This new licence, valid for two years until 14 October 2026, allows Registered Agents and Corporate Services Providers to manage specific payments on behalf of designated individuals or companies, subject to certain limits.

The General Licence permits Registered Agents or Corporate Services Providers to:

1. Receive payments from or on behalf of a company or foreign company for services, including:
   
   1. Registered Agent fees
   2. Director and shareholder fees
   3. Government fees, payable under Virgin Islands law.
2. Make payments for these same fees on behalf of a company or foreign company (as defined under the General Licence).

• Registered Agent fees: Maximum of USD $50,000 annually per company.
• Director fees: Maximum of USD $20,000 annually per company.
• Shareholder fees: Maximum of USD $20,000 annually per company.

• Users must submit a report to the Governor’s Office within 14 days of any payment made under the General Licence.
• Records must be kept for six years.

This General Licence provides essential flexibility for maintaining economic resources while ensuring compliance with the Virgin Islands' regulatory framework.

The Virgin Islands General Licence No. 7 2024 (maintenance of economic resources) can be found here, and the Virgin Islands General Licence No. 7 2024 (maintenance of economic resources) Notice can be accessed here.