Forex Licensing - British Virgin Islands

About BVI

The British Virgin Islands (BVI) is a popular location for acquiring a forex licence due to its well-established financial services industry, favourable tax laws, and respected regulatory environment. The BVI Financial Services Commission (FSC) is the regulatory authority in charge of providing forex licences and regulating the operations of BVI forex brokers.

Obtaining a forex licence in the BVI lends credibility and validity to a forex broker’s operations, improves its worldwide reputation, opens up new business options, and necessitates compliance with severe regulatory regulations.

The British Virgin Islands are located in the Caribbean, east of Puerto Rico, between the Caribbean Sea and the North Atlantic Ocean. Its latitude and longitude are 18°30′N 64°30′W. Central America and the Caribbean are mentioned on the map.

According to the most recent United Nations estimates, the current population of the British Virgin Islands is 30,799 as of Wednesday, May 3, 2023. The population of the British Virgin Islands is equivalent to 0.00039% of the total world population.

English is the official and most widely spoken language in the Virgin Islands. Literacy rates in the Virgin Islands range between 90 and 95%.

The SIBA (Securities and Investment Business Act), which was revised in 2020, governs forex regulation in the British Virgin Islands.

The maturity of the BVI’s forex licencing regime, combined with the jurisdiction’s status as a respected and well-established financial services centre, makes it an appealing option for forex brokers looking to operate in a regulated environment.

Gov. Capital Req. Timing Tax Rate
$1,000,000 3 months 0 %

Obtaining a forex licence in the British Virgin Islands (BVI) has various advantages, including:

1. Legitimacy and credibility

A forex licence in the BVI lends credibility and legality to the operations of a forex broker. It ensures clients that the broker is supervised by a reputable regulatory authority and that their funds are safe.

2. Reputation on a Global Scale 

The British Virgin Islands (BVI) has a well-established financial services industry and is regarded as a reliable jurisdiction for forex licencing. A BVI forex licence can improve a broker’s international reputation and make it more appealing to clients.

3. Beneficial Tax Laws

Because the BVI has a tax-neutral regime, forex brokers licenced in the BVI are not subject to corporate or income tax. For forex brokers, this can result in significant cost savings.

4. Banking Services Availability

A forex broker with a BVI forex licence has a better chance of opening bank accounts and accessing banking services in other jurisdictions. Due to the higher level of due diligence and compliance inspections, banks and payment processors may be more eager to engage with a licenced forex broker.

5. Business Opportunities

Obtaining a forex licence in the BVI can lead to new business prospects in other countries. The BVI has mutual recognition agreements with other financial services agencies, which makes it easier for licenced forex brokers to operate in other jurisdictions.

6. Compliance

A forex licence in the British Virgin Islands requires brokers to adhere to severe regulatory criteria such as maintaining adequate financial reserves, implementing suitable risk management systems, and submitting frequent reports to the regulator. This ensures that the broker is acting responsibly and legally, which can assist to develop confidence with clients and regulators.

License: Financial Business Provider
Timeframe for Approval: 3 to 4 months
Regulator: British Virgin Islands Financial Service Commission (BVI FSC)
Authorised Activities: Forex, Offshore Financial Services, Fishing, Agriculture, Real Estate, Education, Construction, and Energy
Corporate Structure: BVI Business Companies (BVIBC) are formed under the BVI Business Companies Act, 2004.
Corporate Tax Rate: 15%
Currency: US Dollars
Capital Requirement: There is no official minimum capital requirement, these are determined case by case (on average capital is expected to be between 100 000 USD – 1 0000 000 USD)
Paid-up Capital: 50000
Economic Support: Tax Incentives,
Business Support,
Infrastructure Development,
Investment Promotion,
Regulatory Framework
Local Director/s: At least 2 directors (no need to be resident and no nationality restrictions)
Local Shareholder/s: At least 1 shareholder (no need to be resident and no nationality restrictions)
Local Registered Officer: Required
Local Staff: Required
Compliance Officer: Required
AML/KYC: Required
Audit: Required
Main Benefits: Favorable Business Environment
Tax Incentives
Regulatory Framework:
Access to International Markets

The following procedures are normally required to obtain a forex licence in the British Virgin Islands (BVI):

1. Form a BVI Corporation

The first step is to establish a corporation in the British Virgin Islands that will serve as the forex broker. The BVI Business Companies Act requires the firm to have at least one director, a registered office in the BVI, and a registered agent.

