Guidance on Applying for Approval to act as Registered Agent for Micro Business Companies

Summary

This guidance from the BVI Financial Services Commission sets out the process for licensees to obtain approval to act as Registered Agent for Micro Business Companies (MBCs). Any person acting in this capacity must hold either a Class I trust or Class III licence under the Banks and Trust Companies Act, 1990, or a Company Management licence under the Company Management Act, 1990. The guidance distinguishes between existing Registered Agents seeking to add MBC services and new applicants seeking a licence solely for that purpose.

• Existing Registered Agents: Must submit an application form for MBC approval, a revised Compliance Manual or compliance procedures covering MBC services, a revised business plan, and a $250 application fee; a $750 approval fee is payable once approval is granted.
• New Registered Agents: Must apply for a Class III licence ($1,000 application fee) or a Company Management licence ($500 application fee) using the standard Approved Forms (General Part, Parts 1, 2, 5 and 6).
• Business plan content: Both existing and new applicants must detail the IT systems to be used, the CDD and customer risk assessment process, how CDD information will be collected and held, an itemised list of Registered Agent fees for MBC administration, and the website where those fees will be published.
• Assessment criteria: The Commission will assess applications based on the licensee's fitness and propriety, current risk rating, compliance culture, and particularly AML/CFT compliance.

The guidance does not impose a fixed submission deadline; it describes the ongoing application and fee requirements for any licensee wishing to provide registered agent services to MBCs.

Key obligations

• Persons acting as registered agent for MBCs must hold a Class I trust or Class III licence under the Banks and Trust Companies Act, 1990, or a Company Management licence under the Company Management Act, 1990.
• Existing Registered Agents seeking MBC approval must submit an application, a revised Compliance Manual or compliance procedures, a revised business plan, and pay a $250 application fee.
• Existing Registered Agents must pay a $750 approval fee once the Commission grants approval to act as Registered Agent for MBCs.
• New applicants seeking to provide registered agent services solely to MBCs must apply for a Class III licence (with a $1,000 fee) or a Company Management licence (with a $500 fee), using the prescribed application form parts.
• Applicants' business plans must include details of IT systems, CDD and risk assessment processes, handling of CDD information, an itemised fee schedule for MBC administration, and the website where fees will be published.

Applies to

Registered Agents, Class I trust licensees, Class III licensees, Company Management licensees, Applicants seeking to provide registered agent services to Micro Business Companies