Created Date: 24 October 2024
创作日期24 October 2024
Corporate

British Virgin Islands comparison of open-ended funds

英属维尔京群岛（BVI）开放式基金对比指南

In this guide we compare the five types of open-ended funds in the British Virgin Islands (the “BVI”), being private funds, professional funds, public funds, incubator funds and approved funds (this guide does not cover closed-ended funds that are governed by the Private Investment Funds Regulations, 2019).

在本指南中，我们将对比英属维尔京群岛（以下简称“BVI”）的五种开放式基金，即私募基金、专业投资者基金、公募基金、孵化基金和获准基金（本指南不讨论受 2019 年《私募投资基金条例》管辖的封闭式基金）。

In short, open-ended funds give investors the right to redeem their fund interests on demand, subject to the terms of the fund documents and certain lock-up periods. These funds need to be regulated in the BVI by the BVI Financial Services Commission (the “FSC”). 

Whilst professional funds are still the most popular, representing 70% of the BVI funds market, we are seeing a significant increase in both incubator and approved funds. This is because these relatively new funds are very cost effective and lightly regulated. The incubator fund is a start-up fund which offers managers a straightforward, economical solution for implementing an investment strategy with low up-front costs and limited on-going obligations, which is very popular in the fintech sector. The approved fund is usually aimed at the “friends and family” market, like a private fund but with less stringent regulation and lower on-going costs. 

  Private Professional Public Incubator Approved
Investors
Fund users Popular with friends and family offerings. Popular with high-net-worth Professional Investors. Popular with managers looking to make retail offerings. Popular with start-up managers (particularly in the fintech sector) who want to keep costs down whilst they build a track record and make the fund viable in the long term. Popular with smaller, private offerings or friends using it as a family fund.
Maximum number of investors 50 investors (or the invitation to subscribe/ purchase an interest can be made on a private basis only). No maximum. No maximum. 20 investors. 20 investors.
Minimum investment No minimum. US$100,000, or its equivalent in any other currency (unless an Exempted Investor). No minimum. US$20,000, or its equivalent in any other currency. No minimum.
Maximum NAV No maximum. No maximum. No maximum. $20 million, or its equivalent in any other currency. $100 million, or its equivalent in any other currency.
Lifetime Unlimited. Unlimited. Unlimited.

The fund can operate: (a) for two years, with an option to extend for one additional year (with the FSC's prior consent); (b) until it has more than 20 investors; or (c) until the NAV exceeds $20 million. 

At the end of this initial period the fund must either: (a) terminate its business; or (b) apply to be converted into an approved fund, a private fund or a professional fund.

The fund can operate until: (a) it has more than 20 investors; or (b) until the NAV exceeds $100 million. 

