British Virgin Islands: BVI Restricts The Use Of Certain Words In Company Names

In a Notice issued on 15 September 2011, the BVI Financial Services (the "FSC") specified restricted words and phrases which may not be used when registering company names whether in relation to incorporation, continuation, merger or consolidation, unless it has the written consent from the FSC.

To maintain public confidence, the FSC introduced the concept of restricting companies from using certain words in a business name that could confuse the public as a business being regulated by the FSC. To eliminate any possible confusion the FSC set forth in a schedule, several restricted words that cannot be used in a business name without the express written consent of the FSC.

1. Words and Phrases

The following words or derivatives of these words, used alone, in combination, or as part of proposed titles or company names are restricted. They may not be used without written approval from the FSC.

The words financial and mortgage are not restricted.

2. Requests to use restricted words.

The FSC must give prior approval for any company seeking incorporation, continuation, merger or consolidation as well as companies applying for a license as a regulated entity such as a bank, trust company or insurance company filed using the restricted words listed above in their company names. Form R803 must be filed electronically with the FSC to obtain approval and all the required information in that form must be provided to avoid delay or denial of the application. The request for approval must be accompanied by a non-refundable $100.00 fee payable to the FSC.

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