Brokers and liquidity providers that contract through a BVI business company hold this licence, which governs the company’s dealing with clients worldwide under one common-law regulator.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money, cryptoasset and consumer credit firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission, set against the regulator’s own published figures.
Client money and liquidity provider accounts arranged alongside the application, so you trade on authorisation.
Candidates introduced for two directors, a compliance officer and representative, each assessed against the regulator’s standard.
A reply within three business hours and a written proposal the same day: the licence, the requirements, the cost and the timing.
You will need two directors, a compliance officer and a certified authorised representative in the BVI, each approved by the FSC as fit and proper.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
The regulator’s requirements, capital, timing, fees and the questions firms ask, from the regulator’s own publications.
A business dealing in investments, arranging deals, managing investments, advising, holding investments in custody, administering investments or operating an investment exchange in or from within the British Virgin Islands needs a licence under the Securities and Investment Business Act 2010. The licence is the route for forex and CFD brokers, securities dealers and liquidity providers that use a BVI business company as the contracting entity. The Approved Manager regime is not available for dealing: an approved manager may only manage or advise private and professional funds and related persons, and may carry on no other business.
| Category | Activity | Sub-categories |
|---|---|---|
| Category 1 | Dealing in investments | A: dealing as agent; B: dealing as principal |
| Category 2 | Arranging deals in investments | None |
| Category 3 | Investment management | A to E |
| Category 4 | Investment advice | A and B |
| Category 5 | Custody of investments | A and B |
| Category 6 | Administration of investments | A and B |
| Category 7 | Operating an investment exchange | None |
A licence is issued in one or more categories and further categories may be added later by application. Carrying on business in the territory includes occupying premises there for the purpose or soliciting a person there.
| Requirement | Amount |
|---|---|
| Minimum capital resources | The amount the Regulatory Code prescribes for the nature, size, complexity and risk profile of the business; no fixed dollar figure is published for Category 1 |
| FSC direction | The FSC may direct a higher amount for a particular licensee |
| Review | At least annually, with notification if resources fall below the minimum |
| Professional indemnity insurance | At a level suited to the business, or exemption |
The capital figure for a dealing business is set by the FSC during the application, to the nature, size, complexity and risk of the business.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | No statutory period; section 6 of the Act sets the criteria for grant | Securities and Investment Business Act 2010, section 6 |
| Regulator’s published figure | 6 weeks, about 1.4 months, for a decision on a complete application; 3 months where the usual and necessary information was not provided; acknowledgement within 2 working days | BVI FSC performance, accountability and supervisory service standards, Investment Business Division |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 2 to 3 months after submission | The firm’s own figure, from the regulator’s published data and its own applications |
Figures published by the regulator are quoted as published and converted to months. The realistic timeline is the firm’s own, for a complete, well-prepared application.
| Item | Amount | Notes |
|---|---|---|
| Application fee | US$1,000 | Per category or sub-category applied for |
| Initial licence fee, Categories 1 to 5 | US$1,500 | US$750 where the licence is granted after 30 June |
| Annual renewal, Categories 1 to 5 | US$1,500 | Due by 31 January |
| Initial licence fee, Category 6 | US$2,500 | US$1,250 after 30 June; annual renewal US$2,500 |
| Director or senior officer approval | US$150 application; US$250 approval | No separate fee where the approval is part of the licence application |
| Professional fees | Fixed, in writing | Quoted after scoping |
The licence covers investment business in or from within the British Virgin Islands. A BVI business company is treated as carrying on investment business from within the territory wherever it acts, so the licence governs the company’s dealing with clients worldwide. It gives no right to market in regulated jurisdictions: a firm serving clients in the United Kingdom or the European Union holds the FCA authorisation or an EU authorisation for those markets. Opening a foreign branch or subsidiary needs the FSC’s prior approval.
The Act states what the FSC is satisfied on before it issues a licence, and the service standards state when the six-week period becomes three months.
A dealing firm needs client money accounts separated from its own funds, operating accounts in its base currency and settlement accounts in the currencies it quotes, together with onboarding at one or more liquidity providers or prime brokers before the first trade. Each institution reviews the licence, the financial crime framework and the flow of funds before opening an account. The firm arranges the accounts and the liquidity provider onboarding alongside the application, so the firm trades on authorisation. See banking and payment processing.
Category 1 sub-category B where the broker deals with clients as counterparty; sub-category A where it deals as agent on a straight-through basis. The Approved Manager regime is not available for dealing.
The Regulatory Code sets capital to the nature, size, complexity and risk of the business, reviewed at least annually, and the FSC may direct a higher amount. No fixed figure is published for Category 1; the FSC sets the figure for the business during the application.
There is no statutory period. The FSC’s service standard is six weeks for a complete application and three months for an incomplete one; the firm plans for two to three months after submission.
A certified authorised representative in the territory at all times, unless the licensee has a significant management presence there. Physical presence is a factor the FSC weighs for non-BVI applicants rather than a requirement.
Yes. Further categories are added by application, with a two-week service standard for an extension of licence scope.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm advises on authorisation, compliance, safeguarding, banking and transactions, and builds the white-label payment and card technology its clients launch on.
A written proposal on cost, timing and requirements, the same day: speak to an expert.
This guide is general information for firms considering authorisation and is reviewed against the regulator’s published requirements. It is not legal advice; requirements and fees change, and the regulator’s current publications take precedence.
The requirements, the cost and the timing for your business, in a written proposal the same day.