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Frequently Asked Questions (FAQ)
Here are the questions mostly asked by our shareholders, partners and people whom we work with.
- 1.0 About Virgin Gold
- 2.0 About Virgin Gold Convertible Preferred Stocks (CPS)
- 3.0 Account
- 4.0 Organization
- 5.0 Shareholder Account Issues
- 6.0 Business Tools
- 7.0 Legal
- 1.0 About Virgin Gold
- 1.01 What is Virgin Gold?
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Virgin Gold Mining Corporation (VGMC) is an investment holding company that ventures into the gold and precious metal mining and exploration industry.
- 1.02 Where is Virgin Gold based?
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Virgin Gold is based in Panama, an international offshore tax-free financial center.
- 1.03 Where does Virgin Gold operate and what is its purpose?
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Virgin Gold currently operates in parts of Africa and South America and is focused on growing shareholders’ value through joint ventures, acquisitions, exploration and the development of potentially large-scale gold and precious metal mining projects.
- 1.04 Why is Virgin Gold based offshore while operating onshore?
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Virgin Gold utilizes various offshore vehicles to facilitate its onshore business operations and stake-holding. This means that we are able to generate maximum revenue and legitimately pay tax-free dividends to our shareholders.
- 1.05 Who owns and manages Virgin Gold?
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Virgin Gold is owned by two groups of shareholders, normal and preferred. Virgin Gold is managed by an Executive Board headed by the newly appointed Chief Executive Officer, Mr. Kenneth Elinger since August 2011. The Executive Board reports to the Board of Directors which oversees the company’s financial statement, operations and future planning.
- 1.06 How many office(s) does Virgin Gold operate?
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We maintain an administrative office in Panama City, Panama and operate a Premier Shareholder’s office in Dubai, United Arab Emirates to service our premier shareholders. We also have a few other corporate regional offices onshore that are not available to the public.
- 1.07 Does Virgin Gold plan to open more premier or investor relations offices worldwide?
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If there is a necessity, we may do so in the future.
- 1.08 How can I learn more about Virgin Gold?
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All necessary corporate and shareholder information is available at our website. All shareholders must thoroughly read the entire FAQ in order to fully understand how to operate a shareholder account, understand the complete business flow of Virgin Gold and resolve any arising issues by themselves.
- 2.0 About Virgin Gold Convertible Preferred Stocks (CPS)
- 2.001 What is Virgin Gold CPS?
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Virgin Gold is currently undergoing an exercise that issues fresh Convertible Preferred Stocks (CPS). It invites willing investors worldwide to participate in this offering exercise. CPS are shares with conversion prices named at issuance, so they can be converted to the company's common stocks at the set rate. Virgin Gold CPS holders will receive fixed monthly dividends and reserve full rights to convert their stocks into common stocks. This can be done by paying 50% of the price difference between their CPS subscription price and IPO price when Virgin Gold launches an Initial Public Offering (IPO) or reserves a take-over listing. For example, if a Virgin Gold CPS holder subscribed his/her CPS at $2.00 and the IPO offering price is $10.00; he/she will then need to pay 50% x (10.00 – 2.00) = $4.00 per share in order to convert his CPS to public listed common shares.
- 2.002 What if I do not wish to convert my Virgin Gold CPS into common stocks an IPO or public listing exercise?
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Subject to the listing terms and conditions, we will refund to you the full amount of monies equivalent to our latest CPS price, prior to listing.
- 2.003 What benefits do Virgin Gold CPS holders have?
- Virgin Gold CPS holders are entitled to a fixed monthly dividend payment as agreed at the time of subscription, are able to enjoy appreciation of Virgin Gold share value (capital gain) and have a gold trading margin for holding/trading paper gold position.
- 2.004 How would I know if I am allowed to subscribe to Virgin Gold CPS under the financial regulations of my country?
- Potential investors should consult local professional financial and legal advisors to obtain advice in relation to their country’s financial regulations before subscribing to Virgin Gold CPS or referring potential shareholders.
- 2.005 What is the minimum and maximum number of shares I can subscribe to?
- The minimum and maximum amount of shares that you can subscribe to is from 1,000 to 999,900. The minimum amount may be raised from time to time but the maximum amount is fixed by CPS subscription Terms and Conditions.
- 2.006 How can I subscribe to Virgin Gold CPS?
- You may begin subscribing to CPS once you have credits in your credit account. You can do so by logging on to your online shareholder account. Click on the "1.0 Account" link, and then "1.11 Subscribe Shares". Indicate the number of shares you wish to subscribe to. The amount of credits needed for subscription is equal to the number of shares multiplied by the price per share. To learn more about "Credit Top Up" within your credit account, please log in to your shareholder account and go to "1.14 Credit Top Up"
- 2.007 When should I expect my first return after I subscribe to CPS?
- Your return is in the form of dividends in troy ounce(s) of gold and will be credited to your gold account each month. If you subscribed to Virgin Gold CPS on the 3rd of January, you will receive your dividend on the 3rd day of each month. On months when there are no 29th, 30th and 31st days, your dividend will be paid on the next payment day (on the 1st of the following month)
- 2.008 How much dividend can I expect from Virgin Gold CPS?
- Preferred Stock holders will have their dividend amounts fixed upon subscription to their shares. If the dividend offered/agreed upon subscription was 1 ounce per 10,000 shares, they will then receive 1 ounce as agreed.
- 2.009 To which account will the dividend be paid?
- All Virgin Gold CPS dividends are credited in the shareholder’s gold account.
- 2.010 Why are dividends paid in units of gold?