At the end of this initial period the fund must either: (a) terminate its business; or (b) apply to be converted into a private fund or a professional fund.
Investor criteria Private offers only (no public offers are permitted). However, there is no requirement for the investors to be Professional Investors or Sophisticated Private Investors. Only Professional Investors. Open to the public. Only Sophisticated Private Investors. Private offers only (no public offers are permitted). However, there is no requirement for the investors to be Professional Investors or Sophisticated Private Investors.
Launch
Timeframe Cannot commence business until the FSC issues the relevant licence. Usually completed within 14 business days of the application being made. Can commence business 21 days before receiving its licence from FSC, provided that the application for recognition is submitted with FSC within 14 days of its launch. Cannot commence business until the FSC issues the relevant licence. Usually completed in six weeks of the application being made. Can commence business two days after the application is submitted to the FSC. Can commence business two days after the application is submitted to the FSC.
Offering documents Offering memorandum. Offering memorandum. Prospectus complying with the terms of the Public Funds Code. There is no formal requirement for a formal offering memorandum, but if one is not prepared, the investors need to be given a written investment warning. Usually this is in a short form term sheet. 
 		 There is no formal requirement for a formal offering memorandum, but if one is not prepared, the investors need to be given a written investment warning. Usually this is in a short form term sheet.
Application documents   Application form, business plan, offering memorandum, compliance manual and constitutional documents. Application form, business plan, offering memorandum, compliance manual and constitutional documents. Application form, business plan, prospectus, compliance manual, a director application form and constitutional documents.
 		 Application form, offering memorandum (or term sheet with investment warning), compliance manual and constitutional documents. Application form, offering memorandum (or term sheet with investment warning), compliance manual and constitutional documents.
Functionaries
Directors At least two directors (one must be an individual). There is no BVI residency requirement for directors.  At least two directors (one must be an individual). There is no BVI residency requirement for directors.  At least two directors (one must be an individual). There is no BVI residency requirement for directors. At least two directors (one must be an individual). There is no BVI residency requirement for directors.  At least two directors (one must be an individual). There is no BVI residency requirement for directors. 
Fund manager Required. Required. Required. Not required. Not required.
Administrator Required. Required. Required. Not required. However, many incubator funds still elect to appoint an administrator to help with their AML Policies and FATCA/CRS obligations. The administrator can also independently calculate the NAV, to make it easier to market the fund’s track record to future investors. Required.
Custodian Required, but it is possible to apply for an exemption. Required, but it is possible to apply for an exemption. Required. Not required. Not required.
Auditor Required, but does not have to be in the BVI. Required, but does not have to be in the BVI. Required, but does not have to be in the BVI. Not required. Not required.
FATCA and CRS officer Most funds are likely to qualify as a FFI, so will need to submit FATCA and CRS declarations. Usually this is done by the administrator. Most funds are likely to qualify as a FFI, so will need to submit FATCA and CRS declarations. Usually this is done by the administrator. Most funds are likely to qualify as a FFI, so will need to submit FATCA and CRS declarations. Usually this is done by the administrator. Most funds are likely to qualify as a FFI, so will need to submit FATCA and CRS declarations. Usually this is done by a director if there is no administrator.
 		 Most funds are likely to qualify as a FFI, so will need to submit FATCA and CRS declarations. Usually this is done by the administrator.
Authorised representative The fund must have an authorised representative in the BVI, to liaise with the FSC and pay its annual FSC fees. We can provide this service, if required. The fund must have an authorised representative in the BVI, to liaise with the FSC and pay its annual FSC fees. We can provide this service, if required. The fund must have an authorised representative in the BVI, to liaise with the FSC and pay its annual FSC fees. We can provide this service, if required. The fund must have an authorised representative in the BVI, to liaise with the FSC and pay its annual FSC fees. We can provide this service, if required.
 		 The fund must have an authorised representative in the BVI, to liaise with the FSC and pay its annual FSC fees. We can provide this service, if required.
Registered agent The fund must have a registered agent in the BVI, to liaise with the BVI Registry and pay its annual BVI Registry fees. We can provide this service, if required. The fund must have a registered agent in the BVI, to liaise with the BVI Registry and pay its annual BVI Registry fees. We can provide this service, if required. The fund must have a registered agent in the BVI, to liaise with the BVI Registry and pay its annual BVI Registry fees. We can provide this service, if required. The fund must have a registered agent in the BVI, to liaise with the BVI Registry and pay its annual BVI Registry fees. We can provide this service, if required.
 		 The fund must have a registered agent in the BVI, to liaise with the BVI Registry and pay its annual BVI Registry fees. We can provide this service, if required.
Ongoing requirements
Financial statements Must submit annual audited financial statements  to the FSC each year (within six months of its financial year end). Must submit annual audited financial statements  to the FSC each year (within six months of its financial year end). Must submit annual audited financial statements (together with a director’s certificate and report to investors) to the FSC each year, within six months of its financial year end.

Must submit financial statements to the FSC every six months (on 31 January and 31 July each year).

The financial statements do not need to be audited, but they do need to comply with IFRS, GAAP (UK, US or Canadian) or such other recognised standards as may be approved by the FSC.

