Building on its position as the world's pre-eminent
corporate domicile, the BVI is a growing jurisdiction for the
establishment of offshore mutual funds. New mutual funds legislation
have been introduced, which complements and enhances the existing
regulatory framework which covers insurance business, banks and trust
companies, company formation and company management activities in the
BVI.
The Mutual Funds Act came into force on January 2,
1998, in order to regulate all mutual funds activities being conducted
in or from within the territory of the BVI. With more than 3,000
registered and recognised mutual funds currently incorporated in the
territory, with assets estimated at over $55 billion, the new
legislation has enhanced the benefits to multinational mutual fund
businesses and has established the BVI as a reputable and
cost-effective location for international finance.