BVI Private Fund License_Guideline
BVI Private 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 Private Fund License
BVI Private funds are defined in SIBA as a mutual fund where the constitutional documents of which specify that it will have no more than fifty investors; or the constitutional documents of which specify that the making of an invitation to subscribe for or purchase shares issued by the mutual fund is to be made on a private basis. BVI Private Funds have the following characteristics:
- Has no restriction on the minimum amount each investor subscribes.
- The total number of investors is limited to 50.
- No restriction on the amount of Net Assets held in the Fund.
- Requires and Administrator and Authorised Representative to be appointed.
- Requires 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 a private fund.
- Prepare financial statements complying with the International Financial Reporting Standards.
- The Auditor is required to submit, in electronic format, a final copy of their audited financial statements to the FSC within six months of the end of each financial year.
- Provide a written notice is required to be given to the FSC within 7 days of any resignation or termination of a functionary of a private fund. Further, no new functionary may be appointed without at least 7 days prior notification to the FSC of the proposed appointment. A fund does not breach the requirement of the Regulations if a functionary resigns, is terminated or otherwise ceases to act as a functionary and a replacement is appointed within 7 days of the original functionary ceasing to act.
- The FSC is also required to be notified of any change to the directors, authorised representative or auditor of a professional or private fund, any change in the address of the fund’s place of business, any amendment to the constitutional documents of the fund, the issue of an offering document that was not previously provided to the FSC and any amendment to such offer document.
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