Revisions in BVI Due Diligence Requirements

All corporate service providers as regulated by the Financial Services Commission of the BVI are bound to observe the respective anti-money laundering laws, regulations and/or guidelines issued by the competent authorities in BVI.

A recently received a report from the BVI authorities, which details the action that needs to be taken from  our end to assure ensure that the records and information kept in the companies’ files are complete and in compliance with local legislation.  

In order to comply with these new requirements and avoid incurring penalties, we must (on the behalf of our agents in BVI) make immediate adjustments to our current practices. New features have been added to our case/invoicing application that will allow us to keep control of pending required documentation/information, or “Basic BC’s DD”, as we will refer to it from now on.

CHANGES - BVI BC companies:

We have to  receive Basic BCs DD documents/information to all our clients before the delivery of the company’s documents, to wit:

  1. Detailed business activity for which the Company was incorporated or is currently carrying on and the region where the business activity is conducted.
  2. Imprint of Corporate Seal  -  
  3. Copy of the Register of Directors
  4. Copy of the Register of Members or Shareholders
  5. Certified copy of an ID/passport for any individual directors. For corporate Directors, we will require copies of the Certificate of Incorporation (CI) or Certificate of Good standing (COG) plus a Certificate of Incumbency (COI) or its signatory list including certified copies of ID/Passport of the persons listed as Directors or included under the signatory list. This will also apply for all active Directors
  6. Location of the original registers
  7. Consent to Act Letter for the directors appointed on or after 1st January 2006.
  8. Regulations also make a provision for the collection of the following documents,
    1. Reference letters of the directors/shareholders/B.O.
    2. Proof of physical address of the directors/shareholders/B.O;

These documents should be readily available to be provided to us upon request or you may decide to provide us copies of same to be kept in our companies’ records.