- As a gold-stake mining company, it is natural that returns come in units of gold. Returns being paid in gold also help in safeguarding the interests of both the company and our shareholders. Please refer to the link "Our Investors"---> "Risk Factors" at our website for more information.
- 2.011 Can I un-subscribe my Convertible Preferred Shares (CPS)?
- Shareholders may unsubscribe their purchased shares after 45 days from the initial subscription date.
- 2.012 Is my un-subscription request approved immediately?
- No. After requesting un-subscription, a shareholder must wait 3-5 working days for our administrative staff to process and approve the request.
- 2.013 When will I get reimbursed for my un-subscription?
- You must wait 45 days after your un-subscription request has been approved by the company to be reimbursed.
- 2.014 How is my un-subscription payment reimbursed to me?
- Forty five (45) days after approval, credits equivalent to your un-subscription amount minus any miscellaneous charges will be transferred to your credit account.
- 2.015 Are there any charges imposed on un-subscription of CPS?
- To date no administrative charges have been imposed.
- 2.016 Why does it take up to 90-100 days from the day I subscribe to un-subscribed and get reimbursed?
- When a shareholder subscribes to Virgin Gold CPS, the money is put to good use in order to generate good returns to shareholders for the long run. Virgin Gold as a business corporation invests its shareholders’ money into income generating operations. Such operations do not generate returns overnight and absolutely cannot be interrupted only because some shareholders want to pull out of their investment. Un-subscription is a disruption to corporate financial planning and management. Un-subscription of shares by a shareholder means that Virgin Gold has to replace them with new shareholder(s) so that this does not interfere with our ongoing business operations. It therefore takes time to process refunds to shareholders who un-subscription their shares. Virgin Gold does not operate like a bank whereby depositors may transfer their money in and out at their own convenience.
- 2.017 How do I un-subscribe my shares?
- Log in to your shareholder's portal; click on the "1.11 Subscribe Shares" link and you will see a list of all your subscriptions. Under the "Action" column you may click on "Un-subscription" for the transaction you would like to un-subscribe.
- 2.018 If I subscribed to 20,000 shares in one transaction, can I un-subscribe 5,000 shares from that transaction?
- Yes. A shareholder may unsubscribe any amount of shares (smallest amount is 10 shares as our share certificate is issued as a "Ten (10) Shares Certificate"). The minimum amount of CPS that must be maintained in an active shareholder account is currently set at 1,000. This minimum number of shares may be raised in the future.
- 2.019 Are there any requirements I must fulfill before I can unsubscribe my Virgin Gold CPS?
- Your Gold Trading account must not have any outstanding/open deals when you unsubscribe your shares. This is because your trading margin is allocated for free using your CPS as collateral. Should you need to unsubscribe your shares, you will need to make sure that your trading account’s unrealized profit/loss is equal to zero.
- 2.020 I tried to unsubscribe my CPS online but the system does not allow me to do so. Why is that so?
- First, if you have any gold trading transaction that is still "Open", you may not be allowed to unsubscribe your CPS until the transaction status is "Closed". Secondly, you may only unsubscribe your shares after a minimum period of 45 days from the subscription date.
- 2.021 Can all Virgin Gold CPS be unsubscribed?
- ONLY purchased Virgin Gold CPS can be unsubscribed. Other classes including Free or Bonus CPS issued by Virgin Gold CPS cannot be unsubscribed.
- 2.022 How can I reinvest my CPS dividends??
- Since your dividend is paid in ounces of gold, you will need to convert your gold units into credit, and then subscribe to more Virgin Gold CPS through your credit account.
- 2.023 Is there an auto-reinvestment module that shareholders can use for convenient reinvestments?
- We are still working on an auto-reinvestment mechanism that could possibly be ready in 2012.
- 2.024 Is Virgin Gold CPS transferable among shareholders?
- Yes, Virgin Gold CPS can be transferred to another active shareholder (shareholder who maintains a minimum of 1,000 Virgin Gold CPS shares). It should also be noted that the transfer of CPS between shareholders is a private arrangement whereby Virgin Gold CPS will not be responsible if one or another party claims that personal payment arrangements or agreements were not fulfilled.
- 2.025 How do I transfer my CPS to another shareholder?
- First of all, only CPS shares that have been subscribed to for more than 45 days are transferable. To transfer your CPS, log in to your shareholder’s portal; click on the “1.11 Subscribe Shares” link and you will see a list of all your CPS subscriptions. Under the “Action” column you may click on “Transfer” for the CPS transaction that you intend to transfer. Indicate the receiving shareholder ID and number of shares you intend to transfer on the pop-up page and click “Transfer”. Take note that shares can only be transferred to active shareholders (Shareholders with a minimum of 1,000 CPS in their account)
- 2.026 Is the transfer of shares an immediate/real-time process?
- No. Share transfers require approval by the Virgin Gold administrative department. Under normal circumstances, it takes 3 working days for share transfers to be approved. Before share transfers are approved, both shareholders and administrative officers have the right to cancel and reject the application.
There will be a USD10.00 processing fee for this application. Charges will be deducted from the shareholder making the share transfer request.
- 2.027 If I subscribed to 10,000 shares in one transaction, can I transfer 3,000 shares to another shareholder?
- Yes, but before you transfer the shares, you will first need to close all outstanding/open transactions in your Gold Trading account. This is because your trading margin is directly correlated to the amount of shares that you have in your account. Just take note that an active shareholder of Virgin Gold CPS needs to maintain a minimum of 1,000 CPS.
- 2.028 If the shareholder that I referred transfers his/her CPS to another shareholder, will my bonus shares be removed?
- If your referred shareholder transfers his/her CPS to another shareholder, your bonus shares will not be affected and you may continue to receive dividends from these bonus shares.
- 2.029 If the shareholder that I referred unsubscribes his/her CPS, will this affect my bonus shares?
- If your referred shareholder unsubscribe his/her CPS, your bonus shares will be automatically be returned to the company and dividends will not be paid for these bonus shares.
- 2.030 Do shareholders receive a copy of the share certificate for the subscribed CPS?
- Yes, all shareholders are entitled to receive a copy of the share certificate for all CPS subscribed in the form of an Electronic Certificate (E-Cert). All E-Certs are issued for 10 shares per certificate. To view your E-Cert, go to "3.0 Reports" followed by "3.23 Certificate". Click on "View" and the list of E-Certs will be displayed. Proceed to click on the certificate number to view each E-Cert. Certificates will only be available for shareholders who have authenticated their accounts. For authentication, shareholders must log in and go to "4.21 Submit Supporting Documents".
- 3.0 Account
- 3.01 What is Virgin Gold shareholder account?
- Virgin Gold Shareholder account is an online account that shareholders can use to view transactions for the account linked to their profile. After registering for the service, shareholders will be able to:
• Subscribe to shares
• Transfer credits and gold
• Trade gold positions
• View and manage dividend payments
• Access reports and manage other account related transactions
• Manage their VGmail(e-mail), Mobile login and SMS alert
• Send/Receive tickets to/from the company
• Receive news and updates from the company
- 3.1 Shareholder Account Application
- 3.11 How do I register for a Virgin Gold Shareholder account?
- You may visit our Home page and click on the "Register" tab found at the top of the page. Enter your information into the registration form and click "Submit".
- 3.12 I don’t have a shareholder referrer ID. What should I do?
- New shareholders are required to be referred by a current shareholder. The referrer acts as a guarantor of the new shareholder. This works similarly as when you apply for financing from global financial institutions. Similarly, a new shareholder must be referred by a current Virgin Gold shareholder in order to open an account with us.
- 3.13 Can I register several shareholder accounts for my individual use?
- No. Each person is only allowed one individual Virgin Gold shareholder account. Any person found to own various shareholder accounts set-up using different personal identification documents or intermediaries or proxies may risk legal action and having all their related accounts suspended and terminated.
- 3.14 I have registered for a Virgin Gold Shareholder account. How do I know if my application was successful and if my account was established?
- If your application was successful, you will receive a confirmation e-mail informing you of the approval of your application. You will also be provided with a shareholder ID and password that you should use when you log in to your new shareholder account. You may also receive a confirmation SMS sent to your mobile phone, however this notification is not guaranteed due to telecommunication company requirements and restrictions in different countries.
- 3.15 How long does it take for you to approve my application to open an account?
- Under normal circumstances, the process will generally take a few minutes. However, complications may sometimes occur and certain applications may take a few days to be approved or rejected.
- 3.16 How do I know my account user ID and password?
- The auto-generated user ID and password will be sent together to your e-mail address. (Note: If the e-mail does not reach your inbox, please check if it was accidentally placed in your spam/junk folder and if it was, please check the mail as "Not spam/junk".) Similarly, an SMS will also be sent to the registered mobile number, however due to telecommunication company restrictions and protocols, not all SMS will be received.
- 3.17 Who do I contact if I face issues about or have question(s) related to my account registration?
- Please go to our website home page. There you will find a “Contact Us” link which you can use to send us a ticket describing the nature of your problem. Select subject as “1.14 Shareholder Account Registration”. It may take us a few hours to a few days to reply to your enquiries depending on the complication and urgency of your situation.
- 3.18 Can I send my enquiry tickets regarding the shareholder account in my local language?
- Technically, shareholders may send their ticket enquiries through our ticketing system using any of the 27 languages indicated on our website. It may take us longer to reply to some languages that our customer service personnel are not familiar with. Whenever possible, we will try to reply in your local language, otherwise we may reply in English. English is the official language of our site and whenever a dispute or misunderstandings arise, the higher management will most likely intervene in English.
- 3.2 Account Set-Up
- 3.21 Address
- 3.22 Security Questions
- 3.221 What are Security Questions?
- Security Questions are a secondary layer of security that is required to safeguard your shareholder account. All shareholders are required to enter answers to 5 chosen Security Questions within seven (7) days of their account registration. Shareholders may be required to answer randomly selected Security Questions in order to complete critical transactions such as credit transfers, credit withdrawals and gold trading.
- 3.222 I forgot the answers to my Security Questions and I am unable to carry out any transactions. What should I do?
- Log in to your shareholder account, go to ”4.31 Reset Security Questions” and attach both your Identification Document and Proof of Address. Once approved within 2-3 working days, you may reset the new answers to your security questions.
- 3.23 Account Authentication
- 3.231 Why do I need to authenticate my shareholder account by submitting Identification Documents such as an ID card or Passport and Proof of Address?
- These are standard documents required by law for Virgin Gold to register you as our shareholder. Without legitimate identification documents, Virgin Gold cannot issue you with the legitimate share(s) certificate. Such procedures also serve to protect the integrity of the corporation and our business as a whole which is in line with standard protocols for all international transactions such as issuing of convertible preferred shares. In the event the security of your account been breached or in the event of any disputes and emergency, such documents go a long way to protect the rightful shareholders' interest.
