Isle of Man International Scheme

Any scheme established in the Isle of Man which is not an Authorised Scheme or an Exempt Scheme, is an International Scheme under Schedule 2 of the Act, and may not be promoted to the general public in the Isle of Man

Full International Schemes are not subject to any direct approval or authorisation process, but the manager of such a scheme must have the Commission’s permission to act, and personnel involved (the Governing Body) must be fit and proper persons.

The Manager and trustee/fiduciary custodian of a full international fund must be Authorised Persons.

The Commission does not comment on the investment objectives of the scheme and investors are not protected by any statutory compensation arrangements.

There are further sub-categories of international scheme: the Specialist Fund, the Qualifying Fund, the Professional Investor Fund, and the Experienced Investor Fund as briefly described below:-

  1. The Specialist Fund is only available to specialist investors, generally institutional investors and high net worth individuals.  The minimum investment is US $100,000.
  2. The Qualifying Fund is only available to qualifying investors who are non-retail investors. It is available only to qualifying investors who meet the investor requirements set out in the regulations.
  3. The Professional Investor Fund is available to professional investors who are market professionals with net assets in excess of US $1 million.  The minimum investment is US$100,000.
  4. The Experienced Investor Fund is aimed at the ‘experienced investor’, but since 1st November 2007 no new funds of this nature have been allowed to be created.

Legal Requirements

Sr.

No

Element

Requirement(s)

 

Entity Requirements

The entity making the application is:

  1. an Isle of Man Company incorporated under the Companies Act 1931
  2. an Isle of Man Company incorporated under the Companies Act 2006
  3. Protected Cell Company
  4. Limited Liability Partnership
  5. Company
 

Director’s Requirements

The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.

 

Shareholder requirements

  • The investment dealer will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
 

Compliance Officer

The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.

 

Licensed Principle

The Applicant must employ at least one individual who is licensed as a principal.

The Principle must:

  1. Have sufficient educational or other qualifications or experience;
  2. Have sufficient authority within the company;
  3. Be a fit and proper person, to supervise the business for which the company that has nominated him is licensed or is applying to be licensed
 

Fund Administrator

The Applicant must employ a fund administrator with no local requirement

 

Fund Manager

Isle of Man Manager licence holder

 

Custodian

Regulated in the Isle of Man or in a suitable jurisdiction

 

Promoter

A regulated promoter must be appointed if sales to “certain persons”(1) are allowed through non-regulated financial advisers

 

Fiduciary Custodian/Trustee Required?

Not Required

 

Local Office

The applicant must have premises acceptable to the authority. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.

 

Auditor

The Licensee, within one month after becoming licensed, shall appoint an external auditor who is acceptable to the Commission

 

Insurance

The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the regulator

 

Minimum Capital Requirements

 

Ongoing Obligations

  1. Licenses are to be renewed annually after the date of registration. On application for renewal of a Licence, the Isle of Man Financial Services Authority, if satisfied that the applicant is a licensee of good standing, may grant the renewal on payment by the applicant of the annual renewal Licence fee
  2. Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
  3. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

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.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. 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

Please visit us on: www.offshorelicense-regulatory.com , www.valsen-corporate.com

OR Contact us on:

  • Tel: +248 4321018
  • WhatsApp: +248 2525217
  • Skype: vf-international.com
  • Email: [email protected]

Telephone:

+248 252 5217

[email protected]

vf-international.com