BVI Offshore Investment Funds

ADVANTAGES OF BVI AS AN OFFSHORE FUND JURISDICTION

• Government law states that companies and international limited partnerships are exempt from local taxation. There is no requirement or need to obtain any certificate or undertaking to that effect.
  
  
• BVI is well known as a low cost jurisdiction for incorporations and the fee payable to the Commission in connection with the recognition/registration of a fund is comparatively low when considered against other offshore fund jurisdictions.
  
  
• Filing requirements are light, in that currently there is no requirement to file the offering document with the Commission.
  
  
• Corporate documents of a BVI company may be drafted to allow amendments to be made by a resolution of the directors. No shareholder approval would then be required unless the proposed amendments would vary the shareholders' class rights.
  
  
• There is no local audit requirement and no requirement for resident directors or local custodians or administrators. Private and professional funds are not currently required to prepare audited financial statements and, while public funds are, there is no requirement to file such accounts with the Financial Services Commission. That said, obviously in practice one would expect all funds to have their financial statements independently audited, for the benefit of shareholder investment confidence. There are also no Investment restrictions other than what the fund may impose on itself internally.
  
  
• No advance authorization is required in BVI and professional funds can take advantage of a fast-track procedure which allows such funds to operate for a 14 day period prior to obtaining official recognition as a professional fund

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