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13/05/2015

Investment Funds in the BVI

Financial licensing capabilities for BVI registered companies

BIS is able to offer you a license to conduct financial business activities by incorporating in the British Virgin Islands and obtaining a SIBA license. The SIBA license allows the holder to conduct a vast array of businesses related to the providing of financial services to individual and institutional clients. The businesses of FOREX, investing for clients, investment advice to clients and management of investments and providing custodian or depository of assets belonging to another person, can be undertaken with this license. The exemptions to these activities are dealing in indebtedness, in issuance, redeeming or repurchase by a company of its own stock or debt, sale of goods, as bare trustee that is not construed as investment business, employee share schemes and insurance

The following are the requirements to apply for the SIBA license:

  • The manager, investment advisor, administrator and/or custodian of a BVI mutual fund satisfy the FSC’s fit and proper criteria. These have to do with previous experience in such an industry and the person’s history. If the person does not have such relevant experience or educational background then they may appoint a manager, administrator or custodian to fulfil those requirements.
  • There must be a fund prospectus printed for clients, this must contain the prescribed investment warning. This must be submitted to the FSC for initial approval.
  • All funds must appoint an authorised representative in BVI to act as conduit between them and the FSC.
  • A fund must have an auditor at all times.
  • There must be two directors, one of which must be an individual.

The ongoing requirements of a fund are as follows:

 

  • The fund must notify the FSC within 14 days of material events, such as appointment or removal of directors, amendments to its documents, change of address or contact details of the fund.
  • The details of the authorised representative in BVI must be kept up-to-date.
  • A fund must submit audited financial statements for each year to the FSC within six months after the financial year end.
  • Needs to have KYC and anti money laundering regulations and processes in place.
  • The fund must also appoint a compliance officer, to be approved by the FSC, prior to appointment, to maintain and implement a compliance policy.
 


BIS clients are able to avail of our nominee and fund management services in any of the above regulatory and procedural obligations. In certain cases, we may approach the FSC to waive certain requirements for appointment of officers should the case be compelling. The costs for such services are determined by time spent on the procedure.