Must submit annual financial statements to the FSC (within six months of its financial year end).

The financial statements do not need to be audited, but they do need to comply with IFRS, GAAP (UK, US or Canadian) or such other recognised standards as may be approved by the FSC. 
Annual return Must submit an annual return to the FSC by 30 June each year. Must submit an annual return to the FSC by 30 June each year. Must submit an annual return to the FSC by 30 June each year. Must submit an annual return to the FSC by 31 January each year. Must submit an annual return to the FSC by 31 January each year.
Economic substance Must submit an economic substance declaration each year. Must submit an economic substance declaration each year. Must submit an economic substance declaration each year. Must submit an economic substance declaration each year. Must submit an economic substance declaration each year.
Compliance manual Must have a compliance manual that sets out its AML/CTF Policies. Must have a compliance manual that sets out its AML/CTF Policies. Must have a compliance manual that sets out its AML/CTF Policies. Must have a compliance manual that sets out its AML/CTF Policies. Must have a compliance manual that sets out its AML/CTF Policies.
MLRO Must appoint a MLRO. Usually, this function is carried out by the administrator. Must appoint a MLRO. Usually, this function is carried out by the administrator. Must appoint a MLRO. Usually, this function is carried out by the administrator. Must appoint a MLRO. Must appoint a MLRO. Usually, this function is carried out by the administrator.
Costs
Application fee US$850 US$850 US$1,800 – Additional prospectus fee: US$300 US$1,800 US$1,800
Annual renewal fee US$1,200 US$1,200 US$1,800 US$1,200 US$1,200

Defined terms

The following defined terms are used in the table:

AML/CTF Policies means anti-money laundering and counter terrorist financing policies and procedures, which are designed to prevent money laundering, terrorist financing, proliferation financing and to ensure compliance with all sanctions.
 
BVI means the British Virgin Islands.
 
BVI Registry means the BVI Registry of Corporate Affairs.
 
CRS means Common Reporting Standards.
 
Exempted Investor(s) means: (a) the manager, administrator, promoter or underwriter of the fund; or (b) any employee of the manager or promoter of a fund.
 
FATCA means the United States’ Foreign Account Tax Compliance Act.
 
FFI means a foreign financial institution.
 
FSC means the BVI Financial Services Commission.
 
MLRO means money laundering reporting officer.
 
NAV means net asset value.
 
Professional Investor(s) means a person: (a) whose ordinary business involves, whether for that person’s own account or the account of others, the acquisition or disposal of property of the same kind as the property, or a substantial part of the property, of the fund; or (b) who has signed a declaration that he or she, whether individually or jointly with his or her spouse, has a net worth in excess of US$ 1 million and that he or she consents to be treated as a professional investor.
 
Public Funds Code means the Public Funds Code 2010.
Sophisticated Private Investor(s) means a person who has been invited to invest in an incubator fund and the amount of his or her initial investment is not less than US$20,000.
 

How do I get more information?

If you have any questions about any of the funds described above, or want to know more about the registered agent services and authorised representative services that we provide through our affiliate companies CO Services and CO Authorised Representatives,  please reach out to your usual contact at Carey Olsen or [email protected].

简单来说，在遵守基金文件的条款并满足特定锁定期要求的前提下，开放式基金赋予投资者赎回其基金权益的权利。这些基金在 BVI 需要受 BVI 金融服务委员会（以下简称“FSC”）监管。

虽然最受欢迎的仍是专业投资者基金（占 BVI 基金市场的 70%），但我们观察到孵化基金和获准基金的数量都在大幅增加。这是因为这些相对较新的基金成本效益极高，监管也很宽松。孵化基金是一种初创基金，能够为管理人提供一种简单有效和节约资金的解决方案来实施投资策略，同时前期成本较低，且长期义务有限，因此在金融科技领域非常受欢迎。和私募基金一样，获准基金通常针对“朋友和家庭”市场，区别是后者监管较为宽松，且长期成本较低。

