Submission of annual returns
Provision
What to do and when?
Regulation 16/Guideline 6.4
An Approved Manager must file an annual return with the Financial Services Commission (the Commission) no later than 31 January each year.
The annual return must be in the prescribed form and must contain:
1. A statement that the Approved Manager is not in breach of the requirements of the Regulations
2. A confirmation that each director and senior officer of, and shareholder with a "significant interest" (generally speaking, more than ten per cent) in, the Approved Manager is fit and proper
3. Details, as at 31 December of the preceding year, of:
1. the funds (and persons) for which it provides services
2. the assets under management of each fund (and person) for which it acts
3. the number of investors in each fund for which it acts
4. any significant complaints received by the Approved Manager
Renewal fee
Provision
What to do and when?
Regulation 6(2)/Guideline 7.1
An Approved Manager must pay an annual renewal fee of US$1,800 to the Commission by 31 March of each year.*
* Harneys Corporate Services' invoices for disbursements are distributed annually in November and are payable by 15 January.
Payment of Registry fees
Provision
What to do and when?
BVI Companies Act 2004 (as amended)
For companies incorporated from 1 January to 30 June, pay the Registry licence fee by 31 May and for companies incorporated from 1 July to 31 December, pay the Registry licence fee by 30 November.* The Registry licence fee is US$550 for companies authorised issue up to 50,000 shares and US$1,350 for companies authorised to issue more than 50,000 shares.
* Harneys Corporate Services' invoices for disbursements are distributed annually in November and are payable by 15 January.
Preparation and submission of financial statements
Provision
What to do and when?
Regulation 14(1)/Guideline 6.2
An Approved Manager must prepare financial statements for each financial year in accordance with either UK GAAP, US GAAP, Canadian GAAP, IFRS or such other recognised international accounting standards as may be approved by the Commission on a case-by-case basis. The financial statements do not need to be audited.
Financial statements must be signed by a director and submitted to the Commission within six months of the end of the financial year to which they relate. Such statements must be accompanied by a director's certificate (in the prescribed form) and a report on the affairs of the Approved Manager.
Directors and authorised representative
Provision
What to do and when?
Regulation 13(1)/Guideline 6.1.1
An Approved Manager must at all times have:
1. At least two directors, at least one of whom shall be an individual (or in the case of a limited partnership, at least one general partner)
2. An authorised representative - this entity acts as the conduit between the Approved Manager and the Commission. An affiliate entity of Harneys Corporate Services (Craigmuir Authorised Representative Limited) provides this service
Anti-money laundering/Countering the financing of terrorism
Provision
What to do and when?
Anti-Money Laundering Regulations 2008
Anti-Money Laundering and Terrorist Financing Code of Practice 2008
Financial Services (Prudential and Statistical Returns) Order 2009
The BVI anti-money laundering regime applies to all Approved Managers as they are classified as "relevant persons" under the Anti-Money Laundering Regulations, 2008. In summary, an Approved Manager will be required to:
1. Put in place client onboarding procedures which address typical "know your client" requirements in respect of the funds (and persons) that will be clients of the Approved Manager
2. Appoint an officer or another individual as Money Laundering Reporting Officer
3. Report suspicious transactions to the BVI Financial Investigation Agency
4. Put in place documentation, such as a compliance manual, which outlines how the Approved Manager complies with the BVI antimoney laundering requi...

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