An Identification document may be a government ID card or an International Passport issued by your country. Proof of address may be a utility bill (water, electric, gas, telephone) or monthly bank statement. Proof of address must be dated within the last 3 months of your registration date. All your submitted documents are securely saved, stored and protected by our privacy policies.
- 3.232 How do I authenticate my shareholder account?
- Log in to your shareholder account, go to "4.0 Profile" and click on "4.21 Submit Supporting Documents". Click on "Choose File" to locate the documents you want to submit from your computer or thumb-drive and click "Save" to confirm.
- 3.24 Account Username
- 3.241 What is the “username” for?
- A username allows you to easily log in to your shareholder account. You must always keep your username to yourself because no one else but you should know your username. This is a security feature! Once you have selected a “username”, you can no longer log in to your account using your shareholder ID.
- 3.242 How can I register for my account "username"?
- You may register for your account username by clicking on the link provided in your account homepage under "Your Pending List(s)", or go to the top menu bar and select "4.0 Profile", and then "4.11 Shareholder Details". Remember that once you have registered for your username, you will need to use the same username to log in to your account instead of using your shareholder ID!
- 3.25 VG Mobile
- 3.26 E-mail/VGmail
- 3.261 How do I set up my e-mail username?
- Log in to your shareholder account and go to "4.41 Register VGmail". This service is currently free of charge and only available to active shareholders. Shareholders who are found guilty of misusing their VGmail to send SPAM mails, pornography, extreme religious and political propaganda and malicious content against any individual or corporation may face legal prosecution from the company and local regulatory authorities.
- 3.262 What is the password for my e-mail?
- You may choose your VGmail password while you are setting up your VGmail, we strongly suggest that you choose a different password from your VGMC shareholder account password.
The VGmail password and VGMC shareholder password are independent of each other. If you change your VGMC shareholder account password, your VGmail password does not change and vice versa.
- 3.263 Can I set up my e-mail username to be the same as my shareholder account username?
- No, currently we do not allow e-mail username to be same as your VGMC shareholder account username. Your e-mail username will be known to many but your account username should only be known to you. If you choose both to be the same, many people will know your account username and if they can guess your password, your account security will be breached.
- 3.264 Where should I go to log in to my e-mail?
- Please visit www.VGmail.com.
- 3.27 VGpass
- 3.271 What is a VGpass?
- VGpass is a downloadable security device that is used for critical transactions in the Virgin Gold shareholder’s account such as Credit and Gold Transfer, change of personal information and gold trading. Click here to see an example of a VGpass.
- 3.272 How do I apply for a VGpass?
- Log in to your shareholder’s account; go to "4.32 VGpass Application". To apply for a VGpass you need to answer two (2) security questions correctly. Once we receive your application, you must wait between 48-72 hours before your application is approved. Once approved, you may log in to your shareholder account and go to "4.35 – VGpass Download".
- 3.273 Is my VGpass always available for download?
- No. The VGpass is only available once for download. We strongly recommend that shareholders download their VGpass onto a new thumb-drive that does not contain other documents and will not be used for other purposes other than storing your VGpass. Once downloaded, Virgin Gold will send you a password to open your VGpass to your registered mobile phone. Once opened, we recommend the shareholder print the VGpass and keep it safely. For those who download their VGpass onto a computer, we strongly suggest that after printing the physical VGpass, the shareholder delete the file from his/her computer in order to further protect the security of the VGpass. For those who download the VGpass onto a thumb-drive, please keep it safely and do not use the thumb-drive for any other purposes.
- 3.274 Is VGpass available for free?
- VGpass is offered for free to all shareholders for the 1st time. Every subsequent application will be charged USD30.
- 3.275 Is VGpass a mandatory security tool for me to operate my account?
- No. Shareholders may opt not to apply for a VGpass although Virgin Gold strongly advises shareholders do so. Shareholders who opt not to apply for a VGpass may continue to answer security questions for critical transactions.
- 3.276 Will Virgin Gold introduce/launch other security tools such as a time synchronized or mathematical algorithm challenge-response physical security token?
- Depending on circumstances, this remains a possibility in the near future.
- 3.3 Account Operations
- 3.31 Credit Account
- 3.3101 What is a credit account?
- A credit account is where a shareholder's credits are kept. One (1) credit is equivalent to one (1) United States Dollar (USD). Credits are used for subscribing to Virgin Gold CPS. Trading profits and Group Bonuses are also paid into the credit account. Credits are convertible into gold value/gold account and vice versa at spot gold price. Shareholders are allowed to withdraw credits to their personal bank account whenever required. Shareholders can transfer credits between their accounts with no service charges at present.
- 3.311 Credit Top Up
- 3.3111 How do I top up my credits?
- You may make an International Wire Transfer to Virgin Gold, transfer locally to our appointed agents in certain countries, or transfer credits from another shareholder to your own credit account.
- 3.3112 How do I make an International Wire Transfer or Local Transfer to Virgin Gold to top up my credits?
- There are 3 steps to be followed carefully:
Step 1 In your shareholder's account, at the top of the menu bar, choose "1.0 Account" and click on "1.14 Credit Top Up". In countries with local transfers available, shareholders have the option to choose between local or international, but in most countries only International Wire Transfers are available. Complete all required details and click on "Submit".
Step 2 A ticket with wire/local transfer instructions will be sent to you. It can be viewed on the main page of your shareholder account. You may make the wire transfer at the bank with the information in the ticket. For International Wire Transfer, please always send approximately USD30 extra for co-responding and receiving bank charges as we will only credit to your account the exact amount we received (not the amount you send).
