BVI Investment Funds
BVI Investment Funds
Partnering with offshore counsel, RW specializes in establishing “master-feeder” and “mini-master feeder” structures for U.S. and offshore managers.
Types of Funds
The majority of open ended funds (where investors can redeem their investment on regular intervals) are “professional” funds, but certain fund sponsors choose to establish private and public mutual funds.
Professional funds are only available to investors who meet the definition of a “professional investor,” and whose initial investment is not less than $100,000 (unless they are an “exempted investor”, a narrow category). A professional investor is one whose business it is to invest in the fund, or who declares that (either jointly with a spouse or individually) their net worth is in excess of $1,000,000 and they wish to be treated as a professional investor.
Private funds are those that have either fewer than 50 investors, or whose invitations to subscribe will only be sent on a “private basis.” Private basis invitations are those made to specified persons with no intention of said shares being made available to others, or the result of a previous connection (business or personal).
Our BVI fund services include:
- Drafting the special Memorandum and Articles of Association for the Fund;
- Drafting of the Offering Memorandum providing disclosure to fund investors regarding fund terms such as minimum investment amount, liquidity provisions, investment strategy, biographies of fund Directors, risks involved in an investment;
- Provision of the Registered Agent and Registered Office for the Fund;
- Incorporation of the Fund Company as a BVI Business Company;
- Payment of standard Government fees at incorporation of the Fund Company;
- Drafting of First Minutes, appointment of directors and primary corporate documents;
- Obtaining duplicate Certificate of Incorporation (required for licensing purposes);
- Drafting of the Investment Management agreement;
- Drafting of the license Application for recognition as Professional or Private Fund;
- Submission of the license Application along with the accompanying documents;
- Payment of Mutual fund Application fee and Recognition fee to BVI FSC;
- Follow-up with the license Application and liaison with the Financial Services Commission;
- Introduction to fund service providers such as administrators, custodians, auditors, bankers and brokers; and
- Obtaining CUSIP/ISIN number (if necessary).