Money Services Business Licence, Class A (money/electronic/mobile money transmission) or Class B (money orders, traveller's cheques, cheque cashing, currency exchange) (British Virgin Islands)

At a glance

What it lets you do

• Money remittance
• Currency exchange

• Money remittance. Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts.
• Currency exchange. Buying and selling foreign currency for customers, in cash or electronically, as a bureau de change or FX service.

Where it is valid

Buying a company that already holds it

Prior approval required. For SIBA investment business licensees, acquiring, disposing of, or issuing shares that create or change a 'significant interest' - defined as 10% or more of voting rights, distributions, or the power to appoint/remove directors - needs prior written FSC consent; licensees separately notify the FSC within 14 days of certain interest transfers. For BVI-recognised mutual funds (not licensees), there is no ownership threshold trigger; instead the fund gives 7 days' prior notice of a new functionary (manager, administrator, custodian) and reports director/auditor/authorised-representative or offering-document changes within 14 days, per the Mutual Funds Regulations 2010 and the Incubator and Approved Funds Regulations.³