Friday, December 08, 2006

BVI FSC Announces New Internet-Based Information System Launch

Some days ago the British Virgin Islands Financial Services Commission announced the establishment of a Company Law Review Advisory Committee, whose work will be connected with BVI offshore legislation. The new information released by the BVI FSC refers to the introduction of a new internet-based information system, featuring the electronic filing of documents. The announcement on this issue was made on 5 December 2006. FSC has informed that its existing registry and information system will be closed permanently.

The new “ Virtual Integrated Registry and Regulatory General Information Network'“ (VIRRGIN) will provide thorough electronic mechanism for handling, processing and receiving feedback on critical documents filed with the Registry of Corporate Affairs. It is stated in the press-release published by the Commission that the new system represents a “quantum leap” in the delivery of services provided by the Registry, and will make the processing of Registry documents more efficient, user friendly and fully electronic.

The new system will be launched in several phases. The first phase of the system will be delivered on 12 December 2006, for services provided by the Registry. In preparation for the transition, the access to the Registry's current online system will be permanently disabled at 3pm on Friday 8 December 2006.

BVI FSC regulator has noted that the BVI FSC is constantly seeking ways to better serve the industry, and this new system is another example of this vigilance. Actually, we may guess that the system will really improve service quality for industry practitioners and will be useful for clients.

The new internet information system is expected to require minimal end user computer resources and to be compatible with most systems. It will be subscription based and use will be complementary through February 28, 2007. After the completion of all phases of the system launch, it will have several new and improved features:

  • Electronic filing of documents;
  • Restricted access to licensed BVI based Registered Agents;
  • Email confirmation for documents received by Registry;
  • Online transaction queries for pending transactions;
  • Electronically generated and issued defective notices with transaction reference codes;
  • Electronically signed certificates and electronically stamped and returned M&As.
The BVI FSC is planning to issue additional information regarding the system and timelines through the end of the year.

PS BVI FSC has updated their website structure and design today.

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