MUTUAL FUNDS IN ST. VINCENT & THE GRENADINES
Types of Funds
There are essentially three types of mutual funds which can be established
in St. Vincent & the Grenadines:
1. Accredited Funds
2. Private or Accredited Funds
3. Public Funds
"Accredited fund" means a mutual fund
(a) the shares of which are made available only to accredited investors and
the initial investment in which, in respect of the majority of such
investors, is not less than twenty-five thousand dollars per investor in the
United States currency or its equivalent in any other currency; provided,
such minimum investment threshold shall not apply in respect of an
investment made by the manager, administrator, promoter or underwriter of
the fund; or
(b) which is designated as an "accredited fund" by regulations;
"Accredited investor" means a person
(a) whose ordinary business involves, whether for its own account or the
accounts of others, the acquisition or disposal of property of the same kind
as the property, or a substantial part of the property, of the fund; or
(b) who has signed a declaration that it or he, whether individually or
jointly with his spouse (as applicable), has net worth in excess of one
million dollars in the United States currency or its equivalent in any other
currency and that it or he consents to being treated as an accredited
investor;
"Private or accredited fund" means a mutual fund
(a) the constitutional documents of which specify that it will have no more
than fifty investors;
(b) the constitutional documents of which specify the making of an
invitation to subscribe for or purchase shares issued by the mutual fund is
to be made on a private basis, which shall include-
i. an invitation made to specified persons and is not calculated to result
in shares becoming available to other persons or to a large number of
investors, or
ii. by reason of a private or business connection between the person making
the invitation and the investor; or
(c) which is designated as a private or accredited fund by the regulations;
"Public fund" means a mutual fund which is not a private or accredited
fund or an accredited fund;
If you need any additional info about offshore mutual funds please contact us.
