(global) setting up investment funds in bermuda, bvi ...€¦ · global - setting up investment...

Global -

Setting Up Investment Funds in Bermuda, the British Virgin Islands, the Cayman

Islands, Guernsey, Ireland and Jersey In this table we have concentrated on the most common form of vehicle and fund used in each jurisdiction. So for instance, whilst partnerships and unit trusts can

be organised with ease in each country, a company is generally the most popular form of vehicle used.

Bermuda British Virgin

Islands

Cayman Islands Guernsey Ireland Jersey

Regulatory Authority The Bermuda Monetary

Authority ("BMA").

The Financial

Services

Commission

("FSC").

The Cayman Islands

Monetary Authority

("CIMA").

The Guernsey

Financial Services

Commission

("GFSC").

The Central Bank of

Ireland (the "Central

Bank").

The Jersey Financial

Services

Commission

("JFSC").

Type of Vehicle Company (exempted

company and

segregated accounts

company ("SAC")),

limited liability company

("LLC"), Unit Trust and

Exempted Limited

Partnership.

Company (BVI

Business

Company),

Segregated

Portfolio

Company, Unit

Trust and

Limited

Partnership

Company (exempted

company,

segregated portfolio

company ("SPC"),

limited liability

company ("LLC") and

limited duration

company), Unit Trust

and Exempted

Companies

(Limited

Company,

Protected Cell

Company,

Incorporated Cell

Company), Unit

Trusts and

Limited

Investment

Companies, Units

Trusts, Limited

Partnerships

(QIAIFs/RIAIFs only),

Common Contractual

Funds, ICAV structure -

transparent corporate

vehicle that permits

investors to check the

Companies: Limited

Company,

Protected Cell

Company,

Incorporated Cell

Company, Unit

Trust, Limited

Partnership,

Incorporated

Limited Partnership


Islands


Limited Partnership Partnerships box for treatment as a

partnership for US tax

purposes.

and Separate

Limited Partnership

Type of Fund Open or closed ended.

Closed ended funds are

unregulated.

Open ended funds

regulated under the

Investment Funds Act

("IFA"):

Excluded Funds: Private

funds (fewer than 20

investors and not offered

to the public) are

excluded from

regulation.

Exempt Funds: funds

open only to "qualified

participants" that have

appointed an investment

manager, fund

administrator, registrar,

auditor and custodian or

prime broker (the

requisite "Service

Providers"), as well as an

officer, director or

representative in

Bermuda who has

authority to access the

Open or closed

ended. Closed

ended funds do

not fall under

the BVI Security

and Investment

Business Act,

2010.

Open or closed

ended. Closed

ended funds

unregulated.

Open or

closed-ended.

Funds can be

authorised by

the GFSC (by

making an

application

under the

relevant fund

rules, which

differ according

to whether the

fund is open or

closed-ended)

("Authorised

Funds") or

registered with

the GFSC (via an

administrator-led

"fast track"

process)

("Registered

Funds").

UCITS Funds - subject

to EU legislation - can

avail of a European

passport to distribute

their units across the

EU to retail and

professional investors.

Qualified Investor

Alternative

Investment Funds

("QIAIF") - a fund that

is made available only

to professional

investors. They are

automatically exempt

from many of the

Central Bank's

regulatory

requirements, have

very few investment

restrictions and no

borrowing restrictions.

QIAIFs can avail of the

AIFMD passport to

distribute their units

across the EU/EEA to

professional investors

Public Fund:

Unclassified Fund

- regulated under

the Collective

Investment Funds

(Jersey) Law 1988

("CIF Law"). Strict

requirements as to

experience and

domicile of

manager and other

service providers.

Certain service

providers MUST be

based in Jersey.

No fast-track

approval process.

A moderate-high

degree of

regulation. No

limit on the

number of offers

the fund can make.

The extent to which

the fund can be

offered to retail

investors will

depend on the


Islands


books and records of the

fund (a "Resident Rep"),

and financial statements

prepared in accordance

with IFRS/GAPP.

