(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.