Valsen Fiduciaries Funds

Anguilla Private Fund

The Financial Services Commission of Anguilla (FSC) regulates mutual funds under the Mutual Fund Act. This Act sets out the guidelines pertaining to the application and licensing of mutual funds and other collective investment entities in Anguilla.

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About Anguilla Private Fund

An Anguillan Private Fund is recognised as a mutual fund and is neither a Private nor a Professional Fund. A Private Fund is not allowed to market and invite the general Private to invest in the fund if it is made:

  • to specified persons (however described) and is not calculated to result in shares becoming available to other p
  • by reason of a private or business connection between the people making the invitation and the investor.

There is no restriction on the amount of investment by individuals who may constitute a private fund. Private fund investors are issued invitation to purchase privately and exemption from registration or recognition is given to a family trust fund.

Anguilla Private Fund Legal Requirements

Requirements Description
  1. Applicable legislation

Mutual Fund Act, 2004

  1. Supervising Authority

Financial Services Commission of Anguilla (FSC)

  1. Corporate vehicle permitted

Any licensed:

IBC (International Business Company)

Limited Liability Company

Partnership

Trust

  1. Share capital or equivalent
    • Minimum subscription

None

    • Minimum investors

Not more than 99

  1. Directors / Partners / Trustees
    • Minimum number

2

    • Corporate Directors / Partners / Trustees allowed

Yes

    • Local Directors / Partners / Trustees required

No

  1. Fund functionaries required
 
    • Custodian
      • Custodian required
Yes
      • Local custodian required

No

      • Eligible custodian
  • Any other person as the authority may approve who is independent of the manager or administrator.

    • Fund manager / Investment manager
      • Fund manager required
Yes
      • Local fund manager required

No

      • Fund manager requires to be licensed

Yes

      • Eligible fund manager

Anguilla licensed fund administrator or

From a recognised Country by the FSC and has received written permission from the Commission (FSC) to carry on business as a fund manager within Anguilla.

    • Fund administrator
      • Fund administrator required
Yes
      • Local fund administrator required

No

      • Eligible fund administrator

Anguilla licensed fund administrator or

From a recognised Country by the FSC and has received written permission from the Commission (FSC) to carry on business as a fund administrator within Anguilla.

  1. External auditor
    • External auditor required
Yes
    • Local external auditor required

No

    • Eligible external auditor

Foreign or local auditor satisfying conditions as may be prescribed by the Commission (FSC).

  1. Asset Requirements
    • Restriction on type of asset class invested

None

    • Asset diversification requirements

None

    • Limitation on size of the fund or total assets under management

None

  1. Local physical office required

No

  1. Prospectus / Offering Memorandum required to be filed

No

  1. Eligible for listing

No

  1. License fees
    • Application fee

USD 350

    • Annual license fee

USD 350

  1. Estimated license processing duration

1 months

Ongoing Obligations

Requirements Description
Monthly obligations
Office Required
Quarterly obligations
None
Annual obligations
Submit annual audited accounts to FSA within 4 months of the financial year end
Other obligations

Where a registered private fund which carries on business outside Anguilla carries on business in more than one recognized Country or Jurisdiction other than Anguilla, the certificate of compliance required to be filed shall be from the competent authority in the recognized Country or Jurisdiction in or from which it carries on its principal business.

Tax Obligations and Other Exemptions
Requirements Description
Business Tax
None. There is no income, capital gains, profit or other forms of direct taxation on corporations, regardless residence status
Withholding Tax
No withholding tax is payable on dividends and/or interest payable.
Value Added Tax (VAT)
VAT is not applicable to mutual funds in its entirety.
Stamp duty Act
Offshore entities incorporated in Anguilla are exempt from paying stamp duty
Trades Tax Act
None
Immigration Decree
None
Exchange Control Act
There are no foreign exchange control restrictions
Foreign Earnings Act
None

Benefits of a Anguilla Private Fund:

  • Ease and speed of establishment
  • Flexible structuring of the entity
  • Favourable compliance restrictions
  • Friendly regulatory environment