Introduction

The British Virgin Islands Financial Services Commission (BVIFSC) is responsible for the registration and regulation of all types of financial services businesses operating in the British Virgin Islands (BVI). One of the key departments of BVIFSC is its Company Affairs Division, which is responsible for the registration of BVI companies. In this article, we will provide an overview of the responsibilities and processes of the BVIFSC Company Affairs Division.

Registration of BVI Companies

The BVIFSC Company Affairs Division is responsible for the registration of all BVI companies, including companies limited by shares, companies limited by guarantee, and unlimited companies. The registration process involves the submission of a memorandum and articles of association, as well as other relevant documentation, to the Company Affairs Division. The division is also responsible for the approval of the company's name and the appointment of its directors and officers.

Corporate Governance Requirements

The BVIFSC Company Affairs Division is responsible for ensuring that BVI companies comply with corporate governance requirements. This includes ensuring that companies maintain accurate and up-to-date records, hold regular meetings of shareholders and directors, and comply with all relevant laws and regulations. The division also has the power to investigate and take action against companies that fail to comply with these requirements.

AML/CFT Obligations

BVI companies, like all financial services businesses operating in the BVI, are subject to anti-money laundering and counter-terrorism financing (AML/CFT) obligations. The BVIFSC Company Affairs Division is responsible for ensuring that BVI companies comply with these obligations. This includes conducting on-site inspections to ensure that companies have appropriate AML/CFT policies and procedures in place and that these are being implemented effectively.

Customer Due Diligence

As part of their AML/CFT obligations, BVI companies are required to perform customer due diligence (CDD) on all of their clients. The BVIFSC Company Affairs Division is responsible for ensuring that BVI companies have appropriate CDD systems and procedures in place and that these are being implemented effectively.

Conclusion

The BVIFSC Company Affairs Division plays a crucial role in the regulation of BVI companies. Its responsibilities include the registration of BVI companies, ensuring compliance with corporate governance requirements, AML/CFT obligations, and customer due diligence. By ensuring that BVI companies operate in a transparent and accountable manner, the Company Affairs Division helps to maintain the reputation of the BVI as a global financial services centre.