Form F100 Part 2 - Additional Information Required in the Case of a Banking or Fiduciary Services Business Licence Application

Summary

This is Part 2 of Form F100, the BVI Financial Services Commission's application form for a Licence or Certificate as a Financial Services Business Provider. It sets out additional information and supporting documents that must be submitted specifically where the underlying application is for a Banking or Fiduciary Services Business licence, supplementing the general information required in Part 1 of the form.

• Registered office/agent services: Applicant must indicate whether it intends to provide registered office and/or registered agent services.
• Authorised agents: Names, addresses and contact details of persons appointed as Authorised Agents for the applicant must be listed.
• Subsidiaries to be included in the licence: Details of each subsidiary to be covered by the licence, including name, principal and registered office, and activity, plus incorporation details and supporting documents (Certificate of Incorporation, Memorandum of Association, Charter/Articles of Association, and Evidence of Good Standing where applicable).
• Subsidiaries not included in the licence: A separate list of subsidiaries that are NOT to be covered by the licence, with name, principal office, registered office and activity.
• Additional Banking licence requirements: For a Banking licence application specifically: a letter from the home supervisory authority confirming satisfaction with a proposed branch or subsidiary establishment, and a detailed Business Plan covering business objectives, management structure, business development, three-year financial projections, operating policies (capital adequacy, liquidity, risk concentration and risk management) and internal controls.

The form itself does not state filing deadlines or a commencement date; it is a supporting application document to be completed and submitted alongside the main licence application.

Key obligations

• Applicants for a licence covering subsidiaries must provide incorporation details and attach Certificate of Incorporation, Memorandum of Association, Charter/Articles of Association, and Evidence of Good Standing (where applicable) for each subsidiary to be included in the licence.
• Applicants must disclose subsidiaries not to be included in the licence, including their principal office, registered office and activity.
• Banking licence applicants must obtain and submit a letter from their home supervisory authority confirming satisfaction with the proposed branch or subsidiary establishment.
• Banking licence applicants must submit a comprehensive Business Plan covering business objectives, management structure, business development, three year financial projections, operating policies and internal controls.

Applies to

Banking business applicants, Fiduciary Services Business applicants, Financial Services Business Provider licence applicants