All companies require business licenses in the BVI, starting with their trade license and moving on to specialized licenses, such as those for financial service providers. Our team that can help you with company incorporation in the BVI will also assist with the license application process.
| Quick Facts | |
|---|---|
| Commercial license | Many of the businesses that operate in the BVI fall under this category. The license is issued by the Department of Trade and Consumer Affairs. |
| Financial services | Issued by the BVI Financial Services Commission. |
| Entertainment | For nightclubs, amusement parks, etc. |
| Accommodation | For hotels and guest houses |
| Restaurants and bars | Special licenses to commercialize food and alcohol |
| Manufacturing | According to the type of manufactured goods |
| Professionals licenses | In the case of accountants, lawyers, doctors |
| Service providers licenses | Electricians, plumbers, contractors. |
| Charter license | In the case of charter yachts, according to the number of boats to be operated. |
| Authority that issues the trade licenses listed above | The license is issued by the Department of Trade and Consumer Affairs. |
| Application documents for BVI islanders | ID, proof of status, cover letter for the proposed business, certificates, etc. |
| Application documents for foreigners | Passport, photographs, business reference, financial statement, police record, cover letter for the proposed business, certificates. |
| Business documents to be provided | Business name, address, and other details. |
| Premises inspection | In the case of certain licensed businesses in the BVI |
| Planning permission for license | May be required for certain types of licensed establishments. |
Table of Contents
What are some examples of licensed activities in the BVI?
Investors who open a company in the BVI must obtain business licenses for a wide range of activities. These can include:
- banking and insurance;
- trust and corporate services providers;
- liquor selling;
- food establishment;
- beauticians and barbers.
The infographic below summarizes the license application process:
Who can apply for a business license in the BVI?
The application is submitted to the governmental authorities by an individual or the corporation to be licensed (i.e., applications are accepted from natural and legal persons alike).
What documents do I require when applying for business licenses in the BVI?
The requirements differ depending on whether or not you are a BVI Islander (have Belonger status). The documents for a resident (Belonger) are the following:
- Passport photograph;
- Proof of status (the BVI passport or the Belonger’s Card);
- Cover letter for the proposed business to be licensed;
- Proof of personal qualifications (such as certificates and/or the applicant’s CV).
Our team also lists the documents required for a business license in the BVI when the applicant is a non-Belonger:
- Passport photograph;
- Personal character references (from two different sources);
- Business reference;
- Financial statement used to prove that the applicant can operate the business;
- Police record or certificate of good character;
- Professional qualifications for the applicant (the same as above);
- Cover letter for the proposed business.
Additionally, the application form will include the following information:
- The application type (if it is for a first-time license or additional ones);
- Business name, location, and description;
- Complete personal details for the applicant and their role within the company;
- The number of employees.
When the application is submitted by a company, the complete documentation proving its company registration in the BVI is required. The same applies to non-BVI companies, with the specific condition that at least 60% of the shareholders and 60% of the directors are BVI Islanders.
You can also watch a short video on the topic of business licensing in the BVI:
Do I have to pay to obtain a business license in the BVI?
Yes. Business licenses are granted following the proper proof of payment of the fee for the intended activity. The costs vary according to the issuing agency.
How long does it take to obtain business licenses in the BVI?
Processing times vary; however, applicants can expect at least several weeks for the complete processing of their dossier, as these are thoroughly evaluated by the authorities.
Are there any special conditions to obtaining business licenses in the BVI?
Yes. Industry-specific conditions apply and, in some cases, your business may be subject to additional inspections, as briefly outlined below:
- If you are applying for a business license for a restaurant or food manufacturing company, your premises will be inspected. An approval from the Environmental Health Department is required before the business license can be issued;
- If the building in which the business will operate has undergone significant construction work/modifications, prior approvals from the Planning Department may be required before the company can receive its business license.
Companies applying for a license with the British Virgin Islands Financial Services Commission (such as insurance or reinsurance companies, investment businesses, brokers, and others) must follow the requirements set forth in relevant laws, such as the Banks and Trust Companies Act.
Contact our team for more information about the licensing requirements and how to apply for a business license in the BVI.