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BVI FSC To Launch New Internet-Based Information System

by Amanda Banks, Tax-News.com, London

08 December 2006


The British Virgin Islands Financial Services Commission (BVIFSC) has announced that its exisiting registry and information system will be closed permanently, as it puts in place a new and improved internet-based system.

According to the FSC, the new 'Virtual Integrated Registry and Regulatory General Information Network,' or VIRRGIN for short, will present industry practitioners with a thorough electronic mechanism for handling, processing and receiving feedback on critical documents filed with the Registry of Corporate Affairs.

The FSC says that the new system represents a "quantum leap" in the delivery of services provided by the Registry, and will make the processing of Registry documents more efficient, user friendly and fully electronic.

"The BVIFSC is constantly seeking ways to better serve the industry and this new system is just another example of this vigilance," the regulator said.

The launch of the new system will take place in several phases. The first phase of the system will be delivered to the industry on 12 December 2006 for services provided by the Registry. In preparation for this transition, access to the Registry’s current online system will be permanently disabled at 3pm on Friday 8 December 2006. The FSC warned that this cut off time will be "strictly enforced".

Once the new system is fully operational, it will have several improved features, including:

  • Electronic filing of all documents
  • Restricted access to licensed BVI based Registered Agents
  • Email confirmation for documents received by Registry
  • Online transaction queries for pending transactions
  • Electronically generated and issued defective notices with transaction reference codes
  • Electronically signed certificates and electronically stamped and returned M&As.

The FSC expects the system to require minimal end user computer resources, and to be compatible with most systems.

The system will be subscription based and use will be complementary through February 28, 2007.


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