Anguilla Professional Fund

The Anguilla Mutual Funds Act sets forth the regulatory environment for operation of mutual funds in Anguilla. There are also several additional Regulations on the subject of mutual funds regulation, and a range of Policy Guidelines issued by the Anguilla Registrar of Mutual Funds (being part of the Eastern Caribbean Securities Regulatory Commission) and dealing with the finer points of the practical application of the Mutual Funds Act.

Permitted Activities

A Professional Fund shares are offered only to professional investors with initial investment of not less than USD 1 Million, or its equivalent in any other currency. A professional investor is any person who qualifies under one of the two alternative criteria:

  • A professional investor is one whose ordinary business involves the acquisition or disposal of property of the same kind as the property, or a substantial part of the property of the fund; or
  • A professional investor is also one who has declared his net worth to exceed one million US dollars and has consented in writing to be treated as a professional investor.

The Anguilla Mutual Funds Act requires professional funds to be registered, through a prescribed procedure provided by the Act called recognition. This procedure is much simpler than the one prescribed for the public funds. The recognition of a professional fund in Anguilla requires completion of the relevant application, provision of the proofs or documents that supposedly qualify the fund as professional, provision of the details of the fund itself, as well as the details of its managers, administrators, custodians and other professionals involved and their place(s) of business.

Legal Requirements

Sr.

No

Element Requirement(s)
Entity Requirements The entity making the application is Anguilla:

  1. Company
  2. Limited partnerships,
  3. Unit trust or
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The fund will need at least two promoters.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Fund Administrator The Applicant must employ a fund administrator with no local requirement
Fund Manager The Applicant must employ a fund manager with no local requirement
Custodian
  • The applicant must have a custodian approved by the FSC.
  • A Custodian licensed and approved locally the Commission.
  • A Custodian licensed and approved under the laws of a recognized country or jurisdiction.
  • A person with a written permission from the Commission to carry on Business as a Custodian.
Local Office The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator

Ongoing Obligations

  1. Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Commission , if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
  2. Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

Our Contact Details

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

  • Tel: +248 4321018
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  • Email: [email protected]

Telephone:

+248 252 5217

[email protected]

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