BVI Professional 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 Professional Fund License
A BVI Professional Fund is a mutual fund whose interests are made available only to professional investors and the initial investment of each investor (other than certain “exempted investors”) is not less than US$100,000. A professional Investor is described by ‘SIBA’ as a person:
- Whose ordinary business involves, whether for a person’s own account or the account(s) of others the acquisition or disposal of property of the same kind of property, or a substantial part of the property of the fund.
- Who has signed a declaration that he/ she, whether individually or jointly with his/ her spouse, has a net worth in excess of USD 1,000,000 or its equivalent in any other currency and that he consents to being treated as a professional investor.
BVI Professional Funds have the following characteristics:
- The amount each investor subscribes should not be less than US$100,000.
- No restriction on the total number of investors.
- No restriction on the amount of Net Assets held in the Fund.
- Requires and Administrator and Authorized 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 professional fund.
- Prepare financial statements complying with the International Financial Reporting Standards.
- Provide a copy of its audited financial statements to the FSC within six months after its financial year end.
- 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 professional 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, 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.
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.
- Company formations and Administration
- Assistance with Bank Account opening
- Collective Investment Setup and Administration
- Intellectual Property Registrations and Maintenance.
- Trusts and Foundations setup and administration
- Online Payment Gateway Solutions
- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
- 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
OR Contact us on:
- Tel: +248 4321018
- WhatsApp: +248 2525217
- Skype: vf-international.com
- Email: [email protected]