Step 3 Once you have made the payment transfer; attach the wire/local transfer slip to the same ticket for verification by our finance department. Once we have received payment, the funds we received in USD will be credited to your credit account. You may now proceed to subscribe to Virgin Gold CPS.
- 3.3113 How long after my International Wire Transfer before I receive the credits in my account?
- It normally takes three (3) to five (5) days from the value date of your transfer to reach our designated bank account. However, in many cases whereby the sending bank delays in sending the funds, the co-responding banks delay in approving the transaction and/or the receiving bank delays in crediting the fund; it may take up to 10 working days for funds to arrive. Once the wire transfer reaches our designated bank account, credits will be transferred to the shareholders as soon as possible.
- 3.3114 Why is the amount credited to my credit account less than the amount that I sent?
- We credit the entire amount we receive in our designated bank account to your Virgin Gold credit account. The difference may be due to sending bank charges, co-respondent bank charges, receiving bank charges and sometimes a shareholder may not be sending in USD, thus losing in exchange rates.
- 3.3115 How is the exchange rate calculated for local transfers?
- The exchange rate between local currencies and USD is based on daily interbank exchange rates.
- 3.3116 How long after my local transfer before I receive the credits in my account?
- You may expect credits in your account within 24-48 hours. In some circumstances such as local public holidays, duplication of similar transactions, unclear attachments and suspicious transactions, it may take three (3) to five (5) working days for approval.
- 3.3117 Must I transfer the amount as suggested for local and International Wire Transfers?
- We strongly suggest that you follow our designated fixed amount in order for faster approval and to further avoid any potential mix-ups and confusions. Please always remember to add USD30.00 to your International Wire Transfer for intermediary and beneficiary bank charges.
- 3.312 Credit Withdrawal
- 3.31201 How do I withdraw my credits to my bank account?
- Shareholders may withdraw monies from their credit account by requesting an International wire transfer or local bank transfer/cash deposits to their personal bank account anywhere in the world.
- 3.31202 Can I withdraw my credits at any time?
- The credit withdrawal function is currently available on Saturdays. In the future, credit withdrawals may only be processed on the 15th and 30th of each month. Such frequencies are already much better compared to public listed corporations which pay dividends quarterly or annually.
- 3.31203 Why doesn’t Virgin Gold allow credit withdrawals every day?
- Virgin Gold is a business corporation that focuses on returning the highest possible dividends to its shareholders by placing the shareholders’ CPS subscription monies into income generating activities. Cash-flow management is a vital part of Virgin Gold’s financial planning. Virgin Gold is not a bank and will not act like one whereby account holders may deposit and withdraw funds 24/7. Allowing shareholders to withdraw credits every week is already a privilege many corporations, especially public listed ones, cannot afford to do. In the future, we may only make credit withdrawals available twice per month.
- 3.31204 How long will it take for the withdrawn amount to be credited to my bank account?
- It normally takes between five (5) to ten (10) working days for the withdrawal to reach your bank account, though this also depends on the processing speed of co-responding and receiving banks.
- 3.31205 What should I do if my credit withdrawal has not reached my designated bank account after more than 10 days?
- Please log in to your shareholder’s account, go to “5.31 Ticketing”, open a new ticket and select the subject “1.15 Credit Withdrawal” and describe the nature of your problem/circumstances.
- 3.31206 Do you charge a processing fee for credit withdrawals?
- At the moment, there is no fee incurred on withdrawals however all outgoing wire transfer charges will be deducted from the beneficiary.
- 3.31207 What is the minimum and maximum withdrawal amount?
- For each withdrawal request, the minimum amount is USD500 and the maximum amount USD50, 000. You may make multiple withdrawal requests if you have more credits to withdraw.
- 3.31208 What is the difference between an International and local credit withdrawal?
- For International credit withdrawals, an International Wire Transfer will be sent to your designated bank account. Processing time will usually take longer and in some cases wire transfers may be held up by co-responding banks for a period of one to two weeks. For local credit withdrawals, only available in certain countries, your credits are converted at the daily interbank exchange rate into your local currency and either transferred or cash deposited into your designated local bank account.
- 3.31209 I was told by Virgin Gold Finance department that my wire transfer was held up under OFAC investigation in the United States of America. What is OFAC and why does this happen?
- The Office of Foreign Assets Control (OFAC) of the US Department of Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as the authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction.
Some of our shareholders, especially those of Islamic faith with Muslim and Iranian originated names, have time and time again had their wire transfers held up under OFAC. Some shareholders’ wire transfers were held up as their names resemble those black listed by the U.S. Federal Bureau of Narcotics.
This is a rather unfortunate situation and it is neither the fault of the shareholder or Virgin Gold. We can only advise the affected shareholder to be patient as it normally takes a few weeks to resolve such a situation.
- 3.31210 If my credit withdrawal wire transfer is held up under OFAC, what alternative solutions can Virgin Gold propose?
- We usually propose to shareholders’ whose wire transfers are held up under OFAC to accept alternative transfers such as local transfers or initiate another wire transfer using another currency such as Euro, CHF, HKD or SGD (other than USD). It should be noted that once a wire transfer has been held up under OFAC, funds may only reach the particular shareholder’s bank account or be refunded to us after three (3) to four (4) weeks. Once the funds have been returned to us, we will propose alternative solutions to the affected shareholder. Shareholders facing such a situation are urged to be patient and understanding.
- 3.313 Beneficiary Bank Account Registration
- 3.314 Credit Transfer
- 3.315 Credit to gold
- 3.316 Subscribe to CPS
- 3.3161 How can I subscribe to Virgin Gold CPS?