Authorised Funds:

Funds meeting the

criteria for authorisation

by the BMA as an

institutional,

administered, specified

jurisdiction or standard

fund, having appointed

the required Service

Providers and issued a

prospectus in

accordance with the

rules set forth by the

BMA.

only.

Retail Fund ("RIAIF") -

a fund that is made

available to retail

investors (subject to

local retail

requirements) and

professional investors

(under AIFMD

passport).

calibre and

track-record of the

promoter.

Expert Fund -

regulated under

the CIF Law. Strict

requirements as to

experience and

domicile of

manager and other

service providers.

Certain service

providers MUST be

based in Jersey.

Fast track approval

process. No

investment

restrictions. No

limit on the

number of offers

the fund can make.

Only available to

"Expert Investors".

A minimum

investment amount

of US$100,000

would qualify an

investor as an

"Expert Investor".

There are other

classifications

available too for


Islands


investors that

commit less than

US$100,000.

Jersey Private

Fund - Not

regulated under

the CIF Law,

regulated under

the Control of

Borrowing (Jersey)

Order 1958

("COBO"). Certain

service providers

MUST be based in

Jersey. Fast track

approval process.

Light regulatory

touch.

A limit of 50 offers

applies. Investors

must be

"professional" or

otherwise make a

minimum

investment of

£250,000 (or

currency

equivalent).

Unregulated

Eligible Investor

Fund - not


Islands


regulated. No

requirement for

local service

providers. No

investment

restrictions.

Notification and

registration with

the Registry is all

that is required.

No limit on the

number of offers

the fund can make.

Investors must be

"Eligible Investors".

A minimum

investment amount

of US$1,000,000

would qualify an

investor as an

"Eligible Investor.

There are other

classifications

available too for

investors that

commit less than

US$1,000,000.

Licensing/registration

requirements

Excluded - notification

to the BMA of

qualification as an

'Private' and

'professional'

open ended

funds are

Non-retail open

ended funds

registered with

CIMA. Retail funds

All Guernsey

funds falling

within the

definition of a

All open and closed

ended vehicles which

offer their units/shares

to the public are

Public and private

funds are regulated

by the JFSC.


Islands


excluded fund.

Class A Exempt -

Investment Manager

must be licensed in

Bermuda or by a

recognised foreign

regulator; or operating

(in Bermuda or a

recognised jurisdiction)

with AUM of at least

$100 million.

Exemption upon filing of

certification with the

BMA.

Class B Exempt -Fund's

service providers are in

the view of the BMA "fit

and proper" to perform

the respective functions.

Exemption by

application to the BMA

accompanied by a copy

of the Fund's prospectus.

Authorised Funds -

authorisation on

application to the BMA,

subject to Service

Providers being "fit and

proper" in the view of

the BMA and approval of

the fund's prospectus

required to be

recognised by

the FSC. Filing of

prospectus

required for

(public) funds.

'Private' and

'professional'

funds may

choose not to

issue an offering

document or a

term sheet, but

in such cases

would have to

provide an

explanation as

to how the

relevant

information

concerning the

fund will be

provided to

investors.

must either be

licensed or employ a

licensed

administrator.

Prospectus required

on

registration/licensing

of funds.

"collective

investment

scheme"

(Schedule 1 of

the Protection of

Investors

(Bailiwick of

Guernsey) Law,

1987 ("POI

Law")) must be

authorised by or

registered with

the GFSC.

All

Guernsey-based

functionaries to

a Guernsey fund

must have an

appropriate

licence under the

POI Law.

regulated by the

Central Bank.

UCITS & RIAIFs -

subject to Central Bank

review and approval.

QIAIFs - Central Bank

does not review the

documents, fast track

authorisation process

within 24 hours from

the date documents

are filed with the

Central Bank.

AIFM applications (if

applicable) - subject to

Central Bank review

and approval.

Unregulated

Eligible Investor

Funds established

under the

Collective

Investment Funds

(Unregulated

Funds) (Jersey)

Order 2008 are not

regulated by the

JFSC.