 

  私募基金 专业投资者基金 公募基金 孵化基金 获准基金
投资者
基金用户 在朋友和家庭基金发售市场中受欢迎。 在高净值专业投资者中受欢迎。 在想要发售零售基金的管理人中受欢迎。 在初创基金管理人（尤其是金融科技领域）中受欢迎，因为这些管理人想要在创造业绩记录的同时保持低成本，从而确保基金能够长远发展。 在小型私募基金发售市场中或将其用作家庭基金的朋友中受欢迎。
最大投资者数量 50 名投资者（或仅可通过私人邀请认购或购买权益）。 无最大限制。 无最大限制。 20 名投资者。 20 名投资者。
最少投资金额 无最少限制。 十万美元（US$100,000）或任何其他货币的等值金额（豁免投资者除外）。 无最少限制。 两万美元（US$20,000）或任何其他货币的等值金额。 无最少限制。
最大资产净值 (net asset value，下称“NAV”) 无最大限制。 无最大限制。 无最大限制。 两千万美元（US$20,000,000）或任何其他货币的等值金额。 1 亿美元（US$100,000,000）或任何其他货币的等值金额。
运作期限 无限期。 无限期。 无限期。

基金运作期限可以是：

(a) 两年，可选择额外延长一年（但须事先征得 FSC 同意）；

(b) 直至拥有超过 20 名投资者；或

(c) 直至 NAV 超过 两千万美元。

 

在初始运作期限结束后，基金必须：

(a) 终止其运作；或

(b) 申请转换为获准基金、私募基金或专业投资者基金。

基金运作期限可以是：

(a) 直至拥有超过 20 名投资者；或

(b) 直至 NAV 超过 一 亿美元。

 

