Will assist our clients with establishing mutual funds or hedge funds in SVG. We will assist in writing or reviewing the prospectus, providing the directors (if required to do so), draft any ancillary agreements required, and prepare the necessary resolutions recording the activities of the fund.
With regard to funds, the SVG Mutual Funds Act defines three categories of investment fund:
(a) Accredited (b) Private and (c) Public.
Such a fund must have a minimum subscription requirement for investors of US$ 25,000 or equivalent in any currency. There is no limit to the number of shareholders a fund may have.
Such a fund must only solicit investors on a ‘private’ basis OR the number of total investors must be limited to 50. No invitations to subscribe for or purchase shares in the fund shall be generally circulated, nor shall subscriptions be solicited from members of the public.
Any fund which does not fall into either category above is deemed a Public Fund. As the category suggests, a Public Fund is open to members of the public.
Must apply for and be granted ‘recognition’ by the SVG regulators. In order to obtain recognition a fund must comply with all aspects of the Mutual Funds Act as it relates to the classification being applied for. In essence, to obtain recognition a fund must illustrate to the regulators, the following points: