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Business Licenses in BVI

Business Licenses in BVI

Obtaining the proper business licenses in BVI, according to the company’s activities, is an important step in the BVI company formation process.

In this article, our team highlights some of the most important types of business licenses and relevant conditions for obtaining these.

Investors who require assistance to apply for a business license in BVI are welcomed to reach out to our local team. We can help you make the necessary submissions in due time, before your company commences the licensed activities.

Types of licenses in the British Virgin Islands

Companies will need to obtain a business license and/or a trade license in BVI depending on the activities they engage in. We offer examples of types of trade licenses, according to industry:

  • Commercial: most businesses fall under this category;
  • Entertainment: amusement parks, clubs and nightclubs, etc.;
  • Professional services: plumbers, electricians, and others;
  • Accommodation: hotels, guest houses, apartments.

Investors interested in British Virgin Islands company formation that require these licenses do not generally need to submit a business plan with their application. However, in some cases, the authorities may ask for more information about the proposed business.

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.

In some situations, it may be helpful to submit a business plan to aid in the licensing process. If you want to apply for a trade license in BVI to engage in import/export and other activities, you can reach out to our team.

Other licensed activities in the British Virgin Islands include:

  • banking and insurance;
  • trust and corporate services providers;
  • liquor selling;
  • food establishment;
  • beauticians and barbers.

New business owners need to be properly informed of the relevant licenses and permits that apply in their industry before they start the BVI company formation process.

Licenses are required to ensure compliance with relevant laws, as well as to provide safety and security measures for clients. One example is in the beautician’s industry: companies in this sector need to obtain a certification or a business license in BVI to ensure that precautions are in place for the safety of their customers.

The financial sector in the British Virgin Islands is a well-represented and developed one. Companies in this field are under the supervision of the Financial Services Commission, which imposes clear guidelines for license applications.

Investors who are interested in BVI offshore company formation in the financial services sector can reach out to our team for more information on the special requirements that apply to companies.

Conditions for obtaining a business licenses

Companies that obtain a trade license in BVI for import/export activities or for the commercialization of certain goods are informed in writing by the Department of Trade, Investment, Promotion, and Consumer Affairs which handles the issuance of some of the most important types of licenses.

Alternatively, companies that will operate a restaurant or another food establishment need to obtain the approval of the Environmental Health Department, and beauty salons the approval of the Ministry of Health.

Companies can obtain a business license in BVI when they:

  • submit the properly filled-in form (which is different for each authority that oversees the licensing process);
  • provide relevant information about the business venture (applicable especially in the case of banking or fiduciary businesses);
  • offer other details, as needed, about key people in the company.

Business license applications are also subject to a fee. Our lawyers in BVI list some of the fees that apply for financial service providers:

  • $1,000 application fee for a Class I Trust License;
  • $16,000 for the annual license renewal fee for a Class I Trust License;
  • $500 for a restricted Class II Trust License.

Contact our team for more information about the licensing requirements and how to apply for a business license in BVI.