在初始运作期限结束后，基金必须：

(a) 终止其运作；或

(b) 申请转换为私募基金或专业投资者基金。
投资者标准 仅限私人发售（不允许公开发售）。但不要求投资者必须是专业投资者或经验丰富的私人投资者。 仅限专业投资者。 对公众开放。 仅限经验丰富的私人投资者。 仅限私人发售（不允许公开发售）。但不要求投资者必须是专业投资者或经验丰富的私人投资者。
基金发行
时间表 在 FSC 签发相关牌照之前，不得开始运作。通常在提交申请后 14 个工作日内完成。 可以在收到 FSC 签发的牌照前 21 天开始运作，前提是在开始运作后 14 天内向 FSC 提交认可申请。 在 FSC 签发相关牌照之前，不得开始运作。通常在提交申请后六周内完成。 可以在向 FSC 提交申请两天后开始运作。 可以在向 FSC 提交申请两天后开始运作。
发售文件 发售备忘录。 发售备忘录。 根据2010年《公共基金规范》所述条款编制的基金说明书。 未正式要求编制一份正式的发售备忘录，但如果没有编制，必须发给投资者一份书面投资注意事项。通常是一份简短的投资条款书。
 		 未正式要求编制一份正式的发售备忘录，但如果没有编制，必须发给投资者一份书面投资注意事项。通常是一份简短的投资条款书。
申请文件    申请表、商业计划、发售备忘录、合规手册和章程文件。 申请表、商业计划、发售备忘录、合规手册和章程文件。 申请表格、商业计划、基金说明书、合规手册、董事申请表格和章程文件。
 		 申请表格、发售备忘录（或说明投资注意事项的投资条款书）、合规手册和章程文件。 申请表格、发售备忘录（或说明投资注意事项的投资条款书）、合规手册和章程文件。
职能人员
董事 至少两名董事（其中一名必须为个人）。不要求董事居住在 BVI。 至少两名董事（其中一名必须为个人）。不要求董事居住在 BVI。 至少两名董事（其中一名必须为个人）。不要求董事居住在 BVI。 至少两名董事（其中一名必须为个人）。不要求董事居住在 BVI。 至少两名董事（其中一名必须为个人）。不要求董事居住在 BVI。
基金经理 需要。 需要。 需要。 不需要。 不需要。
管理人 需要。 需要。 需要。 不需要。但很多孵化基金仍选择委任一名管理人来帮助实施其反洗钱 (AML) 政策，并履行美国《海外账户税收合规法案》(United States’ Foreign Account Tax Compliance Act，下称“FATCA”)/《共同申报准则》(Common Reporting Standards ，或“CRS”) 规定的义务。管理人还可以独立计算 NAV，方便向未来的投资者宣传基金的业绩记录。 需要。
托管人 需要，但可申请豁免。 需要，但可申请豁免。 需要。 不需要。 不需要。
审计师 需要，但不一定要居住在 BVI。 需要，但不一定要居住在 BVI。 需要，但不一定要居住在 BVI。 不需要。 不需要。
FATCA 和 CRS 官员 大多数基金可能有资格被认定为外国金融机构 (foreign financial institution，或FFI)，因此需要提交 FATCA 和 CRS 申报。通常由管理人完成。 大多数基金可能有资格被认定为外国金融机构 (foreign financial institution，或FFI)，因此需要提交 FATCA 和 CRS 申报。通常由管理人完成。 大多数基金可能有资格被认定为外国金融机构 (foreign financial institution，或FFI)，因此需要提交 FATCA 和 CRS 申报。通常由管理人完成。 大多数基金可能有资格被认定为外国金融机构 (FFI)，因此需要提交 FATCA 和 CRS 申报。如果没有管理人，则通常由董事完成。
 		 大多数基金可能有资格被认定为外国金融机构 (FFI)，因此需要提交 FATCA 和 CRS 申报。通常由管理人完成。
授权代表 基金必须在 BVI 任命一名授权代表，由其负责与 FSC 联络并支付其年度 FSC 费用。如有需要，凯瑞奥信可以提供这项服务。 基金必须在 BVI 任命一名授权代表，由其负责与 FSC 联络并支付其年度 FSC 费用。如有需要，凯瑞奥信可以提供这项服务。 基金必须在 BVI 任命一名授权代表，由其负责与 FSC 联络并支付其年度 FSC 费用。如有需要，凯瑞奥信可以提供这项服务。 基金必须在 BVI 任命一名授权代表，由其负责与 FSC 联络并支付其年度 FSC 费用。如有需要，凯瑞奥信可以提供这项服务。
 		 基金必须在 BVI 任命一名授权代表，由其负责与 FSC 联络并支付其年度 FSC 费用。如有需要，凯瑞奥信可以提供这项服务。
注册代理人 基金必须在 BVI 任命一名注册代理人，由其负责与 BVI 注册处联络并支付其年度 BVI 注册处费用。如有需要，凯瑞奥信可以提供这项服务。 基金必须在 BVI 任命一名注册代理人，由其负责与 BVI 注册处联络并支付其年度 BVI 注册处费用。如有需要，凯瑞奥信可以提供这项服务。 基金必须在 BVI 任命一名注册代理人，由其负责与 BVI 注册处联络并支付其年度 BVI 注册处费用。如有需要，凯瑞奥信可以提供这项服务。 基金必须在 BVI 任命一名注册代理人，由其负责与 BVI 注册处联络并支付其年度 BVI 注册处费用。如有需要，凯瑞奥信可以提供这项服务。
 		 基金必须在 BVI 任命一名注册代理人，由其负责与 BVI 注册处联络并支付其年度 BVI 注册处费用。如有需要，凯瑞奥信可以提供这项服务。
长期要求
财务报表 必须每年在财年结束后六个月内向 FSC 提交经审计的年度财务报表。 必须每年在财年结束后六个月内向 FSC 提交经审计的年度财务报表。 必须每年在财年结束后六个月内向 FSC 提交经审计的年度财务报表（连同董事出具的证明和向投资者提交的报告）。