All Jersey based

functionaries to a

fund must have an

appropriate

registration under

the Financial

Services (Jersey)

Law 1998 (“FSJL”),

with the exception

of a general

partner of a limited

partnership that is

an unregulated

fund, provided it

satisfies one of the

exemptions under

the FSJL. There

are also

exemptions under

the FSJL available

for general


Islands


and satisfaction of

requirements for

authorisation generally

and the specific class of

authorised fund:

Institutional Funds -

only open to qualified

participants or minimum

investment of

US$100,000. Resident

Rep required.

Administered Funds -

minimum investment of

US$50,000 or listed on a

recognised stock

exchange.

Administrator must be

licensed under the IFA.

Specified Jurisdiction

Funds - by special order

recognizing a specific

jurisdiction and related

set of laws and providing

for application of specific

fund rules (eg Japan).

Standard Funds - no

minimum investment or

investor qualification

test.

partners,

investment advisers

and managers of

private funds.


Islands


Registry Annual filing and fees

required for Exempted

and Authorised Funds.

Memorandum of

association, register of

directors and officers

and register of members

publicly available for

funds formed as an

exempted company.

IFA provides for

inspection of register by

fund participants at the

registered office, except

where otherwise

provided by Fund's

constitution or

prospectus.

Annual fees but

no annual filing.

Memorandum

and articles of

association open

to public

inspection.

Registry has

internet based

on-line filing

system

(VIRRGIN) to

allow 24 hour

filings.

Annual filing and

fees required. Very

limited information

publicly available.

Annual filing and

fees required.

Memorandum

and Articles of

Incorporation

open to public

for inspection.

There is no

register of

mortgages or

charges in

Guernsey.

Annual filing and fees

required.

Memorandum and

Articles of

Association/Instrument

of Incorporation open

to public for

inspection.

Companies

Registration Office

("CRO") and the

Central Bank have an

on-line filing system.

Annual filing and

fees required. The

annual filing

includes the name

and address of

members as at 1

January in each

year.

Memorandum and

Articles of

Association open

to public for

inspection and can

be viewed online.

Limited partnership

agreements and

trust instruments

are not filed with

the Registry so are

not publicly

available.

Trusts are not

registered at the

Registry.

The ultimate

beneficial

ownership of Jersey

entities is not a

matter of public


Islands


record.

There is a register

of security interest

over intangible

property in Jersey.

Financial statements Excluded Funds -

investors can waive the

preparation of audited

financial statements

subject to statutory

requirements.

Financials not filed with

the BMA.

Exempted Funds -

audited financials filed

with the BMA.

Authorised Funds -

financials are not filed

with the BMA. Waiver

of audit must be

approved by BMA.

No local auditor sign-off

required.

Audited financial

statements to be

filed with FSC.

No requirement

for local auditor

sign-off.

Audited financial

statements to be

filed with CIMA and

signed off by local

auditor.

Audited financial

statements to be

filed with the

GFSC within six

months of the

year-end date

and signed off

by local auditor.

Audited financial

statements to be filed

with the Central Bank

within four months of

the year-end date (six

months for QIAIFs and

RIAIFs). Semi-annual

reports must also be

filed within two

months of half year

end date (not

applicable to QIAIFs,

unless QIAIF is

established as a unit

trust or common

contractual fund.

Audited financial

statements to be

filed with JFSC

(save for in respect

of a Jersey Private

Fund and an

unregulated fund).

Directors No residential

qualifications necessary

for directors.

Minimum of one

director; corporate

No residential

qualifications

necessary.

Corporate

directors

No residential

qualifications

necessary. Corporate

directors acceptable.

CIMA require a

At least one

director must be

Guernsey

resident. May

only have

At least two directors

must be Irish resident.

May only appoint

individuals as

directors. Directors

Unclassified Fund

- must have two

Jersey based

directors

acceptable to the


Islands


directors acceptable.

Register of Directors on

file with the RoC.

acceptable.

The FSC requires

a minimum of

two directors for

open ended

funds, at least

one of which

must be an

individual in

case of "private"

and

"professional"

funds.

Where a public

fund has only

two directors,

they must both

be individuals.

minimum of two

directors for

registered funds.

The Directors

Registration and

Licensing Law, 2014

(as amended) (the

"DRL Law") requires

that each director of

a mutual fund

registered with CIMA

is either registered

or licensed in

accordance with the

DRL Law. There is

an annual fee to be

paid to CIMA.

