Preliminary Licences Transferability of Shares Administration Miscellaneous Particulars in Applications Fees for the Grant of a Licence Fees for the Renewal of a Licence

BRITISH VIRGIN ISLANDS

BANKS AND TRUST COMPANIES ACT, 1990

First Schedule

(Section 4(2))

Particulars To Be Specified In Applications

Every company applying for a licence under this Act shall furnish in writing to the Governor the following particulars which shall accompany the application:

(1)  Name of applicant.

(2)  Address in the Virgin Islands of principal office of applicant and, in the case of a company incorporated in the Virgin Islands, its registered office.

(3)  The names and addresses of all directors.

(4)  The names and addresses of all shareholders.

(5)  The names and addresses of all officers and managers.

6) Names and addresses of solicitors, if any, to the applicant, together with a letter from the solicitors confirming that they act for the applicant.

(7)  Names and addresses of auditors of the applicant, together with a letter from the auditors confirming that they act for the applicant.

(8)  Evidence of the proper incorporation of the company in the Virgin Islands or in the country of incorporation, as the case may be.

(9)  Evidence in writing that the applicant itself or some person directly or indirectly connected with the applicant is possessed of solid and practical experience in banking business or trust business, as the case may be.

(10)  The following:

(a)  an undertaking in writing to provide and set apart a fully paid up capital before or at the time it commences business, such as the Governor may in his absolute discretion determine, or by a guarantee under seal of such sum given by a holding or parent or other company approved by the Governor; and

(b) the guarantee referred to in subparagraph (a) shall expressly provide that its formal validity, its essential validity, its interpretation and effect and the rights and obligations of the parties to it are governed exclusively by the law of the Virgin Islands and that the court of the Virgin Islands only shall be the forum for these purposes.

(11)  Character references in writing, together with such other evidence as the Governor may require, that neither the applicant nor any director or officer of the applicant has a criminal record either in the Virgin Islands or elsewhere.

(12)  Annual accounts of its holding company, if any, for the preceding 3 years and thereafter annually duly audited and certified by an independent auditor.

(13)  Names of all subsidiary companies of the applicant with addresses of their registered offices.

(14)  A copy of the act, charter, certificate of incorporation or memorandum of association and articles of association, as may be appropriate, verified by an affidavit sworn by a director, secretary and duly authenticated as follows:

(a)  in the case of a company incorporated in the Virgin Islands,  notarised; and

(b)  in the case of a foreign company, certified and authenticated under the public seal of the country, city or place under the laws of which such country has been incorporated.

(15)  References, including one from a bank or trust company.

(16)  Statement of assets and liabilities at the end of the month prior to the submission of the application certified by a director or senior officer.

(17)  Statement of capital of any other company held, directly or through a subsidiary, as an asset of the applicant.