- Once you have credits in your credit account, you may start subscribing to CPS. Log in to your shareholder account, click on "1.0 Account" and then "1.11 Subscribe Shares". Indicate the number of shares you wish to subscribe to. The amount of credits needed for your subscription is equal to the number of shares multiplied by the price per share.
- 3.317 Credit Account - Others
- 3.32 Gold Account
- 3.321 What is a Gold Account?
- The Gold Account is where the shareholder's gold is kept. Gold account denomination is in troy ounces (oz.) Dividends are paid in ounce(s) of gold depending on the number of shares subscribed by a shareholder. Gold is freely convertible into monetary value/credit account and vice versa at the spot gold rate (XAUUSD). Gold can also be transferred to another shareholder’s gold account. Account to account transfers can currently be made between shareholders in real time with no service charge.
- 3.322 How do I increase my gold account balance?
- You can increase your gold balance by converting your credits to gold.
- 3.323 Can I transfer gold to other shareholder(s)?
- Yes. A shareholder may transfer their gold to other shareholders using the "1.21 Balance & Transfer" module that is located under "1.0 Account" at the top of the page. Account to account transfers between shareholders can currently be completed in real time with no service charge.
- 3.324 How do I convert my gold to credit/cash?
- You may convert your gold to credit by going to “1.22 Convert to Credit” at real-time spot gold (XAUUSD) conversion rate. You may then request a credit withdrawal to your bank account(s).
- 3.33 Trading Account
- 3.331 What is a Trading Account?
- A Trading account is where shareholders trade and hold gold positions for medium to long-term gains. All shareholders are entitled to a trading margin equivalent to 1 time (1x) their share subscription’s monetary value. If you subscribe to 100,000 VGCPS at 2.00 per share = $200,000; you are entitled to a USD200,000 trading margin in your gold trading account.
- 3.332 How can I obtain a higher gold trading margin?
- As described above, the gold trading margin is a complementary feature for all shareholders and is measured based on the amount of monies paid to subscribe to Virgin Gold CPS. Therefore, the only way to obtain a higher trading margin is to subscribe to more Virgin Gold CPS.
- 3.333 Are gold prices quoted in real time?
- Yes. Our real time spot gold feeds ensure that you get up-to-date gold prices.
- 3.334 What is the minimum bid size for trading?
- The minimum bid size for gold trading is 0.01 oz.
- 3.335 Is there a sell short module for gold trading?
- No, there isn’t. Although this is a very common market practice, our business philosophy does not include selling what we do not own.
- 3.336 What happens to trading losses?
- Real loss will only incur when you decide to sell your position at a price lower than your purchase price. However if you sell your position at a loss, credits will be deducted from your credit account.
- 3.337 What happens to trading gains/profit?
- When you sell your positions at a gain, your profits will be credited to your credit account immediately.
- 3.338 What and how much is the gold trading transaction fee?
- The Gold Trading “transaction fee” is an administrative charge currently set at USD1.00 per buy and per sell trade. The Transaction Fee is deducted immediately after every "Buy" and "Sell" trade from the shareholder's credit account.
- 3.339 What is a "rollover charge"?
- A rollover charge is an administrative charge for keeping paper gold overnight. The rollover charge rate is available on the gold trading page. The rollover charge at Virgin Gold may range between USD0.30 to USD1.50 per troy ounce per day. The rollover charge will be deducted from your credit account when you close your trade and only applicable if there is at least one day difference between your buy and sell trade. No rollover charge will be imposed for same day trading. Our trading date is set to GMT 00:00 (server time).
- 4.0 Organization
- 4.01 What is group structure?
- Group structure is a diagram in your "2.12 Group Structure" shareholder’s account that displays your group's organizational structure. It helps keep you up-to-date with the latest subscription developments taking place within your own group.
- 4.02 The diagram only shows part of my group, where is the rest of it?
- Click on the lowest level icon and the lower parts of your group will be displayed. To return to the top, click on the icon at the very top.
- 4.03 What is placement setting?
- Placement setting is a feature that allows you to place shareholders directly referred by you under any shareholder account within your own group before they subscribe to any CPS. This feature enables you to achieve higher group bonuses by helping you fulfill specified requirements.
- 4.04 What is the difference between the default and custom placement setting?
- A default setting is the default placement setting for any of your newly referred shareholders. A custom setting is a case specific placement setting whereby you have the rights to set the placement of your referred shareholders before they make their initial (1st) CPS subscription anywhere under your own organization structure. To reset both your default and custom placement setting, please log in to your shareholder account and go to "2.13 Placement Setting". Please be reminded that you may only set the Custom Placement setting after your newly referred shareholder(s) have signed up but have yet to make their initial (1st) CPS subscription. No request for placement changes will be considered thereafter.
- 4.05 What is a Referral Structure?
- A referral structure in “2.22 Referral Structure” of your shareholder’s account displays your entire referred shareholders organization structure.
- 4.06 How can I help others register for a new Virgin Gold shareholder account?
- You can provide them with your shareholder ID and guide them to the registration page on our website. You can also choose to register on their behalf from your own shareholder account by choosing "2.0 Organization" from your top menu bar followed by "2.31 Register New Shareholder".
- 5.0 Shareholder Account Issues
- 5.1 Forget
- 5.2 Login Problems
- 5.3 Username - VGMC Shareholder Account
- 5.4 How do I update/change shareholder account details?
- 5.5 VGpass & Security Token
- 5.501 What is a VGpass?