A 'director' is

deemed to include a

manager of an LLC

pursuant to the

Limited Liability

Companies Law

2016 (as amended).

individuals

acting as

directors.

Directors

effectively

require the

pre-approval of

the GFSC to be

appointed to the

Board.

require the

pre-approval of the

Central Bank to be

appointed to the

Board.

JFSC.

Expert Fund -

must have two

Jersey based

directors

acceptable to the

JFSC.

Jersey Private

Fund - no

requirement for

Jersey based

directors.

Unregulated

Eligible Investor

Fund - no

requirement for

Jersey based

directors.

Shareholder meetings Statutory requirement

for an annual general

meeting unless waived

by resolution of the

No requirement

for annual

meetings.

No requirement for

annual meeting.

Funds must

convene a

general meeting

of all

shareholders

Investment companies

must convene a

general meeting of all

shareholders annually

(ICAVs can dispense

No requirement for

annual meeting if

all members agree

in writing that an

annual general


Islands


shareholders. annually. with this requirement). meeting shall be

dispensed with.

Investment Managers Class A Exempt Funds -

manager must be

licensed by BMA or

subject to authority of

recognised regulator

(SEC/EU regulators) or

have AUM >US$100m.

Class B Exempt and

Authorised Funds -

manager subject to "fit

and proper" standard as

part of overall review by

BMA.

Licensing or

approval

requirements for

BVI resident or

domiciled

managers.

No regulation for

local investment

managers and no

licensing

requirements for

Cayman resident

investment

managers if the

exemption/exclusion

under the Securities

Investment Business

Law (2015 Revision)

(as amended) (the

"SIBL")

applies. Simple

annual registration

and filing would

then be required.

All Guernsey

funds must have

a licensed

Guernsey

"designated

manager"

(administrator),

but, if appointed,

a "principal

manager"

(investment

manager) is not

required to be

based or

licensed in

Guernsey.

No requirement for

the investment

manager to be based

in Ireland.

Investment managers

authorised in foreign

jurisdictions need the

approval of the Central

Bank to act as the

investment manager of

a fund. All Irish

domiciled investment

managers require

authorisation under

MiFID to provide

investment services.

Unclassified Fund

- must have

manager domiciled

in Jersey (unless

Jersey domiciled

administrator is

appointed), which

has requisite

experience and two

Jersey based

directors. Any

investment

manager must be

suitably qualified,

have relevant

experience and any

delegation of

management

functions must

have regard to the

requirement that

management must

be carried out in

Jersey.

Expert Fund -

investment

manager must be


Islands


of good standing,

have relevant

experience, no

convictions,

solvent, regulated

in home jurisdiction

(or otherwise

approved by the

JFSC) and be OECD

domiciled or

domiciled in a

country with an

memorandum of

understanding with

Jersey.

Very Private Fund

- no requirements

in respect of

managers or

promoters.

Unregulated

Eligible Investor

Fund - no

requirements in

respect of

managers.

Investment

restrictions

None. None. None. None (save that

investments

carrying a spread

of risk are usually

UCITS - listed

transferable securities

and money market

instruments, deposits,

Unclassified Funds

- no investment or

borrowing

restrictions.


Islands


required for the

vehicle to be

considered to be

a fund).

funds and FDIs as set

out in the UCITS

Regulations.

QIAIF ICAVs/Unit

Trusts - none

QIAIF Investment

Companies - must

diversify - ie hold two

to three investments

RIAIF - investment

restrictions as set out

in the AIF Rulebook

apply

Expert Fund - full

details of the

investment strategy

and borrowing

limits must be

clearly disclosed in

the offering

document.

Otherwise there are

no investment or

borrowing

restrictions. If the

fund is permitted

to borrow money

in excess of 200%

of its net asset

value, full details of

the manner in

which the risk

posed by such

borrowing will be

managed must be

disclosed to the

JFSC and in the

offering document.

Jersey Private

Fund &

Unregulated

Funds - no

investment or

borrowing


Islands


restrictions.

