(BVI) Converting a Mutual Fund into an SPC – Practical Steps

Under the BVI Business Companies Act 2004, (as amended) ("BVI BC Act"), a company limited by shares may be incorporated or, if it has already been incorporated, be registered by the Registrar of Corporate Affairs as a segregated portfolio company ("SPC") provided that the Financial Services Commission (the "Commission") has given its written approval and provided that the company:

  1. is, or on its incorporation will be, licensed as an insurer under the Insurance Act 1994;
  2. is, or on its incorporation will be, recognised as a professional or private fund or registered as a public fund
    under the Securities and Investment Business Act, 2010; or
  3. is, or on its incorporation will be, of such class or description as may be prescribed by regulations made under
    section 159 of the BVI BC Act.
At present only licensed insurers and recognised or registered funds can incorporate or register as an SPC under the BVI BC Act.

 

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