- A VGpass is a simple security tools introduced by Virgin Gold to further protect our shareholder’s online account transactions. A VGpass is an algorithm table that is randomly generated for each shareholder specifically. When a shareholder needs to carry out any critical transaction, he or she needs to key in the required alphanumeric characters contained in his/her VGpass. Click HERE to see an example of a VGpass.
- 5.502 How do I apply for a VGpass?
- Log in to your shareholder account and go to "4.32 VGpass Application". Answer the security questions correctly and proceed with your application. For security reasons, you need to wait 3 days for your VGpass application to be approved. If you are applying for the second time or more, your last VGpass is no longer workable.
- 5.503 How do I download and manage my VGpass?
- If your application is approved, your VGpass will be available for download via “4.35 VGpass Download” on the 3rd day of your application. You may only download this VGpass once. Virgin Gold strongly suggests that shareholders download their VGpass to a thumb drive (not to a personal computer or notebook). Use a brand new thumb drive and keep the thumb drive in a safe place, not accessible by others.
Once you download your VGpass, your VGpass is no longer available at “4.35 VGpass Download”. At the same time, an SMS containing the password for your VGpass will be sent to your registered mobile phone.
The VGpass will be in a password enabled PDF format. You may only open your VGpass using the password that has been sent to you via SMS. Print out your VGpass, cut the edges as suggested and laminate your VGpass. Keep the physical copy of your VGpass in a safe place like your wallet so that it is always available to you when you need to use it. DO NOT show your VGpass to others even in a business presentation, since as soon as others know your VGpass passkey combination, your VGpass is no longer secured. Click HERE to view a sample VGpass.
Write down your VGpass password and keep it in a safe place together with your thumb drive that contains your VGpass so that you may print it out again should the need arise.
- 5.504 What should I do if I didn’t receive my VGpass password after waiting for 2 hours from the time I downloaded it?
- Log in to your shareholder account and go to "5.31 Ticketing" to send us a ticket by choosing ticket type "1.12 – VGpass". Your VGpass password will be resent to your registered mobile phone within the next 24 hours.
- 5.505 What should I do if I forgot my VGpass password?
- Log in to your shareholder account and go to "4.34 Forget VGpass Password". Answer two security questions correctly and your current VGpass password will be sent by SMS to your registered mobile phone. A service charge of USD5.00 will be applied.
- 5.506 Why is it so important that I download my VGpass to a thumb drive?
- There are many bad and irresponsible people out there who know you have a good investment in Virgin Gold and want to steal your money. Some of them may even be your friends and relatives. These people may plant Trojans and viruses into your personal computers and notebooks when they ask you to download some materials or when you visit some internet sites. If you keep your VGpass in your personal computer or notebook, they may be able to retrieve your VGpass. Though they will not be able to open your VGpass and print it out because they do not have your VGpass password, its best that you store your VGpass in a thumb drive and keep it safely from others.
- 5.507 Is it compulsory for me to use VGpass?
- Shareholders can choose to continue answering security questions for critical transactions or use a VGpass instead. Once a shareholder decides to use a VGpass, he or she must continue using the VGpass. If the VGpass is lost, he/she must request a new one. The first application is free of charge and subsequent applications will be charged USD30.
- 5.508 What if I lost the printed copy of my VGpass?
- Log in to your shareholder’s account and go to "4.32 VGpass Application". Follow the step by step procedure to apply for a new VGpass. Your application will be approved or rejected within 3 days and you can cancel the application before it is approved. Each application will be charged USD30.
- 5.509 How do I re-apply for a new VGpass copy?
- Log in to your shareholder account and go to "4.32 VGpass Application" to apply for a new VGpass. The application will take 3 days to be approved with a USD30.00 charge applied.
- 5.510 What is a Security Token?
- A security token is a security device that has a software algorithm installed into a small hardware the size of a computer thumb drive. Many financial institutions give the option to their account holders to own a security token or even make it compulsory to have one to perform online transactions.
- 5.511 Does Virgin Gold provide security tokens to its shareholders?
- 5.512 Will Virgin Gold make security tokens available to its shareholders?
- We are considering and monitoring the situation. If the situation warrants us to do so, we will definitely implement them.
- 5.6 VG Mobile
- 5.7 VGmail
- 5.71 How do I set up my VGmail username?
- Log in to your shareholder account and go to "4.41 Register VGmail". This feature is currently free of charge and only available to active shareholders. Shareholders who are found guilty of misusing their VGmail to send SPAM mails, pornography, extreme religious and political propaganda and malicious content against any individual or corporation may face legal persecution from the company and local regulatory authority.
- 5.72 What is the password for my VGmail?
- You may choose your VGmail password while you are setting up your VGmail, we strongly suggest that you choose a different password from your VGMC shareholder account password.
The VGmail password and VGMC shareholder password are independent of each other. If you change your VGMC shareholder account password, your VGmail password does not change and vice versa.
- 5.73 Is my e-mail username the same as my shareholder account username?
- No, currently we do not allow e-mail username to be same as your VGMC shareholder account username. Your e-mail username will be known to many but your account username should only be known to you. If you choose both to be the same, many people will know your account username and if they can guess your password, your account security will be breached.
- 5.74 Where should I go to log in to my e-mail?
- Please visit www.VGmail.com.Your e-mail address is <VGmailUsername>@VGmail.com.
- 5.75 What if I forget the password I use to log in to my e-mail?
- Log in to your shareholder account and go to “4.43 Forget VGmail Password”. You are allowed to reset a new VGmail password by answering security questions correctly or keying in the correct VGpass passkey. We strongly suggest that you set a different VGmail password that is not the same as your VGMC shareholder account password.
