Bermuda Standard Fund License

The Investment Funds Act governs the exclusion, exemption and authorisation of investment funds and contains certain requirements for the formation of investment funds, their operation and the offering of shares, units or interests of investment funds. The Bermuda Monetary Authority (BMA) is the principal body responsible for the regulation of investment funds. Key Features Standard Funds are any investment funds which do not qualify to be classified under any of the foregoing categories. A fund will qualify for classification as a standard fund if it does not fall within any other class of fund. Legal Requirements

Requirements	Description
General
Corporate  vehicle permitted	Company, Unit trust, Limited partnership
Local physical office required	No
Share capital or equivalent
Minimum subscription	None
Minimum investors	None
Directors
Minimum number	2
Corporate directorship allowed	Yes
Local director required	No
Service Providers Required
Custodian	Yes
Fund manager/Investment manager	Yes
Fund administrator	Yes
Auditors	Yes

Tax Treatment Bermuda investment funds are not subject to any tax, as there are no Bermuda corporation, profit, withholding, capital gains or income taxes applicable to an investment fund or to its share or unit holders or partners which are not resident in Bermuda. Duration to Set Up 3 months Distinctive Benefits of Licence

• Low setup costs
• Quick and easy regulatory notification process
• No investment restrictions
• Favourable tax environment

The Valsen Advantage

• End to end comprehensive service
• Speedy and efficient service
• Expert advice on structuring options
• Dedicated ongoing compliance support
• Extensive network pool of service providers