Public Statement 14 of 2026 - Initial Solutions Limited

Summary

This is a Public Statement issued by the BVI Financial Services Commission announcing the revocation of the investment business licence held by Initial Solutions Limited, effective 3 August 2026. The FSC issued the statement under section 37A(2)(c)(i) and (ii) of the Financial Services Commission Act, 2001, citing multiple ongoing regulatory contraventions by the company.

• Unpaid fees: Failure to remit annual fees payable for 2023, 2024, 2025 and 2026.
• AML/CFT Returns: Failure to submit AML/CFT Returns for 2022, 2023, 2024 and 2025.
• Annual Returns: Failure to submit Investment Business Annual Returns for 2022, 2023, 2024 and 2025.
• Audited financials: Failure to submit audited financial statements for reporting years 2022, 2023, 2024 and 2025.
• Compliance officer reports: Failure to submit compliance officer reports for reporting years 2022, 2023, 2024 and 2025.
• Other: Likely failures of other compliance obligations.

The FSC confirms that, following revocation under sections 37(1)(a), 37(2)(a) and 38(1)(a) of the FSC Act, the company is no longer licensed to carry on any type of financial services business in or from within the Virgin Islands. The statement is purely informational and enforcement-related, naming a single entity rather than imposing new requirements on the wider industry.

Applies to

investment business licensees, securities and investment business licensees

Deadlines

• 3 August 2026: Effective date on which the FSC revoked Initial Solutions Limited's investment business licence.