Mutual Funds

In the British Virgin Islands, open ended mutual funds are regulated by the Mutual Securities and Investment Business Act  2010 as amended (“SIBA”). SIBA classes open ended mutual funds in three classes: private funds, professional funds and public funds. In the British Virgin Islands, the Financial Services Commission through its investment business arm regulates BVI mutual funds.

A public fund is one that offers its shares to the public. The Act requires public mutual fund investment vehicles to be licensed. Generally, public mutual funds are subject to the highest level of regulation under the Act. A private fund is one with less than 50 investors that offers its shares for sale on a private basis. A professional fund is one that may only offer and sell its shares to professional investors. Under the Act private and professional funds are subject to lesser requirements of recognition. Also regulated within the Act are fund managers and administrators.

Together with our colleagues in O’Neal Webster, we can assist you with the formation of your mutual fund vehicle, fund manager and fund administrator and the relevant license or recognition applications. Our services include:

  • Formation of a company (or other legal entity) to act as the vehicle for the fund. The BVI Business Companies Act allows the Segregated Portfolio Company, a vehicle which is used extensively with Mutual Funds.
  • Provision of Registered Office and Registered Agent facilities.
  • Submission of applications for licenses and liaison with the Director of Investment Business at the Financial Services Commission.
  • Legal assistance with the creation of the Offering Document for the new mutual fund.
  • Assisting with compliance and license renewals.
  • Fund Administration services (including investor relations and fund valuations), provided by a highly respected fund administrator based in the UK.

Interested in this service?

Contact us today

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COVERDALE COVID 19 VIRUS RESPONSE

UPDATE APRIL 29, 2020

The government of the BVI announced a partial curfew ending 6:00am Sunday May 10, 2020. Certain businesses, including Coverdale Trust Services Limited will be permitted to re-open for reduced hours. The curfew will run from 1pm to 6am the following day. Businesses that are entitled to be open must adopt working hours that will permit their staff to travel between their homes and work within the permitted times.

Commencing Wednesday April 29, 2020 Coverdale will be open from 8am until 12noon weekdays, until further notice. Key Coverdale staff will be serving clients remotely during regular business hours that are subject to the curfew.

We thank you for your understanding and patience during this time.

Please visit our website, or Facebook page for updates.