BVI Regulator Expands Its Offering
by Mike Godfrey, Lowtax.net, Washington
24 September, 2015
The British Virgin Islands' Financial Services Commission (FSC) is to newly offer an express service for sensitive, complex and special transactions; extend its office hours, and open up its online system to Hong Kong providers.
The FSC recently established a Premium Services Department within the Company Registry. This Department will provide a customized and timely express service for a select set of transactions that will attract additional processing fees. The select transactions include filings for time sensitive, complex and special transactions including: continuations, mergers, amendments, registration of charges, and notice of change in shares.
The FSC also announced VIRRGIN Lite, a limited feature version of the FSC's propriety VIRRGIN application, which will provide special external access to the system from outside the BVI. Initially, VIRRGIN Lite will only be available in Hong Kong where there is a large base of offices affiliated with BVI FSC-licensed service providers and where the FSC operates a representative office. A limited number of natural person user accounts will be available to each licensee. External access will allow for transactions like name reservations and company searches. External users will have to have the ability to commit funds from the licensee's local deposit account.
To support the new Premium Services and VIRRGIN Lite offerings, the Registry will operate additional business hours. When extended hours take effect, the Registry will process transactions up to 10:00 p.m. daily to ensure that the additional services are efficiently delivered. During extended hours, the Registry's lobby will be closed to the public and limited client services will be available.
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