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BVI Incubator, Approved and Private Investment Funds – Estimate of Fees Below is a breakdown of the fees to establish an Incubator Fund, an Approved Fund or a Private Investment Fund. Services Provided Our services include: 1. Establishing the fund as a BVI business company and drafting memorandum and articles to conform to the term sheet;2. Drafting and revising a standard form term sheet;3. Drafting and revising the subscription documents;4. Drafting and revising the redemption notices;5. Drafting corporate launch minutes; 6. Attending to recognition with the British Virgin Islands Financial Services Commission (“FSC”); and7. Attending to all incidental and related matters. To the best of our knowledge there is no aspect of the process which is required that we have omitted or not provided an estimate of fees. Each type of fund must have 2 directors. There is no requirement for either fund to have an investment manager. An incubator fund and approved do not require an auditor but a private investment fund will require an auditor however depending on the size of the fund and exemption may be available. An approved fund must have an administrator. Legal fees will be USD9000 for attending to the above matters and ensuring that the fund is compliant with BVI regulations. Legal fees will increase by USD1500 if you require an offering document rather than a term sheet. Fees cover 2 turns of the documents for the purposes of revisions and finalizing however, it does not include excessive turns of the documents, and should the process reach a point where the turns are becoming excessive we will inform you in advance. In addition to the legal fees described above, the application fee to the FSC is USD1500 for fund approval, and the annual license fee is USD1000. The FSC will require a copy of the funds anti-money laundering policies and procedures as part of the application process. We can prepare an AML policies and procedure manual should you require and our fees for that will be USD3,000. There will be corporate disbursements on the formation of the corporate entity and disbursements for certifications required to make the application for a fund license. These will amount to USD1850 (which includes government fee and annual registered office/registered agent fee) and annually fees will be USD1550 (which also includes government fee). Fees for certifications and miscellaneous matters will be roughly USD250. Finally, each type of fund must have a licensed Authorised Representative in BVI and authorized representative fees are USD1000 annually. Summary of BVI Set up Fees Description Fee Offshore Counsel Legal Fees USD9000 Fund Formation Fee USD1850 Certified documents/Misc USD250 BVI Government Application Fee USD1500 Authorised Representative Fee USD1000 Total USD13,600 Recurring Annual Fees After First Year for each fund Company renewal fees including government fee USD1850 BVI Government License Fee USD1000 Annual Authorised representative fee USD1000 Total USD3850 Retainer In an effort to streamline our processes and maintain reasonable fees, it is our policy to request fees in advance to cover disbursements and work undertaken. If you wish to proceed we would be happy to prepare a formal engagement letter.
Please contact us on info@waterford.sg to arrange a consultation or request a detailed estimate of fees.