Bye

laws/constitutional

documents

Memorandum of

association and bye-laws

for companies.

Amended by resolution

of voting shareholders,

provided that changes

adverse to rights of

non-voting shares

require approval by such

classes.

Partnership agreement

for exempted limited

partnerships. May be

amended in accordance

with its terms.

Certificate of Formation

and LLC Agreement for

LLCs. LLC Agreement

may be amended in

accordance with its

terms.

Trust deed for unit

trusts. May be

amended in accordance

with its terms.

Memorandum

and articles of

association. May

be amended by

a resolution of

directors or by a

resolution of

voting

shareholders.

Memorandum and

articles of

association for

companies other

than LLCs. May be

amended by

shareholders only.

LLC agreement for

LLCs. May be

amended in

accordance with its

terms.

Partnership

agreement for

exempted limited

partnerships. May

be amended in

accordance with its

terms.

Trust deed for unit

trusts. May be

amended in

accordance with its

terms.

Memorandum

and articles of

incorporation for

companies.

May be

amended by

shareholders

only.

Partnership

agreement for

limited

partnerships.

May be

amended in

accordance with

its terms.

Trust deed for

unit trusts. May

be amended in

accordance with

its terms.

Instrument of

Incorporation for

ICAVs - if the

amendment materially

prejudices

shareholders

shareholder consent is

required to amend -

otherwise Manager

and

Depositary/Custodian

can amend.

Memorandum and

Articles of Association

for investment

companies - may be

amended by

shareholders only.

Trust Deed for unit

trusts - unitholder

consent is required to

amend, if the

amendment materially

prejudices unit holders

- otherwise Manager

and Trustee can

amend.

Memorandum and

Articles of

Association for

fund companies -

may be amended

by shareholders

only.

Trust Instrument

for unit trusts -

investor consent is

required to amend,

if the amendment

materially

prejudices unit

holders - otherwise

Manager and

Trustee can amend.

Limited partnership

agreement for

limited

partnerships - may

be amended by all

the partners.

Transfer of shares Unrestricted save as Unrestricted Unrestricted save as Unrestricted save Unrestricted, save as Unrestricted save


Islands


provided in the

constitutional

documents.

*Funds will generally

have exemption from

provisions of exchange

control act.

save as provided

in the

constitutional

documents.

provided in the

constitutional

documents.

as provided in

the

constitutional

documents.

provided for in the

constitutional

documents.

as provided in the

constitutional

documents and

provided the

investor meets the

relevant investor

criteria for the fund

in question.

Currency Multi-currency funds

permitted.

Multi-currency

funds permitted.

Multi-currency funds

permitted.

Multi-currency

funds permitted.

Multi-currency funds

permitted.

Multi-currency

funds permitted.

Administrator No requirement for a

local administrator.

Administered Funds are

required to appoint a

fund administrator

licensed under the IFA.

No requirement

for local

administrator.

BVI domiciled

administrators

licensed under

Securities and

Investment

Business Act,

2010.

No requirement for

local administrator.

Cayman domiciled

administrators

licensed under

Mutual Funds Law

(2015 Revision) (as

amended).

Must have a

licensed

Guernsey

administrator,

and the

registered office

of the fund must

be in Guernsey.

Must be based in

Ireland.

The registered

office of the fund

must be in Jersey.

Unclassified Fund

- must have Jersey

based

administrator or

manager.

Expert Fund and

Jersey Private

Fund - must have

Jersey based

administrator or

manager (or in the

case of a unit trust,

trustee) regulated

by the JFSC.

Unregulated

Eligible Investor


Islands


Fund - no local

service provider

required.

All administrators

based in Jersey

must be registered

with the JFSC.

Custodian Exempt and Authorised

Funds are generally

required to appoint a

custodian or prime

broker, but an

exemption may be

sought from the BMA.

BVI open-ended

funds are

required to

appoint a

custodian, but

an exemption

from having to

do so can be

sought from the

FSC.

No custodian

requirements.

All open-ended

funds must have

a

Guernsey-based

custodian (save

for a limited

exception for

prime brokers).

Closed-ended

funds may apply

to the GFSC for

the administrator

to hold assets in

place of a

custodian, or to

have a

non-Guernsey

custodian.

Must be based in

Ireland.

Unclassified Fund

- must have a

Jersey based

custodian.

Expert Fund -

must have

adequate safe

custody or prime

brokerage

arrangements in

place, but no

requirement for

these to be carried

out by an

independent Jersey

custodian, other

than for an

open-ended Expert

Fund. An

open-ended Expert

Fund is required to

appoint a Jersey

custodian or, if it is


Islands


a hedge fund, may

appoint a prime

broker that is part

of a group with a

credit rating of

A1/P1 or better

(which need not be

based in Jersey).

Jersey Private

Fund &

Unregulated

Eligible Investor

Fund - no

requirement for a

Jersey custodian.

Investment Adviser No investment adviser

requirements.

Licensing or

approval

requirements for

BVI resident or

domiciled

investment

advisers.

No regulation for

local investment

advisers and no

licencing

requirements for

Cayman resident

investment advisers

if the SIBL

exemption/exclusion

applies. Simple

annual registration

and filing would

then be required.

No requirement

for

Guernsey-based

investment

adviser.

No requirement for

the investment adviser

to be based in Ireland.

Investment advisers

authorised in foreign

jurisdictions do not

need the approval of

the Central Bank to act

as the investment

advisers of an Irish

fund provided they do

not have discretion

over a fund's assets

and solely provide

advice.

No requirement for

Jersey based

investment adviser.


Islands


Set Up Time 24 hours.

Indicative timing for

BMA

authorisation/exemption:

Class A Exempt Funds -

effective upon filing of

certification.

Class B Exempt Funds -

two-three business days

from filing of application

(with a ten-day deadline

for deemed approval).

Authorised Funds:

authorisation generally

granted within five

business days of filing

final prospectus.

24 hours.

Recognition of

private and

professional

funds usually

approved within

a week.

Start to finish

indicative

timing:

two-four weeks

for private and

professional

funds

24 hours.

Start to finish

indicative timing for

CIMA registration:

four-twelve weeks

for Licensed Mutual

Funds

two-four weeks for

Administered Funds,

Mutual Funds,

Registered Mutual

Funds and Exempt

Mutual Funds

Same day

incorporations

possible.

Start to finish

indicative timing:

four-twelve

weeks for

Authorised

Funds

four-six weeks

for Registered

Funds

Ten - twelve weeks for

a RIAIF/UCITS Fund.

24 hours for QIAIFs

from the date

documents are filed

with the Central Bank.

Start to finish

indicative timing for

QIAIFs:

Six - eight weeks -

QIAIFs if appointing

authorised/third party

AIFMs or availing of an

exemption to AIFMD

ten - twelve weeks -

QIAIFs if self-managed

and fully AIFMD

compliant

Same day

incorporations

possible.

Start to finish

indicative timing:

four-twelve weeks

for Public Funds

two-four weeks for

Private Funds and

Unregulated

Eligible Investor

Funds.

Taxation No income, capital gains

or corporation tax and

government undertaking

that no such taxation, if

introduced, will be levied

on the income or

property of the fund

before 2035.

The Fund and

any investors

who are not

persons resident

in the BVI are

exempt from all

forms of

taxation in the

BVI.

No income, capital

gains or corporation

tax and government

undertaking that no

such taxation, if

introduced, will be

levied on the income

or property of the

fund for a maximum

of 30 years for

companies (although

Most Guernsey

funds apply for

tax-exempt

status (for an

annual fee).

Otherwise,

companies are

taxable in

Guernsey at the

rate of 0%

(unless the

Irish Funds are

tax-exempt vehicles

and can leverage off

extensive network of

double taxation

treaties.

No taxes in the

nature of income

tax, corporation

tax, capital gains

tax nor inheritance

tax are payable by

Limited Companies

in Jersey (unless

the company is a

utilities company or

a financial services


Islands


typically it will be 20

years) and 50 years

for unit trusts, LLCs

and exempted

limited partnerships.

company derives

income from

certain Guernsey

sources).

company with a

place of business in

Jersey).

