New Bearer Shares Regime Fees Custodians Authorised Custodians Recognised Custodians Requirements for Shareholders Transfer of Bearer Shares Alternatives Cancellation of Bearer Shares Register of Directors

Authorised Custodians

Authorised Custodians must be licenced by the BVI Financial Services Commission. It is probable that BVI Trust Companies and Banks are licenced as Authorised Custodians, however the requirements are still not defined.

It will also be possible for a financial institution to apply to become an “Authorised Custodian”, if it can prove that it is subject to recognised customer due diligence obligations and principles. Actually, it seems that the requirements for becoming an Authorised Custodian will be reasonably difficult to satisfy and include, in addition to special security measures, insurance and audit measures.

BVI FSC has issued an Aide Memoire which gives guidance to applicants wishing to obtain the licence. A copy of this document can be accessed on the Commissions website.