Thursday, February 16, 2006

British Virgin Islands IBC regulation

Until 2001, the IBC registration process in the British Virgin Islands was regulated and controlled by the BVI government through the Financial Services Department.

With the enactment of the Financial Services Commission Act, 2001, the December of that year brought in some changes. As an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services to and from the BVI, the British Virgin Islands Financial Services Commission was established. These services include:

  • insurance;
  • banking;
  • trustee business;
  • company management;
  • mutual funds business;
  • registration of IBC companies and limited partnerships;
  • registration of intellectual property and ships.
The Commission undertook nearly all the functions that had previously been overseen by the British Virgin Islands government.

However, also several important additional responsibilities were introduced:
  • promoting public understanding of the financial system and its products;
  • reducing financial crime and preventing market abuse.

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