Open a Crypto Company in BVI - Complete Assistance

Entrepreneurs who open a crypto company in the BVI enjoy a straightforward incorporation regime. Our team can help you register your cryptocurrency company.

Quick Facts
Are virtual assets regulated in the BVI? (Yes/No)	Yes
Local regulatory agency	The British Virgin Islands Financial Services Commission
Special licenses for those who open a cryptocurrency company in BVI	The Virtual Assets Service Providers License
Licensed crypto activities	The provision of virtual assets custody services Operating a virtual assets exchange
Anti-money laundering rules	Generally applicable The FATCA provisions can be relevant for ICOs
Special requirements for investors who open a cryptocurrency company in BVI	Observe the Virtual Assets Service Providers Act, 2022
Residency requirements for investors	No
Types of companies used by those who open a cryptocurrency company in BVI	The BVI business company (usually limited by shares), which can do business both in and outside the BVI
Minimum capital for a cryptocurency company in BVI	Not applicable
Minimum number of shareholders	1
Minimum number of directors	1
Business license	Registered with the Registrar of Corporate Affairs (Register of Companies); VASP activity also needs FSC registration
Mandatory requirements for the cryptocurrency company	Registered office located in BVI and a registered agent in BVI
Cryptocurrency company taxation	BVI is a tax-neutral jurisdiction
Reasons to open a cryptocurrency company in BVI	No corporate taxes and no conditions on the nationality of investors, no residency requirements. A clear regulatory framework under the VASP Act, 2022.
Registered agent role for a crypto company	An essential role for the incorporation of the business, as well as for ensuring compliance with the ongoing requirements in BVI.
Registered agent requirements	Must be a regulated and licensed provider
Registered agent change in BVI	If needed, the crypto company’s registered agent can be changed during the course of business. Ask our team if you wish to make any changes.
Registered office requirements	It cannot be a post office box in BVI
Requirements for corporate documents	A BVI crypto company must maintain essential documents at its registered office, or at its registered agent’s office.
Filing requirements	Companies are expected to comply with the annual return filing requirements. Our team can assist crypto companies.
Filing requirements exemptions	Listed companies, companies in liquidation. Other exemptions can apply and companies are subject to certain conditions.
Non-compliance for filing	Crypto companies that fail to follow the filing requirements can be subject to financial penalties.
Crypto company name	The founders can use the desired name for their business, if available for registration.
Company name ending	As per the type of company (limited companies are subject to specific endings or abbreviations to their name).
Restricted words for crypto company names	Crypto companies cannot choose a name that will suggest connections with the Government or with financial services businesses if not properly registered for this purpose.
Crypto company name change	Possible, if the new name meets the requirements.
When to contact us for crypto company incorporation in BVI	As soon as investors enter the pre-registration steps.
Reasons to work with us for company formation	Our dedicated team can guide investors throughout the mandatory procedures to endure a straightforward registration for their crypto company.
Company formation services in BVI for other types of companies	As needed for companies that will activate in other industries of interest (financial services, tourism, restaurants, etc.).

Can foreign investors open a crypto company in BVI?

Yes. Full foreign ownership is permitted in the British Virgin Islands and there are no residency requirements for foreign investors.

Entrepreneurs will, however, need to observe the provisions of the Virtual Assets Service Providers (VASP) Act and register with the local authorities to obtain a VASP license in BVI.

The shareholding structure requirements are permissive in the sense that only one investor can open a company in BVI as a crypto business and he does not need to reside in the Islands.

What are the required steps when opening a crypto company in the BVI?

For company formation in BVI, entrepreneurs will need to:

Choose the business form: most commonly a BVI business company limited by shares;
Choose a business name: the registered name can be the same as the trade name, however, the registered one needs to be unique;
Register the business: complete the registration process with the BVI Registry of Corporate Affairs;
Start trading: once the business is set up, the company can begin its activities related to digital currencies.

In addition to the aforementioned, an important stage concerns the due diligence phase, when our agents perform the “know-your-client” verification. This is an important step, even more so as VASP service providers are subject to specific anti-money laundering rules.

What documents do I need for company creation?

The following are important:

The company founder’s certified passport copy;
Proof of address for the founder and a bank reference letter (these documents cannot be older than three months);
CV or resume (signed);
Statement on the source of the funds used for company formation.

When the shareholder of the crypto company is another corporation, the required documents will include the legal entity’s constitutive documents, information on its directors and shareholders, a Certificate of Good Standing, and others.

How long does it take to open a crypto company in the BVI?

With the help of our team, the approximate timeframe for company formation is 2 weeks.

How much does it cost to open a company in the British Virgin Islands?

With our packages, you can expect the price to start at $2,750 (not including any government fees).

What is the crypto license in the BVI?

Virtual asset companies are those that offer digital asset-related services for or on behalf of another party. This can include several types of activities and, for the purpose of the Act, the VASP license in BVI is required for those who:

Operate virtual asset exchanges;
Provide virtual asset custody services;
Engage in business meant to offer other virtual asset-related services.

What must I include in my crypto license application?

Our team highlights some of the most important details included in an application for a VASP license in BVI:

Corporate governance: information about the Board of Directors who should have relevant skills for this business sector and VASP operations;
Capital: investors who open a company in BVI that will offer VASP services must have adequate paid-up capital;
Technology issues: the company is expected to have adequate technological infrastructure;
Risk management: a VASP business must be able to manage more than one type of business risk; included here are legal, operational, and compliance risks;
Consumer protection: a company that manages the virtual assets of its clients must demonstrate that it offers fair, accurate, and clear services, and it must not mislead its customers;
Data protection and cybersecurity: such a company is expected to have an adequate cybersecurity framework and good data protection protocols in place.

Other information, as well as a set of mandatory statements by the applicants, must be provided with the VASP license submission with the FSC.

How long does it take to obtain a crypto license in the BVI?

The crypto license in BVI is granted after a careful analysis of a mandatory set of documents. The applicant will submit all the needed documents and the FSC will process these within approximately 6 weeks. Alternatively, the maximum processing time can be 6 months.

We invite you to watch a short video about crypto company creation in the BVI:

How will my crypto business be taxed?

As a BVI business company, it will be exempt from tax.

This applies whether or not the crypto business is engaged in the provision of cross-border services (i.e., not for clients based in the BVI, but to international customers).

What are the ongoing compliance requirements for a crypto company in the BVI?

VASP license holders are required to observe a set of ongoing obligations. Among these we can mention:

Filing annual returns;
Submitting annual financial statements;
Filing annual compliance office reports.

Failure to meet these requirements results in fines.

Once a VASP license has been granted, it is the holder’s obligation to continue to meet the licensing requirements. This includes, but is not limited to:

Meeting the fit and proper conditions;
Constantly having adequate resources (technological and human) for proper business functioning;
Implementing policies and procedures for risk identification and ensuring ongoing compliance with the laws in force (most notably, the Anti-money Laundering and Terrorist Financing rules and regulations).

Contact our experts in company formation in the BVI if you want to open a crypto company in BVI.

If you are interested in starting a business in another country, such as Bahrain, we can put you in touch with our local partners.

In case you need company incorporation services in another country, for example in Ireland, we recommend our partners – irelandcompanyformation.com.

In case you are interested in starting a crypto business in another jurisdiction, for example in Hungary, we recommend our partners – CompanyIncorporationHungary.com.

If you need company formation services in another country, our team can put you in contact with their partners.