Before a person is able to do business in the British Virgin Islands, it is first necessary to obtain a Trade License from the Trade and Investment promotion Department of the Chief Minister's office of the Virgin Islands.  Prospective investors/business owners are required to submit an application for a licence giving details of the proposed business, its requirements for staffing and its ownership structure; and this must be accompanied by financial details, personal and business references and evidence of no criminal record for each applicant/investor. Applications will be considered based upon the need for such business/service in the Territory, existing businesses/services already in that field; ownership by local/expatriate owners; and employment opportunities that will be made available, particularly for British Virgin Islanders.  In the event the prospective business is to operate in a regulated financial services area, the application, once approved in principal, will be forwarded on to the respective division of the Financial Services Commission, where additional requirements will apply. Regulated companies in operation are required to have proper procedures and controls in place; there are minimum requirements as to qualification and types of person to be employed (for example, the employment of a suitably qualified "compliance officer"); and each senior employee, director and investor has to meet "fit and proper" tests. Additionally, there are minimum capitalization and/or deposit requirements, dependant upon what type of business is being undertaken. A person granted a licence under the financial services regulations of the BVI does not also need a trade licence.