It is possible to get a license for what it is you are looking for, however it isn't easy and requires some capital.
Registration and licensing of mutual funds, fund management companies and fund administration companies in the British Virgin Islands is regulated by the BVI Mutual Funds Act 1996 and a number of Regulations and Guides, as published by the BVI Financial Services Commission (FSC).
BVI is one of the most attractive offshore jurisdictions offering a completely tax-free environment for mutual funds, together with strict client confidentiality rules. There are no taxes payable in the BVI for profits made by an investment fund or fund manager, however investors/shareholders should of course take advice as to the tax implications in their home jurisdictions.
Licensing and registration of mutual funds and fund managers in BVI is based on a case-to-case applications, reviewed by the BVI FSC. The fund licensing is not automatic and not guaranteed. The success of the application mostly depends on the credentials and resources of the principals of the fund and the management team that will be involved in the daily management of the fund.
Therefore, a substantial input of information and documents, is always required from the client.
Recognized jurisdictions. Investment funds, fund managers and administrators already registered and regulated in „recognized jurisdictions” fall under a much simplified recognition procedure by the BVI FSC. A new BVI-registered mutual fund having all functionaries from „recognized jurisdictions”
should normally be licensed in minimum time and with minimum complication.
Recognized jurisdictions are: Bermuda, Australia, Canada, Germany, Gibraltar, Hong Kong, Italy, Japan, Sweden, Bahamas, Cayman Islands, France, Luxembourg, Isle of Man, Belgium, Netherlands, Spain, Ireland, Malta, Singapore, Guernsey, Jersey, Switzerland, UK, USA.
We recommend all clients to get acquainted with the BVI Mutual Funds Act 1996 and other regulations of the mutual funds licensing in the BVI. Original texts of that legislation are available through the website of the BVI Financial Services Commission, at ww.bvifsc.vg . We can provide a comprehensive, “turn-key” solution for establishment of a BVI public, private or professional mutual fund and for the licensing of a BVI fund manager or administrator. Our services can cover all that is necessary in order to register, license and launch a BVI mutual fund!
The time-scale for licensing a BVI mutual fund primarily depends on the complexity of the
application and as to how quickly and properly the application documents are provided. Generally,the time for the FSC to review an application ranges anywhere between a few days and a month.
Requirements
Category of the Fund: open-ended or close-ended.
b) Limitations on advertising and marketing policy.
c) Limitations on number of investors.
d) Authorised share classifications.
e) Minimum subscription.
f) General rules for subscriptions and redemptions.
g) Limitations on minimum amount of investments (“professional investors”).
h) General description of who will be the prospective investors.
i) Restrictions on the geographical origin of investors, if any.
j) How shall investors be attracted, what services shall be offered?
k) Where will the actual place and location of business management be situated?
l) What managerial control procedures will be implemented?
m) Proposed structure of management fees.
n) Broad description of underlying investments.
o) Restrictions to invest in any particular instruments (if any).
p) Proposed application of leverage.
q) Investment objectives and benchmarks that the fund will follow.
r) A broad description of the proposed investment strategies – for instance, convertible
arbitrage, distressed securities, emerging markets, growth funds, macro funds, market
neutral, market timing, merger arbitrage, opportunistic, sector funds, short selling, etc.
Above should answer almost all your questions, let me know if there is anything else.
