Application for a Licence or Certificate as a Financial Services Business Provider (Form F100) - Part 1

Summary

This is Part 1 of Form F100, the BVI Financial Services Commission application form used by any entity seeking a licence or certificate as a financial services business provider. It collects core identifying, ownership, governance and financial information needed for the Commission to assess an applicant's fitness to be licensed, and must be completed alongside supporting attachments.

• Identity and structure: Applicant, registered agent and contact details, constitutional documents, incorporation details and (if applicable) trust deed and partnership information.
• Business record: Details of business conducted outside the Virgin Islands, countries where services will be offered, and any applications to other regulators.
• Ownership and control: Full list of shareholders, controllers and corporate shareholders, beneficial owners, and details of any share encumbrances; Form A of the Approved Persons Regime required for any person not yet approved by the Commission.
• Approved persons: List of directors and senior officers, and identification of individuals representing any corporate directors.
• Financial and professional arrangements: Proposed accounting period and financial year end, accounting standard used, auditor/actuary willingness letter, solicitor's willingness letter, draft compliance manual, and financial resources details (paid up capital, statement of assets/liabilities, holding company accounts, professional indemnity cover).
• Business plan: A business plan covering background, planned business areas, management structure, operating policies, internal controls and financial projections.
• Fitness and propriety disclosures: Disclosure of any prior regulatory refusals, suspensions or enforcement actions, receivership proceedings, criminal convictions or investigations, professional censure, bankruptcy, unsatisfied judgment debts, civil fraud findings, or association with wound-up entities, with full attached details for any 'yes' answer.
• References: Two references (one from a regulated entity) where the applicant has existed for more than one month before filing.

The form itself does not state filing deadlines; it functions as the information-gathering component of the licensing application process, to be submitted with the attachments it specifies before the Commission will consider granting a licence or certificate.

Key obligations

• Applicants must disclose all shareholders, controllers and corporate shareholders, including beneficial owners and any share encumbrances
• Applicants must append Form A of the Approved Persons Regime for any shareholder, controller, director or senior officer not yet approved by the Commission
• Applicants must list all directors and senior officers and identify individuals representing any corporate directors
• Applicants must attach an auditor's or actuary's letter confirming willingness to act, and identify solicitors/legal advisers who must be independent from directors and shareholders
• Applicants must submit a draft compliance manual including client acceptance procedures and know-your-customer policies
• Applicants must provide details of paid up capital and, where applicable, a written undertaking or guarantee to contribute capital before or at commencement of business
• Applicants established more than one month before filing must provide a statement of assets and liabilities certified by a director or senior officer, and two references, one from a regulated entity
• Applicants must submit a business plan covering background, business development, management structure, operating policies and financial projections
• Applicants must disclose any prior regulatory refusals, suspensions, enforcement actions, receivership proceedings, or fitness and propriety issues affecting the applicant or its officers, with full supporting details attached

Applies to

applicants for a licence or certificate as a financial services business provider, financial services business providers