必须每六个月（每年 1 月 31 日和 7 月 31 日）向 FSC 提交一次财务报表。

财务报表不需要接受审计，但确实需要按照《国际财务报告准则》(IFRS)、英国、美国或加拿大《公认会计准则》(GAAP) 或 FSC 批准的其他公认标准编制。

必须在财年结束后六个月内向 FSC 提交年度财务报表。

财务报表不需要接受审计，但确实需要按照《国际财务报告准则》(IFRS)、英国、美国或加拿大《公认会计准则》(GAAP) 或 FSC 批准的其他公认标准编制。
年度申报 必须在每年 6 月 30 日之前向 FSC 提交年度申报表。 必须在每年 6 月 30 日之前向 FSC 提交年度申报表。 必须在每年 6 月 30 日之前向 FSC 提交年度申报表。 必须在每年 1 月 31 日之前向 FSC 提交年度申报表。 必须在每年 1 月 31 日之前向 FSC 提交年度申报表。
经济实质 必须每年提交一份经济实质声明。 必须每年提交一份经济实质声明。 必须每年提交一份经济实质声明。 必须每年提交一份经济实质声明。 必须每年提交一份经济实质声明。
合规手册 必须编制一份合规手册，其中列出 AML/反恐怖主义融资 (CTF) 政策。 必须编制一份合规手册，其中列出 AML/反恐怖主义融资 (CTF) 政策。 必须编制一份合规手册，其中列出 AML/反恐怖主义融资 (CTF) 政策。 必须编制一份合规手册，其中列出 AML/反恐怖主义融资 (CTF) 政策。 必须编制一份合规手册，其中列出 AML/反恐怖主义融资 (CTF) 政策。
反洗钱报告官 (money laundering reporting officer，或“MLRO”) 必须委任一名反洗钱报告官。通常该项职能由管理人履行。 必须委任一名反洗钱报告官。通常该项职能由管理人履行。 必须委任一名反洗钱报告官。通常该项职能由管理人履行。 必须委任一名反洗钱报告官。 必须委任一名反洗钱报告官。通常该项职能由管理人履行。
成本
申请费用 八百五十美元（US$850） 八百五十美元（US$850） 一千八百美元 （US$1,800 ）— 附加基金说明书费用：三百美元（US$300） 一千八百美元 （US$1,800 ） 一千八百美元 （US$1,800 ）
年度续期费用 一千两百美元（US$1,200） 一千两百美元（US$1,200） 一千八百美元（US$1,800） 一千两百美元（US$1,200） 一千两百美元（US$1,200）

 

定义术语

表格中使用了以下定义术语：

AML/CTF 政策 指反洗钱和反恐怖主义融资政策及规程，旨在防止洗钱、恐怖主义融资、大规模杀伤性武器扩散融资，并确保遵守所有制裁。
 
BVI 注册处 指 BVI 公司事务注册处。
 
豁免投资者 指：(a) 基金经理、管理人、发起人或承销人；或 (b) 基金经理或发起人的任何员工。
 
专业投资者 指以下个人：(a) 其日常业务涉及出于该个人自身或他人的利益，收购或处置与基金财产或大部分财产类型相同的财产；或 (b) 其已签署声明，表明其个人独自或与其配偶共同拥有的资产净值超过一百万美元（US$1,000,000），并同意被视为专业投资者。
经验丰富的私人投资者 指受邀投资孵化基金的个人，且其初始投资金额不低于两万美元（US$20,000）。

 

如何获取更多信息？

如果您对上述任何基金有任何疑问，或想了解更多有关我们提供的注册代理服务和授权代表服务的信息，请联系您常用的凯瑞奥信 (Carey Olsen) 联系人或发送电子邮件至 [email protected]。

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Carey Olsen (BVI) L.P. is registered as a limited partnership in the British Virgin Islands with registered number 1950.

Please note that this briefing is only intended to provide a very general overview of the matters to which it relates. It is not intended as legal advice and should not be relied on as such. © Carey Olsen (BVI) L.P. 2025.

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