British Virgin Islands Public Fund License

The principal legislation pertaining to funds in the British Virgin Islands (BVI) is the Securities and Investment Business Act (SIBA). Key Features A public fund is a mutual fund whose offering of fund interests may be made to a large number of investors or to persons other than experienced investors (licensed entities), those who have a private or business connection to the fund or to a class of persons who are not limited in such a way as to make the offering of fund interests available to persons who are professional investors within the meaning of the SIBA. In addition to satisfying the requirements for recognition by the SIBA, public funds will be required to satisfy the requirements of the Public Funds Code, 2010 (Public Funds Code), specifically those relating to publication of a prospectus which must be approved by and signed on behalf of the fund’s directors. Legal Requirements

Requirements	Description
General
Corporate  vehicle permitted	International Business Company (IBC), Partnership or Unit Trust
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
Legal Advisers	Yes

Tax Treatment Mutual Funds are tax exempt Duration to Set Up About 3 months Distinctive Benefits of Licence

• Tax exemption of Mutual Funds;
• A recognized and respected legal system supported by English common law, modern local legislation and a well-developed court system, including a dedicated commercial division;
• No regulatory restrictions on investment policies or strategies or on performance and other fee arrangements;
• No requirement to appoint local directors or local functionaries;
• Various types of fund structures including, single class funds, multi-class funds and master-feeder funds are facilitated;
• Statutory segregated portfolio ring-fencing; and
• Amendment of constitutional documents may be made by shareholders or directors where so authorized.

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