Exploring the Funds Hub

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Here is a way to start an article like no other; what a fantastic year 2020 has been. The obituary of the hedge fund industry has been written many times, but for some, it was written in indelible ink in 2008 following the financial crisis. Commentators blamed the industry for its part in the global collapse, notwithstanding the fact that a huge majority of fund vehicles during that time were actu...

But will the OFC and proposed tax changes really entice Hong Kong based hedge fund managers to set up funds in Hong Kong? Much of the talk of the "advantage" for a Hong Kong manager in setting up an OFC over a Cayman domiciled fund relates solely to a requirement for dealing only with the Securities and Futures Commission (SFC) and not also the Cayman Islands Monetary Authority (CIMA). This seems...

The Cayman Islands is the leading jurisdiction for the offshore investment funds industry due to its combination of flexible and appropriate regulation, an approachable and effective regulator, professional service provider expertise, high reputation among investors and a tax neutral fiscal regime. Investment funds established in the Cayman Islands fall into two broad categories: open-ended funds...

The Cayman Islands is the leading jurisdiction for the offshore investment funds industry due to its combination of flexible and appropriate regulation, an approachable and effective regulator, professional service provider expertise, high reputation among investors and a tax neutral fiscal regime. Investment funds established in the Cayman Islands fall into two broad categories: open-ended funds...

This guide provides a high level summary of the main obligations for BVI investment funds under BVI automatic exchange of information (AEOI) legislation. The legislative framework The BVI Government is a signatory to: A Model 1B intergovernmental agreement with the United States (the IGA) which provides the framework for the implementation of the US Foreign Account Tax Compliance Act (FATCA) in th...

Are you thinking of setting up a closed-ended investment fund in the BVI? This document provides an overview of the closed-ended funds industry in the BVI and why the BVI is such an attractive jurisdiction for private equity, venture capital and other closed-ended fund managers. We explain the regulatory regime in the BVI, the fund structures available and how we can support you from the initial s...

A private or professional fund must maintain records that are sufficient to show and explain its transactions, to enable its financial position to be determined with reasonable accuracy at any time, to enable it to prepare financial statements and make returns and, if applicable, to enable its financial statements to be audited. A private or professional fund must prepare financial statements for...

Provision What to do and when? Regulation 16/Guideline 6.4 An Approved Manager must file an annual return with the Financial Services Commission (the Commission) no later than 31 January each year. The annual return must be in the prescribed form and must contain: 1. A statement that the Approved Manager is not in breach of the requirements of the Regulations 2. A confirmation that each director a...

The BVI benefits from a diverse offering of hedge fund products suited to everyone from the start-up manager setting up an incubator fund to established institutional fund managers with billions under management. Its pragmatic flexibility over the twenty-five years of prudent regulation has actually been a large driver for the popularity it has generated amongst the global investment funds communi...

Reporting and financial statements An approved fund is required to prepare and submit the following to the FSC: Financial statements, which do not need to be audited but are required to be approved or signed by a director or the general partner of the fund, within six months of the end of the financial year to which they relate. An annual return, no later than 31 January containing the following i...

An incubator fund is required to prepare and submit the following to the FSC: Financial statements, which do not need to be audited but are required to be approved or signed by a director or the general partner of the fund, within six months of the end of the financial year to which they relate A semi-annual return, no later than 31 January and 31 July containing the following information as at 31...

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The following table shows the similarities and differences between the BVI, Cayman and Luxembourg Investment Funds across 27 different areas. Please reach out to the authors to find out more.

On 9 February 2022, the Luxembourg Chamber of Deputies (Chambre des Députés), adopted the law modernising the Luxembourg law of 2 March 2004 on securitisation, as amended (the New Securitisation Law). The New Securitisation Law enhances legal certainty and flexibility of the Luxembourg securitisation regime, while ensuring and increasing effective protection for investors. The New Securitisation L...

Companies incorporated in the BVI are, by most measures, the most popular offshore holding structure in the world. Whilst offshore vehicles are used for a wide variety of different purposes globally, there are a number of common factors which feed into the success of the BVI product. Whilst the most popular BVI vehicles are companies, BVI trusts and partnerships are also increasing in popularity....

Companies incorporated in the BVI are, by most measures, the most popular offshore holding structure in the world. Whilst offshore vehicles are used for a wide variety of different purposes globally, there are a number of common factors which feed into the success of the BVI product. Whilst the most popular BVI vehicles are companies, BVI trusts and partnerships are also increasing in popularity....

Harney Westwood & Riegels International, Harney Westwood & Riegels (BVI) LP, Harney Westwood & Riegels (Cayman) LLP, Harney Westwood & Riegels (UK) LLP, Harney Westwood & Riegels (Hong Kong), Harney Westwood & Riegels Singapore LLP, Aristodemou Loizides Yiolitis LLC (practising as Harneys), Harney Westwood & Riegels SARL, Harneys Bermuda Limited, and each of their subsidiaries (collectively known...