every step of the way to ensure your confidence and trust. Our full package offered includes all mandatory requirements needed for a successful registration and renewal as well as for ongoing compliance with BVI forex broker license from the British Virgin Islands Financial Services Commission – FSC.
The regulatory authority of British Virgin Islands is the Financial Services Authority of BVI- FSC.
Main features of BVI Forex Securities Dealer License:
High initial minimum capital requirement – $1,000,000
The license must be applied on a BVI Company. No other jurisdiction is allowed.
BVI FX license had a very strong name in the industry and high supervision by the FSC.
There must be at least two individuals that have a professional knowledge, experience and skills to manage a financial company
The managers and directors must get FSC’s approval
The procedure for obtaining a BVI FSC forex license is quite complex, long and not cheap. Our regulation experts have assisted to dozens of companies to get a BVI license.
We are working exactly as the FSC guidelines and our approval rate is 100% until now. There are not cutting corners in the procedure.
Many Forex brokers looking to become regulated are increasingly setting their sights on the British Virgin Islands to obtain licensing. The BVI Financial Services Commission, or BVI FSC, has developed quite the international reputation for being an excellent regulator of the financial services industry.
What is the BVI FSC?
The BVI Financial Services Commission, is the Territory’s single financial services Regulator. As such, the entity is responsible for the authorization and licensing of companies wishing to conduct business within the borders of the Islands. Towards this end, they monitor the activity of financial services performed within the jurisdiction in order to protect the public from illegal or unethical practices.
The Financial Services Commission is responsible, through the Registry of Corporate Affairs, of the registration of companies established within the territory, the formation of Limited Partnerships and the registration of patents and trademarks. Visit the FSC
The core duties of the British Virgin Islands Financial Services Commission are:
Regulate all firms and individuals authorized to provide financial services under the jurisdiction of the the BVI, ensuring competency and financially viability. Thereby safeguarding the protection of consumers;
To support the continued development and innovation of the financial services industry
To supervise the effectiveness of legislation surrounding the financial services industry
To provide a framework of continued education for the benefit of financial service practitioners
To consult with both industry and government in the continual development of financial service legislation, supervisory policy, regulation and practice
To enhance the public’s understanding of the benefits as well as an awareness of the risks, associated with financial services
To foster a healthy and transparent regulatory environment where financial institutions are able to provide quality services and products that contributes towards the economic prosperity of the BVI
To contribute to the industry’s growth and development
To uphold the reputation of the BVI financial services industry domestically and abroad
To take into consideration the international character of financial regulation and the financial services business by liaising with foreign regulatory authorities
To monitor and detect financial-related crimes and assist in the prosecution of offenders
To instigate actions against any individual or business that violates BVI financial services laws
To monitor regulated activities and enforce the Commission’s rules
What is the BVI FSC’s Licensing and Supervisory Committee?
The Licensing and Supervisory Committee is the authorization arm of the BVI FSC. As such, responsibilities are to assess all applications for licensing and certificates of operation within the BVI and to protect the interest of depositors, investors, consumers and the Territory itself.
What do you need in order to receive a license or certificate?
Individuals or businesses interested in receiving a license or certificate from the BVI FSC’s Licensing and Supervisory Committee must meet all relevant BVI laws and policies established through international regulatory organizations. Eligibility for a license is limited to companies with sufficient capital investment, adequate systems and sound management teams.
Once a license is issued, the Committee maintains ongoing supervision of authorized entities in order to ensure their continuous compliance with relevant regulation. A list of individuals and businesses licensed is maintained by the Committee and available to the public.
The Committee’s actions are determined by consensus and in the absence of unanimity, the matter is referred to the FSC Board for resolution.
Enforcement and Compliance
The reputation maintained by the BVI Financial Services Commission as a credible and respected regulator lies in its ability to enforce legislation and impose penalties over entities who fail to comply with such laws. In order to achieve this objective, the Commission has established a process of enforcement and compliance in which businesses are active participants.
Every entity conducting business within the jurisdiction of the British Virgin Islands must appoint a compliance officer, whose responsibility is ensuring that the business is in constant compliance with the jurisdiction’s rules and regulations. The compliance officer is required by law to maintain a manual outlining compliance procedures and he/she acts as the liaison between the business and the Financial Services Commission.
At any given time, the Commission has the authority to conduct inspections of the premises of regulated entities located both inside and outside of the Territory, where all systems, assets and documents are audited.
In the event of an entity being found in violation of the regulations set forth by the BVI Financial Services Commission, the regulator may at its discretion, revoke or suspend the license certificate. Some of the reasons for which a regulated entity may have their license revoked or suspended are:
Providing the Commission with false, inaccurate or misleading information
Breaching any term or condition of its license
Failing to comply with a Commission directive
Engaging in money laundering
Violating financial service laws and regulations
Conducting business in a way that is detrimental to the public interest or to the interest of clients, creditors or investors
In the event of the Commission determining that a violation has been made, the licensed entity is entitled to appeal in front of the BVI Financial Services Appeal Board, who review every appeal and consider objections in a formal hearing. A decision can either be made to dismiss the appeal, accept it, or turn the case over to the Board, the Commission or the Executive Licensing Committee for further consideration. Decisions made by the Appeal Board are final.
To learn more about setting up a forex license and registering a company in BVI, contact us today.