(a) Any person, as defined in section 719, may apply to the Board for a permit to organize an international financial services entity.
(1) The proposed articles of incorporation, partnership agreement or other written document establishing the international financial services entity or the certification required by section 719(c);
(2) A nonrefundable application fee of $50,000, and;
(3) Such other documents as may be specified by the regulations of the Board.
(b) Every application must include, in the form required by the regulations of the Board:
(1) The identity and business history of the applicants;
(2) the city or town in the Virgin Islands and the street and number or any other address where its principal place of business in the Virgin Islands will be maintained;
(3) the identity and business and credit history of any person who, directly or indirectly, possesses or controls or intends to possess or control 5 percent or more in the capital of the proposed international financial services entity;
(4) a statement of the assets and liabilities of any applicant and of any person who possesses or controls or intends to possess or control 5 percent or more of the interest in the capital of the international financial services entity, or of the person of which the proposed international financial services entity is to be a unit, for each of the three years preceding the application;
(5) the identity and background of all proposed directors, and officials or persons who intend to act in a similar capacity in the international financial services entity;
(6) proof of the international financial services entity’s registration with Financial Crimes Enforcement Network (FINCEN); and
(7) such additional information as may be required by the regulations of the Board.
(c) Upon receipt of the sworn application, all the required documents and the application fee, the Board shall carry out all the necessary investigations of the applicants and of the application, including a review of:
(1) the financial solvency, credit, banking experience and business integrity of the applicants, their directors and officers, or persons who intend to act in a similar capacity in the proposed international financial services entity;
(2) the adequacy of the capital available for the operations of the proposed international financial services entity;
(3) the adequacy of the articles of incorporation, partnership agreement or other written document belonging to any applicant and, when appropriate, of the articles of incorporation, partnership agreement or other written document establishing the proposed international financial services entity; and
(4) a Federal Bureau of Investigations fingerprint-based background check of any person who, directly or indirectly, possesses or controls or intends to possess or control 5 percent or more in the capital of the proposed international financial services entity.
(d) In order not to create additional expenses on the Government of the Virgin Islands, the Board shall outsource the investigation to one or more Virgin Islands companies. The expenses incurred by the Board for the investigation required under this section must be paid by the applicants. The Board shall claim the investigation expenses from the applicants up to an amount of $25,000. All contracts awarded under this Act shall be secured utilizing the Virgin Islands Procurement Processes pursuant to title 31 of the Virgin Islands Code and must be awarded to Virgin Islands entities established to do business in the Territory for at least three years prior to this Act. Virgin Islands companies selected to conduct investigations must be vetted to ensure that its owners, officers and/or shareholders have no ties to any applicant or its legal representatives.
(e) If the Board determines that the results of the investigation are favorable, and after payment of the investigation expenses as established in subsection (d) of this section, the Board shall issue to the applicants a permit to organize an international financial services entity, subject to such conditions as the Board may establish. If the Board declines to issue a permit to organize the international financial services entity, the applicant has 15 days to appeal the decision to the Lt. Governor who shall issue a decision within 30 days of the appeal.
(f) When the Board issues a permit under this section, the interested party shall file with the Division of Corporations and Trademarks of the Lt. Governor’s Office of the Virgin Islands, the articles of incorporation, partnership agreement or other written document establishing the proposed international financial services entity or unit, as well as the certification provided for in section 719(c) in the case of a unit and the permit issued by the Board. The Division of Corporations and Trademarks shall issue under its official seal, a certification of the filing of the stipulated documents. The Virgin Islands Division of Corporations and Trademarks shall post all the information regarding an International Financial Services Entity, to include the name of all owners, partners and shareholders, including their interest of ownership on the Lieutenant Governor’s website. However the residential address of an IFSE owner or principal may not published or disclosed to the public. The information must be updated within thirty days of any filing, to include change of ownership or status.