Ogier - BVI Vehicles in Transactions, Virtual Assets Business and Other Structures Used in Asia

BVI Vehicles in Transactions, Virtual Assets Business and Other Structures Used in Asia

Alan Wong,

顾问律师黄伟麟 May 2024 2024年5月

Counsel

在亚洲交易、虚拟资产业务及其他架构使用的 BVI载体

Investment fund

投资基金

Types of mutual fund (open-ended fund):

- public, professional, private, approved, incubator

共同基金 (开放式基金) 种类: - 公共、专业、私募、获批准、初创

• Public/ professional/ private: No requirement to appoint local BVI auditors 公共、专

业、私募：毋须聘用BVI当地审计

• Approved/ incubator: No requirement to have accounts audited 获批准、初创: 毋须审计

• Approved fund is the most popular option – max 20 investor; NAV <= US$100m; no min subscription; evergreen duration 获批准基金为最受欢迎种类 – 最多20个投资人; NAV不超过1亿美元; 无最低申购额; 常青 (没有时限)

Investment fund

投资基金

Blind pool – Private investment fund (closed-ended fund)

盲池 – 私募投资基金 (封闭式基金)

Single-project fund – unregulated if no diversification of portfolio risk

专项基金 – 不受监管，前提是沒有達到分散投資風險的目的

“Private investment fund” 私募投资基金定义

• collects and pools investor funds for the purpose of collective investment and diversification of portfolio risk

• issues fund interests, which entitle the holder to receive an amount computed by reference to the value of a proportionate interest in the whole or in a part of the net assets

Legal structures for investment funds/ JVs/ SPVs

法律架构 –

投资基金/ 合资 / 特殊目的载体

• Business company 商业公司

 Highly efficient: Incorporation usually takes 1-2 business days 高效：成立公司通常只需要1-2个工作天

 Flexible in terms of corporate governance: no resident director requirement; director duty to act in best interest – director can act in the best interest of parent/ particular shareholder in a JV subject to conditions in BCA and M&A 企业管治灵活性：毋须委任BVI当地董事；董事符合最佳利益行事的责任 – 董事在遵守BVI公司法和公司章程的前提下，可以依其毋公司 / 服东最佳利益行事

• Limited partnership 有限合伙

 With option to elect for legal personality 可选法人资格

 Flexible 灵活性

• Segregated portfolio company 独立投资组合公司