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St Vincent & the Grenadines

Mutual Funds

Mutual Funds (Private & Public)

  1. An IBC must first be incorporated under the International Business Companies Act.
  1. An application for Registration of a Public or Private Mutual Fund must be submitted.
  1. The following link refers to the mutual fund checklist, which provides a guide on the establishment of a mutual fund in SVG: http://svgfsa.com/mdocs-posts/fsa-mutual-fund-checklist/
  1. Personal questionnaires must be filled out by the directors.
  1. The Offering Memorandum of the Fund is expected to detail the following information:
  • Structure of the company-classes of shares
  • Investment Objectives (Investment target, investment policies, Risk analysis)
  • Description of Directors, Investment Manager, Administrator, Banker/Custodian, Auditor, Legal Advisor, Investment Advisor)
  • Investment types (e.g.: stocks, bond, derivatives etc.)
  • Risk factors (general and specific risks)
  • Fees, compensation, expenses
  • Net Asset Value
  • Taxation
  • Subscriptions
  • Redemptions
  • Material contracts
  • Conflicts of interest
  • Anti-money laundering
  • Rights of shareholders
  1. Other documents to be filed with the Application:
  • Articles of Incorporation and By-Laws for the International Business Company (IBC) or Segregated Cell Company (SCC);
  • Application to register the Mutual Fund /Mutual Fund Manager/ Fund Administrator,;
  • Offering Memorandum for the Mutual Fund;
  • Business Plan/ Projected Income;
    • If the shareholder is a Company, two (2) previous years audited financial statements;
    • A character reference letter for each Director and Shareholder;
    • A bank reference for each Director and Shareholder;
    • A Personal Questionnaire for each Director and Shareholder;
    • Curriculum Vitae for each Director and Shareholder;
    • Certified true copies of certificates for professional qualifications for each Director and Shareholder;
    • Recent Police Records for each Director/Shareholder;
    • Letters of acceptance from legal advisor and auditor;
    • Consent to act as Director from each Director;
    • Fund Management Agreement, Administrative Service Agreement and Custodian Agreement with the Mutual Fund;
    • Due Diligence Fee; and
    • Application Fee (non-refundable).

The application process will take 4-6 weeks, provided that all relevant documents are submitted at the time the application is made.

SCC Mutual Funds

An application must be submitted by a licensed Registered Agent and Trustee in St. Vincent and the Grenadines. See the following link to the list of licensed Registered Agent and Trustees: http://svgfsa.com/service-providers/.

  1. In order to form a SCC Public Mutual Fund, an SCC must first be incorporated under the International Business Companies Act.
  1. An application for Registration of a Public Mutual Fund must be submitted, which can be found on page 20 of the Mutual Funds Regulation, which can be found at the following link:  http://svgfsa.com/mdocs-posts/application-for-registration-of-a-public-mutual-fund/
  1. The following link refers to the mutual fund checklist, which provides a guide on the establishment of a mutual fund in SVG: http://svgfsa.com/mdocs-posts/fsa-mutual-fund-checklist/

The Offering Memorandum is expected to detail the following information:

  • Structure of the company-classes of shares
  • Investment Objectives (Investment target, investment policies, Risk analysis)
  • Description of Directors, Investment Manager, Administrator, Banker/Custodian, Auditor, Legal Advisor, Investment Advisor)
  • Investment types (e.g.: stocks, bond, derivatives etc.)
  • Risk factors (general and specific risks)
  • Fees, compensation, expenses
  • Net Asset Value
  • Taxation
  • Subscriptions
  • Redemptions
  • Material contracts
  • Conflicts of interest
  • Anti-money laundering
  • Rights of shareholders

 The application process will take 4-6 weeks, provided that all relevant documents are submitted at the time the application is made.

Please click here for a complete, current list of Mutual Funds.

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IFS Mutual Funds