Non-resident

members' liability

to Jersey income

tax is limited to

Jersey-source

income but

excluding, by

longstanding

concession, bank

deposit interest.

Jersey source

income includes

profits from a trade

carried on in the

island. However,

the law excludes

the non-resident

partner from tax on

profits derived

from international

activities, being

business activities

carried on outside

the island.

No stamp duty.

Segregated Portfolio/

Protected Cell

Provided for under the

Segregated Account

Provided for

under the BVI

Permitted under the

Companies Law

Yes - Companies

(Guernsey) Law,

Yes - the creation of

umbrella funds, with

Yes - the

Companies (Jersey)


Islands


Companies Companies Act 2000. Business

Companies Act

and SPC

Regulations.

(2016 Revision). 2008 (as

amended)

permits creation

of Incorporated

Cell Companies

and Protected

Cell Companies.

segregated liability

between each of its

sub-funds

automatically provided

for under Irish law.

Law 1991 (as

amended) permits

creation of

Incorporated Cell

Companies and

Protected Cell

Companies

Name reservation Available for a period of

three months (which can

be renewed) at no cost.

Available with

on line access

for registered

agent. No

charge for

ten-day

reservations. 90

day reservations

for a fee of

US$100 if the

name contains

the word "fund".

Available for a

weekly fee of US$49

or monthly fee of

US$74.

Can be reserved

for up to three

months - £25

fee.

Can be reserved for up

to twenty-five days -

€25 fee.

A name must be

reserved in

anticipation of the

incorporation of a

company or a

limited partnership,

but not a trust.

The Registrar may

refuse to register

the name where in

the Registrar's

opinion the name

is misleading or

otherwise

undesirable.

The name of a

limited company,

must end with the

word 'Limited',

'Ltd', 'avec

responsabilite

limitee', 'a.r.l.',

'public limited


Islands


company' or 'PLC'.

The name of an

incorporated cell

company, must end

with the words

'Incorporated Cell

company' or 'ICC'

and an

incorporated cell

company must

assign a distinctive

name to each of its

cells that

distinguishes the

cell from another

cell of the company

and which ends

with the words

'Incorporated Cell'

or 'IC'.

The name of a

Limited Partnership

shall end with the

words "Limited

Partnership" in full

or either of the

abbreviations "L.P."

and "LP". If an

Incorporated

Limited Partnership

the name shall end


Islands


with "Incorporated

Limited


or either of the

abbreviations

"I.L.P." and "ILP"

and if a Separate

Limited

Partnership, the

name shall end

with the words

"Separate Limited


or either of the

abbreviations

"S.L.P." and "SLP".

The surname or

corporate name of

a limited partner

shall not appear in

the name of a

limited partnership

unless it is also the

surname or

corporate name of

one of the general

partners or the

limited partnership

has been carried on

under that name

before the

admission of that


Islands


partner as a limited

partner.

Updated: 31 May 2017

For further information please refer to your usual contact or:

Bermuda - Jonathan Betts, Partner | [email protected] | +1 441 242 1511

British Virgin Islands - Paul Waldron, Associate | [email protected] | +1 284 852 2249

Cayman Islands - Ingrid Pierce, Partner | [email protected] | +1 345 814 4667

Dubai - Daniel Wood, Partner | [email protected] | +971 4 363 7912

Guernsey - Matt Sanders, Group Partner | [email protected] | +44 (0) 1481 748914

Hong Kong - Denise Wong, Partner | [email protected] | +852 2596 3303

Ireland - Paul Farrell, Partner | [email protected] | +353 1 470 6669

Jersey - Jonathan Heaney, Partner | [email protected] | +44 (0) 1534 700 786

London - Hughie Wong, Partner | [email protected] | +44 (0)207 220 4982

Singapore - Tom Granger, Partner | [email protected] | +65 6603 1694

The information contained in this memorandum is necessarily brief and general in nature and does not constitute legal or taxation advice. Appropriate legal or other

professional advice should be sought for any specific matter. Walkers works in exclusive association with Taylors in Bermuda, a full service commercial law firm

providing advice on all aspects of Bermuda law.

(global) setting up investment funds in bermuda, bvi ...€¦ · global - setting up investment...

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