British Dependent Territory in the Caribbean comprising 36 islands. First inhabited by Arawak and later by Carib Indians, the Virgin Islands were settled by the Dutch in 1648 and then annexed by the English in 1672. The islands were part of the British colony of the Leeward Islands from 1872-1960; they were granted autonomy in 1967. The economy is closely tied to the larger and more populous US Virgin Islands to the west; the US dollar is the legal currency.
Country: British Virgin Islands
Population: 22,000
Capital: Road Town
Currency: US dollar
Language: English speaking
BVI VASP Company Formation £435000.00 + Vat
Request Callback
Enter your contact information below and someone will be in touch
| Services Included | Year 1 | Year 2 onwards |
|---|---|---|
| Incorporation | ||
| Corporate Structuring | ||
| Government Fee | US $450 | |
| Corporate Domicile | £585 | |
| Accounting Data Address | Optional Extra | |
| Director and Nominee Service | Optional Extra | Optional Extra |
| Estimated renewal costs in year two: £267,500.00 |
Please note that the amounts showing in US$ are local costs and are passed on at cost – no profit element is added by Turner Little to cost prices in these areas.
BVI Company Formation with VASP Registration
Capabilities of a BVI Virtual Asset Service Provider (VASP):
- Operating a virtual assets exchange, subject to FSC approval
• Facilitating exchange of virtual assets for fiat currency or other virtual assets for third parties
• Providing custody or control of virtual assets on behalf of clients, subject to custody registration
• Executing virtual asset trades within the scope of approved activities
• Facilitating matched transactions within the scope of approved activities
• Offering virtual asset transfer services
• Providing financial services related to an issuer’s offer or sale of virtual assets
• Assessing token issuance and advisory services separately for applicable regulatory permissions
• Acting as intermediary for third-party virtual asset transactions within approved activities
• Managing client onboarding, due diligence, AML/CFT and Travel Rule procedures
Requirements to Form a BVI Company and Apply for VASP Registration:
To incorporate a BVI entity and progress VASP registration under the Virtual Assets Service Providers Act, 2022, the following steps must be completed:
Regulatory & Anti–Money Laundering Requirements
To comply with BVI Financial Services Commission (FSC) and AML requirements, relevant beneficial owners, controllers and shareholders must provide:
– Certified identity documents, including passports
– Proof of residential address
– Background, source of funds and criminal record evidence where required
Nominee arrangements do not remove these obligations. Confirm certification and apostille requirements with the filing adviser.
Incorporation of BVI Company
A BVI business company must be incorporated before submitting its VASP application.
The business must establish appropriate management, governance and AML oversight. This includes:
• At least two individual directors, approved Compliance Officer and qualified MLRO; a BVI resident director if required by the FSC
• A BVI registered office and licensed registered agent, with an approved authorised representative unless the statutory exception applies
• Adequate governance and operational arrangements, and an FSC-approved auditor unless exempt
Virtual Asset Trading Platform Requirements
Under the Virtual Assets Service Providers Act, 2022, a virtual assets exchange means a trading platform that:
(a) Allows offers or invitations to buy or sell virtual assets in exchange for money or virtual assets; and
(b) At any point in its business comes into:
(i) Custody, control, power or possession of money; or
(ii) Custody, control, power or possession of virtual assets.
Operation requires FSC registration in the applicable exchange category, with the additional Part IV requirements. Custody and other services may require further categories.
Substance, Operational & Compliance Requirements
The FSC requires:
• Detailed business plan and operational model
• Cybersecurity, IT system and independent technology assurance arrangements
• AML/CFT/PF framework, Travel Rule controls and compliance manuals
• Client asset segregation, safekeeping and wallet management procedures
• Risk assessment, market integrity, continuity and wind-down controls
• Fit-and-proper assessments and approval of directors and senior officers
• Appropriate registered agent, authorised representative, auditor and compliance arrangements
Capitalisation & Financial Requirements
Capital and liquidity must reflect business complexity, transaction volume, custody obligations and platform risk. There is no single prescribed minimum for every VASP.
The FSC requires or may impose:
• Evidence of adequate paid-up capital and financial resources
• Professional indemnity insurance or an acceptable alternative, and a regulatory deposit where required
• Demonstration of solvency, adequate liquidity and operational resilience
Additional compliance or regulatory work may incur time-based fees depending on complexity.
VASP Registration Application Duration
The FSC aims to provide initial comments within six weeks of a complete application and conclude processing within six months of initial submission; approval is not guaranteed.
Before filing, we work with you to prepare:
– AML/CFT documentation
– Compliance manuals
– Cybersecurity and systems descriptions
– Corporate governance framework
– Risk assessments
– Client asset and custody procedures
Important Notes
Information presented may change without notice due to evolving BVI legislation or regulatory policy.
If legal or regulatory frameworks change during the application process, we will notify you of any additional requirements and associated cost implications. Quoted fees cover standard applications; more complex structures, re-submissions, or enhanced regulatory scrutiny may incur additional fees. Ongoing MLRO/AMLCO/Compliance Officer remuneration is not included.
The VASP regime requires robust risk management, cybersecurity, operational resilience, and market surveillance arrangements. Our guidance identifies applicable obligations but excludes procurement of IT systems or trading platform infrastructure.
Where a regulatory deposit is required, we can assist with arrangements. We can also assist in arranging banking, custodial or operational accounts, subject to provider approval.
Banking
A member of the banking team will be able to advise on the most suitable offshore bank account.
Company Renewal:
BVI Companies are required to file every year on either the 31st of May, or the 30th of November, depending on which half of the year the company is incorporated. We will write to you automatically to remind you of the impending renewal in May or November as appropriate.