Beneficial Ownership Registers for
BVI Business Companies and
Limited Partnerships

BVI Investment Funds

Application process
Ongoing obligations

The process and timeline vary slightly depending on the type of fund – Professional, Private, Public, Incubator, or Approved.

Here is the general approach:

Application process and Approval Time

The application process for BVI funds does depend on the type of fund. The British Virgin Islands offers several fund types, each with different regulatory requirements, approval processes, and timelines. Below is an overview of the application process, tailored to the most common fund types:

Incubator Fund
Designed for Start-up managers testing a strategy with limited capital and investors.
Regulatory Approach – Light-touch regulation.

Key Steps:

• Submit application to the BVI Financial Services Commission (FSC).
• Provide:
• Written description of the investment strategy and risk disclosures.
• Details of the fund’s structure and service providers (if any).
• Application forms and prescribed fee.
• No need for offering memorandum, licensed functionaries, or auditor.
• Approval Time: Typically within 5 business days.

Approved Fund
Designed for – Small, long-term private investment funds.
Regulatory Approach -Light regulation but more structured than Incubator Funds.

Key Steps:

• Application to the FSC with:
• Details of fund structure and service providers.
• Risk disclosure and investment outline (short-form offering document is optional).
• Prescribed forms and application fee.
• No audit or custodian required, but administrator is recommended.
• Approval Time: Around 5 business days.

Private Fund
Designed for – Funds with no more than 50 investors or offered via private placement.
Regulatory Approach – Moderately regulated.

Key Steps:

• Appoint and register licensed functionaries (e.g., administrator, investment manager).
• Prepare offering memorandum.
• Submit:
• Fund constitutional documents.
• Details of service providers.
• Offering documents.
• Application forms and fees.
• Approval Time: Approximately 2–4 weeks.

Professional Fund
Designed for – Institutional or professional investors only.
Regulatory Approach: Fast-track launch with post-registration notification.

Key Steps:

• Can launch immediately and notify the FSC within 14 days.
• Submit:
• Offering memorandum.
• Details of directors and functionaries.
• Certificate of incorporation.
• Application documents and fees.
• Must appoint licensed functionaries.
• Approval Time: Fund may operate immediately upon launch, pending formal FSC acknowledgment.

Public Fund
Designed for – Retail investors.
Regulatory Approach: Fully regulated.

Key Steps:

• Prepare full prospectus.
• Appoint fully licensed BVI-based functionaries (manager, administrator, custodian, auditor).
• Submit a comprehensive application to the FSC.
• Undergo full regulatory review.
• Approval Time: Several weeks to months, depending on completeness of documentation.

Ongoing obligations

After a BVI fund is registered or recognized by the BVI Financial Services Commission (FSC), it must comply with certain ongoing obligations to maintain its legal and regulatory standing. These obligations vary depending on the type of fund, but here’s a breakdown of the most common and relevant ongoing requirements:

Annual Fees
All funds must pay annual renewal fees to the FSC and the BVI Registry of Corporate Affairs to remain in good standing.
These are due by January 31st of each year.

Financial Statements & Audits

Annual Returns
All funds must file an Annual Return with the FSC, typically by June 30th each year.
This return includes financial and operational data (not a full audit).
Required even if the fund is not active or has no investors.

Record Keeping
Must maintain proper records, including:

• Shareholder/investor registers
• Financial records
• Transaction records
• Compliance documentation

Records must be kept for at least 5 years.

Economic Substance Reporting (if applicable)
Funds that conduct relevant activities under the Economic Substance Act (e.g., fund management) may have reporting obligations.
Pure investment funds generally do not fall under this rule, but fund managers do.

AML/CFT Compliance
All BVI funds are required to comply with Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations:

• Appoint a Money Laundering Reporting Officer (MLRO) and Compliance Officer.
• Conduct due diligence on investors.
• Maintain a risk-based compliance program.

Notifying the FSC of Material Changes
Must inform the FSC promptly about any of the following:

• Change of directors or functionaries.
• Amendments to offering documents or fund structure.
• Change in fund classification (e.g., conversion from Incubator to Approved Fund).
• Cessation of business or intention to liquidate.

Fund-Specific Requirements
Incubator Fund: Valid for 2 years only (extendable by 1 year); must convert or close after.
Approved Fund: No time limit, but must remain within asset and investor limits.
Professional & Private Funds: Must meet all requirements applicable under the Securities and Investment Business Act (SIBA).

Our BVI Funds services

Our Business Development Team is here to support you every step of the way—from the initial setup to securing your fund license and managing day-to-day operations.

Our services include:

• Expert guidance in the formation and structuring of offshore investment funds
• Ongoing administrative support, including assistance with legal, tax, and corporate matters
• Comprehensive fund accounting and asset valuation
• Robust risk management and regulatory compliance solutions
• Provision of registered office and physical workspace, if needed
• Coordination of audit processes with qualified professionals

We deliver end-to-end solutions for fund setup and administration, ensuring a seamless experience throughout the lifecycle of your fund.

Our all-in-one service model enables fund managers to focus on investment performance and growth. With deep insight into the fund industry and a strong track record, we help streamline your operations and build lasting confidence with your investors and service providers.