This Guide provides an overview of the various investment fund vehicles available in the British Virgin Islands. This Guide concentrates on regulated investment funds and, in particular, offshore hedge funds, since these constitute a large majority of the investment funds domiciled in the British Virgin Islands and make up approximately one quarter of all offshore hedge funds established worldwide.
The investment funds industry in the British Virgin Islands is regulated by the Investment Business Division of the Financial Services Commission (the “FSC”) and the primary legislation which governs the industry is the Securities and Investment Business Act, 2010 (“SIBA”).
Under Part III of SIBA and the Mutual Fund Regulations, 2010, regulated funds are categorised as private funds, professional funds or public funds. Not all investment funds will be subject to SIBA as it only regulates open-ended funds (i.e. funds whose equity interests are redeemable at the option of the investors). Closed-ended funds (i.e. funds whose equity interests are not redeemable at the option of the investors) are not subject to direct regulation in the British Virgin Islands.
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