BVI Approved Fund License_Guideline
BVI Approved Fund License
The statutory legislation governing most funds in the BVI is the Securities and Investment Business Regulations 2015 (“SIBA”) and the Mutual Fund Regulations, 2010.
About BVI Approved Fund
A BVI Approved fund is a low cost hedge fund vehicle which allows a manager to bring together a small number of investors. This fund is cost-effective and designed to avoid the regulatory burden when establishing a small fund. BVI Approved Funds have the following characteristics:
- Has no restriction on the minimum amount each investor subscribes.
- The total number of investors is limited to 20.
- Net assets of the Fund must not exceed US$100,000,000 or its equivalent in any other currency.
- Requires an Administrator and Authorised Representative to be appointed.
- No requirement for an auditor.
- No restriction on the life of the Fund.
BVI funds, recognized or registered under SIBA, are generally required to appoint functionaries who must either meet the FSC’s ‘fit and proper’ criteria, or must be located in one of the BVI’s recognized jurisdictions. Functionaries from a non-recognized jurisdiction may also be appointed, provided that they will satisfy the FSC that their jurisdiction has an effective regulation on investment businesses in place. The below functionaries need to be appointed for an approved fund.
- Submit semi-annual returns to the FSC by 31 January and 31 July which summarises pertinent
information regarding the fund’s status, including the number of investors, total investments, aggregate subscriptions and redemptions, NAV and details of any significant investor complaints and how such complaints were dealt with. Each return will contain a confirmatory declaration which the directors will need to make confirming that the fund is not in breach of the New Fund Regulations;
- Notify the FSC within 14 days of any changes to the information provided in the application for approval or in relation to any matter which is likely to have a material impact on the fund.
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