Regulatory Alerts2011-09-28
BVI Business Companies (Restricted Company Names) Notice, 2011
The Financial Services Commission of the British Virgin Islands issued this statutory instrument to restrict the use of specific words and phrases in company names under the BVI Business Companies Act, 2004. The Notice prohibits the Registrar from registering any company containing listed restricted terms unless the Commission provides prior written consent for their use. The Schedule enumerates these prohibited terms, which include financial and governmental designations such as 'Bank', 'Trust', 'Insurance', and 'Royal', along with their derivatives and abbreviations.
VIRGIN ISLANDS BVI BUSINESS COMPANIES (RESTRICTED COMPANY NAMES) NOTICE, 2011 ARRANGEMENT OF PARAGRAPHS Paragraph
- Citation.
- Restricted words or phrases. SCHEDULE
VIRGIN ISLANDS STATUTORY INSTRUMENT 2011 NO. 57 BVI BUSINESS COMPANIES ACT, 2004 (No. 16 of 2004) BVI Business Companies (Restricted Company Names) Notice, 2011 [Gazetted 29th September, 2011] The Financial Services Commission, in exercise of the powers conferred by section 18 (2) of the BVI Business Companies Act, 2004 (No. 16 of 2004), issues the following Notice:
- This Notice may be cited as the BVI Business Companies (Restricted Company Names) Notice, 2011.
- (1) The words and phrases listed in the Schedule, including any derivative or cognate term of the words or phrases and whether or not the words or phrases are spaced, in brackets or punctuated or are in the singular or plural are specified as restricted words or phrases. (2) Where an abbreviation contained in the Schedule is used as part of the name of a company, a full-stop may be placed at the end of the abbreviation or between the abbreviated letters.
(3) The Registrar shall not register a company that has a restricted word or phrase in its name unless the Commission has given its prior written consent to the use of the word or phrase. (4) Where the Commission consents to or approves the use of a restricted name which can be designated in an abbreviated form, the company to which the restricted name relates may use either the full or the abbreviated form of the restricted name as part of the company’s name. Citation. Restricted words or phrases. Schedule
SCHEDULE Ahorra Captive Fondos Mutuds i-gaming Provident Annuity Casualty Fondos Mutuos i-insurance Prudential Anonima Chamber of Commerce Forex i-investment Receiver Anonyme Change Foundation i-money services Receivership Arbitrage Chartered Fund i-trust Registry Association Church Funding Law Re-insurance Assurance College Gambling Lease Reinsurance Assurer Companies Registry Gaming Leasing Reinsurer Authorized Representative Company Registry Geldmittl Life Risk BVI Cooperative Government Limited Partnership Royal Banc Cooperative Society Governor Liquidation Saving Banco Council Guarantee Liquidator Savings and Loans Bancorp Credit Guaranteed LLC School Bank Crown Hedge LLP Sovereign Banker Currency Hedge Fund Loan Surety Bankrupt E-change HMS Lottery Transmission Bankruptcy Exchange IBC LP Trust Banque e-bank Imperial Majesty Trust Company Belegginsfonds e-commerce Indemnity Money Trust Corporation (Belegginsfonds) e-gaming Insolvency Money Services Trustee Betting e-savings Insolvent Mutual Trustee Company Bingo Fidelity Insurance Mutual Fund Underwrite British Fiduciaire Insurer NTL Underwriter British Virgin Islands Fiduciare Int Official Liquidator Underwriting Broker Fiduciary Intl Official Receiver University Brokerage Financing Island Official Trustee VI Building Society Financing Business i-bank Partnership Virgin Islands Bureau Fondo i-financing Pharmacy Caja Fondos Mutude i-fund Protected Cells Issued by the Financial Services Commission this 15th day of September, 2011. (Sgd.) Robert Mathavious Managing Director/CEO Financial Services Commission