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The British Virgin Islands (BVI) is a less common domicile for closed-ended funds than its Cayman counterpart. Globally, it is the domicile of choice for less than 1% of funds, compared to 11% in Cayman. However, BVI does have numerous positive attributes. For Private Equity managers, the BVI has a good corporate statute in the BVI Business Companies Act 2004.
As with many other reputable offshore jurisdictions the BVI is a well-regulated jurisdiction; there are no restrictions on investment strategy or borrowing and, in this instance, legal and other costs can be generally significantly lower than other jurisdictions.
There are two main types of structures:
- Business Companies
- Limited Partnerships
The vast majority of funds are incorporated as Business Companies under the Business Companies Act and to a lesser extent as Limited Partnerships under the Partnership Act 1996 (the “Partnership Act”). It is relatively straightforward to set up a Limited Partnership as the law requires limited information to be contained in the constitutional documents. The Limited Partnership is formed by the filing of a memorandum of Limited Partnership with the Registry of Corporate Affairs (the “Registry”).
HOW WE CAN HELP
Augentius has been servicing BVI funds for many years. Whilst certain filings etc. need to be completed in the BVI, the majority of the fund administration functions can be completed from other offshore locations. Services provided by Augentius include:
- Fund Administration
- Fund Accounting
- Special Purpose Vehicle Accounting and Administration
- Depositary Services to facilitate marketing into Europe
- Corporate Services
- Investor Relations
- AIFMD Reporting
- FATCA/CRS Reporting
- Fund Launches