- 5.8 Security Issues
- 5.81 Compromised Shareholder Account
- 5.811 What should I do if I suspect or found out that the security of my account has been breached / hacked?
- There are a few steps a shareholder must take in case this unfortunate situation happens:
• Please log in to your shareholder account and go to "5.31 Ticketing" and "Open a new ticket" by selecting ticket type "1.13 Compromised Shareholder Account ". If you are not able to log in to your shareholder account, please go to "Contact Us" at our website and explain your situation to our customer service support staff.
• Reformat your personal computer/notebook and restore the latest anti-virus. Stop any log in activity from other computers.
• Apply to reset security questions and new VGpass.
• Set up a new primary and secondary e-mail that is registered with Virgin Gold.
• Change your entire password, including your e-mail and banking passwords.
Please always remember that if the security of your account has been compromised, the problem always occurs on your side. So you need to take a few painful steps to resolve this problem.
- 5.82 Suspended Shareholder Account
- 5.821 I am not allowed to perform online transactions because my account is suspended. Why does this happen?
- There are a few reasons a shareholder’s account may be suspended from operation:
• The account has been hacked or benefited from or is related with credits obtained from unauthorized transactions. In such a situation, please continue to log in to your shareholder account every day and answer all the necessary tickets to help our account investigation. Once you are cleared of any breach of conduct, your account will resume normal operation.
• There have been more than ten (10) consecutive attempts to provide the wrong answer to security questions. In such a situation, when a shareholder tries to execute critical transactions, he/she will see a message similar to this:
"Your account function has been suspended until you reset your security questions because there have been ten (10) consecutive wrong answers to your security questions. We apologize for the inconveniences caused. Please go to "4.31 Reset Security Questions" to reset your security questions."
Once your application to reset security questions has been approved, you may set new security answers and your account will automatically be able to resume normal operation.
• There have been more than ten (10) consecutive attempts to provide the wrong VGpass passkey. In such a situation, when a shareholder tries to execute critical transactions, he/she will see a message similar to this:
"Your account function has been suspended until you apply for a new VGpass because there have been ten (10) consecutive wrong answers to your current VGpass passkey. We apologize for the inconveniences caused. Please go to "4.32 VGpass Application" to apply for a new VGpass."
Once your application for a new VGpass has been approved, your account will automatically be able to resume normal operation with your new VGpass.
• Too many irregular attempts to log in using the wrong combination of shareholder ID, username and passwords. Whenever a shareholder logs in, our account system keeps tabs on the IP address, usual login time, transaction pattern, amount, et cetera. When we detect suspicious activities that may attempt to breach the security of your account, we may temporarily suspend critical transactions of your account. In such a situation, we will send you a ticket and/or e-mail to investigate the situation and ask you to re-authenticate your shareholder account with your supporting documents.
• New shareholders need to indicate their contact/residential address within three (3) days of their CPS subscription and authenticate their account by submitting identification documents and proof of address within seven (7) days of subscribing to CPS or risk the temporary suspension of their accounts until they do so.
• Breach of conduct. Shareholders have been known to use VGmail to Spam others, trying to cheat the corporation by providing fake credit top up slips, et cetera. Such shareholders may have their shareholder account suspended temporarily or permanently.
- 6.0 Business Tools
- 7.0 Legal
- 7.01 Is it legal to refer my friend to be a Virgin Gold shareholder?
- There is generally nothing wrong in referring someone else to become a shareholder of an offshore corporation but we suggest that you enquire with your local legal and financial consultant(s) for a more accurate answer.
- 7.02 Can I circulate information about Virgin Gold to the mass public?
- Any person including our shareholders must obtain prior approval from our legal department before using our printed and electronic information including our company logo. All VGMC printed and website materials belong solely to the corporation and any shareholder or person who wishes to use our logo and information must seek our approval or risk facing legal consequences.
- 7.03 Can I circulate information about Virgin Gold in blogs and link my personal site to VGMC?
- You are not allowed to do so unless you have obtained prior approval from our legal department.
- 7.04 I have seen many websites that copy www.vgmc.com almost completely. Why are they doing that?
- These sites are set up by irresponsible parties without VGMC's approval. These sites are trying to phish VGMC shareholders’ personal information such as their username and password and also scam ignorant potential investors into believing they are part of VGMC. Our legal team is constantly working with relevant authorities to take action against these people but it’s never easy. These groups have always targeted large Multi-National Corporations and banking sites. Shareholders should always log in and access information through our only official site: http://www.vgmc.com . For more information, shareholders may go to our website >> "About Virgin Gold" >> "News & Press" >> "Scam Alert". We constantly publish information with regards to sites which our legal team has identified as Scams and so far it has been 100% spot on.
- 7.05 Why is Virgin Gold not open to applicants of all nationalities?
- From all political, legal and financial regulatory perspectives, we are currently either unable or not in a suitable position to offer our shares to residents and citizens in some countries.
- 7.06 The security commission in my country issued an investment warning on Virgin Gold. Why is that?
- The responsibility of a Security Commission such as the SEC in the United States is to regulate securities in their own country. It has the responsibility to everyone within its jurisdiction to make sure that the offering of securities is within its financial regulatory framework. While it is not illegal for almost every person to subscribe to offshore corporation’s shares such as VGMC, local Security Commissions will definitely issue an investment warning/alert to its nationals to be cautious and careful as they cannot regulate offshore corporations such as VGMC.
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