Intro
Fund Establishment
Services We Offer
Principle Features
Folio Administrators Limited was founded in 2001 and has grown to be the largest fund service provider in the British Virgin Islands. We currently provide full administration services to over 130 funds regulated in the British Virgin Islands, the Cayman Islands, USA and Anguilla.
We focus on tailoring our services to match your individual requirements by employing specialist, highly qualified accountants and administrators. We utilize the best in fund administration solutions with PFS-Paxus (www.pacificfundsystems.com) and Bloomberg (www.bloomberg.com). Our current staff of 35 persons have over 150 years experience providing quality fund administration services.
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Our expertise also enables us to provide the best advice in establishing and structuring Funds. By providing solutions through our in-house corporate team and our large network of banks, custodians, brokers, lawyers and auditors we can ensure each Fund set-up will be cost effective and operationally optimized. The advantage of establishing a Fund through Folio is that we can project manage the set-up so that you have a turnkey solution ready to launch without the inconvenience of having to involve multiple service providers.
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Accounting and Portfolio Valuation
• Calculation of the Fund's NAV.
• Preparation of financial statements.
• Portfolio pricing using PFS-Paxus and Bloomberg.
• Coordination of fund audits.
• Calculation of management and incentive fees.
Share Registration and Investor Reporting
• Processing of Subscriptions Redemptions and Transfers.
• Redemption and fund distribution payment processing.
• Shareholder due diligence in compliance with applicable jurisdictional laws and regulations.
• Reporting fund performance and shareholder/partner investment activity and account values.
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Principal Features of Main Jurisdictions:
British Virgin Islands
• Over 3,400 mutual funds.
• Mutual Funds Act applies to all open-ended collective vehicles.
• There are 3 types of funds: Private, Professional and Public. Private and Professional funds are required to be recognised while Public funds are required to be registered.
• Fund Manager must be appointed (investment advisor optional).
• No local presence required if established in a “recognised jurisdiction”.
• Must appoint an administrator.
• Must appoint a custodian.
• Only Public Funds must appoint an auditor but no requirements for the auditor to be local.
• There is no BVI tax applicable to the establishment and operation of funds.
• Recognition Fee of $350 (private or professional), $500 (public), $500 for a limited partnership.
• No restrictions on investment objectives or strategies.
• Application for recognition of a private or professional fund usually takes 2-3 weeks and 6-8 weeks for a public fund.
• Professional Fund minimum $100,000. Private and Public no minimum.
• Private Funds limited to 50 investors.
Cayman Islands
• Over 8,000 investments funds.
• Mutual Funds Act only applies to open-ended funds.
• There are 4 types of funds: Licensed, Administered, Registered, and Exempted.
• No legal requirement to appoint a Cayman based manager for regulated funds but a management company typically appointed.
• No local presence required if established in a “recognised jurisdiction”.
• Administrator not required for licensed and registered funds but a Cayman based administrator is required to provide principal
office in Cayman Islands for an Administered fund.
• No legal requirement to appoint a custodian.
• Local auditor on CIMA approved list to be appointed for regulated funds.
• Generally there is no Cayman tax applicable to the establishment and operation of funds.
• Registration Fee of $3,049 (regulated).
• Typically, no restrictions on investment objectives or strategies.
• Application for registration of a fund is 1 week maximum.
• Minimum investment for a regulated fund is $100,000.
Anguilla
Anguilla’s Mutual Fund Act mirrors the British Virgin Islands Mutual Fund Act. Principal differences in the jurisdictions are:
• Mutual Funds Act established 2004. No figures available on number of Funds.
• Recognition process takes less than 1 week.
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