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BRITISH VIRGIN ISLAND COMPANY FORMATION
Regulations on Virtual Assets
The new VASP law of the BVI came into effect on February 1, 2023, and any entity that provides virtual asset services or intends to act as a VASP in or from the BVI must register with the Commission.
Registration and Licensing of VASPs: To operate VASPs in the BVI, you must obtain a license and complete the registration process.
The registration process is as follows
Business processes and corresponding internal management systems: VASPs must establish and maintain reasonable internal management systems in relation to business processes.
Prevention of money laundering and terrorist financing: VASPs must take measures to prevent money laundering and terrorist financing, and implement appropriate procedures and technical measures to carry out such measures.
Customer Identification and Authorization: VASPs must implement appropriate processes for identifying and authorizing customers.
Reporting and Recordkeeping: VASPs must collect and retain information that must be reported to the regulator.
Authorization and Revocation: The BVI Financial Services Commission (FSC) may authorize or revoke the license of VASPs.
This law is intended to improve the safety and transparency of the virtual asset market by supervising and regulating the work of Virtual Assets Service Providers (VASPs).
FSC Virtual Asset Regulations Go to the relevant laws and regulations
* This is not a consultation and may contain subjective estimates, and we are not liable for any legal issues related to this.
BVI (British Virgin Islands) Incorporation Guide
Estimated time required (incorporation) :
After obtaining all documents, it takes 7 business days
Establishment Requirements:
There must be at least one shareholder and director, and one person can concurrently serve as a shareholder and director.
No restrictions on the nationality of shareholders or directors at the time of establishment
Depending on the industry, establishment may not be possible or a license may be required, so prior confirmation is required.
Establishment cost: USD3,000 (based on capital within USD 50,000)
Annual renewal fee: USD2,000 (yearly)
Included:
- Establishment of corporation
- First year corporate license, local agent registration and local registration address provided
- Certificate of Incumbency
Requirements and required documents for incorporation:
1. A copy of the shareholder/director's passport
2. Original fact authentication for the passport copy of the shareholder/director
- Korean passport: English passport copy certificate (issued by the ward office) ( View sample )
- Passport from other countries: Certified True Copy or Notarial Certificate ( see sample )
3. Two types of documents for the most recent (within 3 months) address in English for shareholders/directors (however, the address must be the same)
- Residency in Korea: English certified copy (community center) + Scan the front/back of the driver’s license ( View sample )
- Residence in another country: Utility Bill + Bank Statement (or equivalent official document) ( View sample )
4. Expert Recommendation Letter
- Expert Recommendation: Confirmation of customer relationship for more than 2 years from experts (accountant/lawyer/lawyer/tax accountant, etc.) ( View sample )
5. Bank statement in English for the last 3 months or BANK REFERENCE LETTER
6. English resume (CV/RESUME)
7. Fill out the application for incorporation ( Go to application )
Procedure:
1. Submit the required documents for the shareholder/director to be registered:
2. Payment of establishment cost
3. Confirmation after confirming whether the name of the corporation is possible
4. Sign the incorporation document provided by our company and send it by international mail
5. Proceed with establishment after receiving documents
6. Incorporation within 7-10 days after receipt of documents completion
*If you wish to open an account after establishment, please contact us in advance.
