Whether you are a business or individual, enlisting the help of a professional consultancy firm will help you to facilitate the process of acquiring a BVI forex license, and significantly speed it up. Obtaining a financial license is not a straightforward procedure as it involves submitting a broad range of documents and credentials.
The British Virgin Islands Financial Services Commission is responsible for all financial services that are carried out within the British Virgin Islands, including banking, investment business, insolvency service and insurance business. In addition, the BVI FSC is responsible for company formation, company management and intellectual property in the British Virgin Islands. The BVI FSC is also responsible for the issuing of financial licenses for use in the foreign exchange industry.
Today there is a great deal of interest from forex brokers looking for a BVI forex license. In 2010 the BVI Financial Services Commission drafted and put into law the Securities and Investment Business Act of 2010, which provided a newly assessed set of rules and regulations for forex brokers and other investment business firms to abide by, that are independent of previous acts. Prior to this, the Mutual Funds Act of 1996 regulated all investment activity in the BVI. The new act has brought all financial activity it up to the correct level of regulation for all investment business. Today, all BVI forex broker licenses are regulated by the BVI FSC.
Although FX broker specific laws and regulations are relatively new to the BVI FSC, they have been dealing with investment firms and issuing FX licenses since the mid 1990’s. They also have many years of experience in regulating both investment firms and forex brokers, through the Mutual Funds Act.
It is strongly advised to seek the advice and guidance of an expert firm to assist you with the application process. This will enable you to better understand the license application procedure and ensure that you get the most out of your BVI forex license.
To obtain a license you will need to have a company in the British Virgin Islands that is specifically formed for the purpose of providing forex activities. During the application procedure you are required to submit special Memorandum and Articles of Association. In addition, you will need to submit a full pack of documents which cover every aspect of the forex license requirements. A rigid business plan must also be submitted, along with a full document that includes your compliance procedures. Further, all company manuals for internal and external procedures must be submitted. All documentation must be completed and submitted in accordance with the BVI FSC.
The procedure for applying for and obtaining a BVI FSC license is a fairly long and complicated one. Using the support and guidance of Starting Business to guide you through the entire application process can ensure that you follow all the correct procedures and supply the correct documents to the BVI FSC in a quick and timely manner. We will also ensure that you are compliant at every stage, and follow the correct procedures in place as stipulated by BVI FSC.
Contact Us to learn about the comprehensive consultancy and assistance Starting Business can provide with BVI forex licensing.