Wednesday, 10th November 2010Licencing is a MUST!

Applications Should Have Been Submitted by 30 September 2010

If you have been carrying on financing or money services business from within the British Virgin Islands, you must obtain a licence to continue to do so; to continue to offer money services and finance business services, such as the provision of credit under financing agreements or leasing of property to a person resident in the Virgin Islands under a finance lease, without a licence is illegal and can result in the entity being subject to a fine of $60,000!

Licence applications should have been submitted to the Financial Services Commission (the "Commission") by 30 September 2010.  If you have not submitted your application to date, it is not too late; however, you should cease the provision of such services and contact your registered agent or lawyers immediately, to assist you with the application process.

As part of the licensing application process, amongst other items, you will need to provide the Commission with a copy of your compliance manual, business plan, financial projection and a letter of willingness to act as auditor. 

The auditor of your entity will be required to form an opinion on not only the entity's financial statements, but also on its compliance with its obligations under the Anti-money Laundering Regulations and Code of Practice.  Therefore, it is imperative that when you select your auditor you ensure that they have a proficient understanding of the relevant legislation and significant prior experience in the provision of such services; this will ensure that you obtain the best value for money.

Baker Tilly (BVI) Limited has extensive experience in business advisory as well as with the provision of internal and external audit services.  We have provided assistance to various companies in each of the above mentioned areas and can assist you with fulfilling both your pre and post licence application requirements. Our team of business advisors and auditors will ensure that your needs are satisfied.  For further information, contact Kyria Ali FCCA CIA CFE, Business Advisory Manager, at kali@bakertillybvi.com or at 494-5800 ext 226.