2. Create the Application

The forex broker must submit a complete application for a forex licence to the BVI Financial Services Commission (FSC). The application must include information about the ownership, structure, and management of the company, as well as facts about the anticipated business operations, compliance procedures, and risk management policies.

3. Fill out the Application

The application, along with the requisite fees and accompanying documentation, must be submitted to the BVI FSC. The FSC will assess the application and, if necessary, may request additional information or clarification.

4. Background Investigations

The BVI FSC will conduct background checks on the company's directors, officers, and shareholders to ensure they are qualified to have a forex licence.

5. Due Process

The FSC will also review the company's compliance procedures, risk management policies, and internal controls to ensure they meet regulatory requirements.

6. Licence Acceptance

If the application is approved, the BVI FSC will grant the company a forex licence. The licence will specify the criteria and requirements that the company must meet in order to keep its licence, including continuous compliance and reporting requirements.

7. Ensure Compliance

The forex broker must follow all relevant BVI rules and regulations, including filing annual returns, keeping proper records, and reporting to the FSC on a regular basis. In addition, the broker must follow best practises for risk management, compliance, and internal controls.

  • Management of the Company
  • Management of Investments
  • Custodial Assistance
  • Services in Technological Areas
  • Insurance Banking
  • Trustee Obligations
  • Mutual Funds Industry
  • Limited Liability Companies
  • Ships and Intellectual Property

For every beneficial owner, shareholder, director, and authorised signatory:

  • A notarized copy of a current passport
  • A copy of proof of residence address (for example, a utility bill no older than three months)
  • A notarized copy of a letter of recommendation from a bank, attorney, or accountant
  • Corporate Documents (Copies must be notarized or certified by an attorney in order to be accepted)
  • Local regulatory authorities:

For each beneficial owner, shareholder, director, authorised signatory, and secretary is required to supply this information:

  • A notarized copy of a current passport
  • A copy of proof of residence address (for example, a utility bill no older than three months)
  • Professional letter/bank recommendation
  • A copy of a university diploma that has been notarized
  • Curriculum vitae
Mobilization Fee 33% $5-15,000
Filing of Application with Belize IFSC 33% $5-15,000
Obtain Forex License 33% $5-15,000
Total Professional Fee: 100% $1-45,000


  • Create a BVI private limited company.
  • Shareholder and officer agreements are prepared and drafted.
  • Prepare and write a narrative business strategy.
  • Current financial statement preparation and drafting.
  • Financial predictions for three years must be prepared and written.
  • Personal financial statements for owners are prepared and drafted.
  • Application preparation and submission to the BVI FSC
  • Responses to BVI FSC preparation and drafting
  • Identification and hiring of an auditor and a forex prime broker.
  • Make it easier to open bank accounts and payment processors.
  • AML/KYC policies and procedures are prepared and drafted.
  • Client agreements and disclosures are prepared and drafted.

1. Establish international business corporation.
2. Preparation and drafting of shareholder and officer agreements.
3. Preparation and drafting of narrative business plan.
4. Preparation and drafting of current financial statements.
5. Preparation and drafting of 3 years financial projections.
6. Preparation and drafting of personal financial statements for owners.

7. Preparation and submission of application with appropriate regulatory authority
8. Preparation and drafting of responses to regulatory authority
9. Identification and engagement of auditor and forex prime broker.
10. Facilitate opening of bank accounts and payment processors.
11. Preparation and drafting of AML/KYC policies and procedures.
12. Preparation and drafting of client agreements and disclosures.