BVI Professional Fund

The professional fund is the most widely used category of BVI open-ended fund for institutional and high-net-worth investors. Under SIBA, its shares may be issued only to professional investors — broadly, persons whose ordinary business involves investment or who have net worth above a statutory threshold and consent to be treated as professional — and the minimum initial investment is US$100,000 (or its equivalent), with limited exceptions for exempted investors such as the manager and its staff.

A professional fund may begin carrying on business before recognition and apply to the BVI Financial Services Commission within a short statutory window after launch, which gives flexibility on timing. Like a private fund, it must appoint a manager, administrator, custodian (unless exempted) and auditor, maintain a valuation policy, and file audited financial statements annually.

There is no statutory cap on the number of investors. Many managers start as an incubator fund or approved fund and convert to professional fund status as assets grow. Thresholds, recognition timelines and functionary exemptions should be confirmed with BVI counsel before launch.