Premium Services Transactions: Frequently Asked Questions (FAQs)

Summary

This is a guidance FAQ published by the BVI Financial Services Commission explaining how its optional 'Premium Services' expedited filing service works for certain Registry of Corporate Affairs transactions. It covers turnaround times, eligible transaction types, fees, and what happens if a submission is defected, rejected, or not processed within the promised window.

• Turnaround time: Premium transactions are processed within 4 hours (excluding any time under defect status), and may be submitted up to 6:00 p.m. daily to qualify for same-day 4-hour turnaround.
• Eligible transactions: Premium Services covers specific filings: R103 Application for Continuation, R310 Change of Company Name/Foreign Character Name, R201 Amendment of Memorandum/Articles, R401 Registration of Charge, R402 Variation of Registered Charge, R403 Notice of Satisfaction/Release of Charge, R602 Registration of Articles of Merger, and R701 Notice of Continuation out of the Virgin Islands.
• Fees: Premium service carries an additional $500 fee per transaction on top of the standard statutory filing fee, shown separately in transaction and accounting records.
• Defects and rejections: A defected Premium transaction must be resubmitted within 4 hours to retain Premium status; if the defect period lapses or the transaction is rejected, only 50 percent of the premium fee is charged and resubmission is required.
• Missed turnaround: If a transaction submitted between 7:00 a.m. and 6:00 p.m. is not approved within 4 hours, no premium fee is charged, only the statutory filing fee.
• Weekend/after-hours submissions: For transactions submitted on weekends, holidays, or after 6:00 p.m. on a working day, the 4-hour processing window begins at 7:00 a.m. the next business day.

The FAQ is informational guidance on an optional expedited service rather than a mandatory compliance regime; entities that elect to use Premium Services must observe the stated resubmission timeframes to retain premium status and pricing.

Key obligations

• A defected Premium service transaction should be resubmitted within 4 hours of the defect to maintain its Premium service status.

Applies to

Registered Agents, BVI Business Companies

Deadlines

• within 4 hours of the defect: Resubmission deadline to maintain Premium service status after a transaction is defected
• by 6:00 p.m. daily: Latest time Premium transactions may be submitted to qualify for same-day 4-hour turnaround