(a) The international financial services entity shall employ on a full-time basis a minimum of three persons at its business office or offices in Virgin Islands. However, the Board may authorize a lesser number of employees upon request of the interested party. In considering such authorization the Board shall evaluate factors, such as the powers conferred by the license granted under this chapter, the nature and complexity of its operations in Virgin Islands, and those other criteria established in the regulations of the Board.
(b) The full-time employees of a person of which an international financial services entity is a unit which render some services to such entity, are considered to be full-time employees of such entity for purposes of the employment requirements set forth in subsection (a).
(c) An international financial services entity may engage other persons to act as its agent in the exercise of the international financial services entity’s authorized activities in this chapter whether on or off its premises, and, in connection therewith:
(1) Such performance must be treated, and subject to regulation and examination by the Board, to the same extent as if the services were being performed by the international financial services entity itself on its own premises, and
(2) The international financial services entity shall notify the Board of the existence of the service relationship no later than 60 days after the making of the service contract or the performance of the service, whichever occurs first. The Board may establish exemptions from the reporting requirement in this paragraph.