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Under reviewBVIfund-operationsregulatory-textVerified 2026-07-28

Incubator and Approved Funds Regulations — selected provisions (2020 Revision)

This page presents eight necessary excerpts on valuation, information changes, custody and administration, investor and asset thresholds, regime lifespan, financial statements and semi-annual reporting.

Translation awaiting human review

Amounts, time limits and reporting fields must be checked against the current Regulations, form and Commission notices before operational use.

Reproduction scope / 转载范围

中文： 本页仅展示简化基金制度下与估值、服务商、门槛和申报直接相关的必要短引文。完整规例及任何后续修订须在 BVI FSC 官方来源核对。

English: This page presents only necessary excerpts directly relevant to valuation, service providers, operating thresholds and filings under the simplified fund regimes. Check the complete Regulations and any later amendments at the official BVI FSC source.

SourceBVI-IAFR
English original

An incubator fund and approved fund shall maintain a clear and comprehensive policy for the valuation of fund property with procedures that are sufficient to ensure that the valuation policy is effectively implemented.

(c) require valuations to be undertaken at least on an annual basis; (d) include procedures for preparing reports on the valuation of fund property; and (e) specify the mechanisms in place for disseminating valuation information and reports to investors.

Editorial Chinese translation

孵化基金及获批准基金须维持一项清晰而全面的基金财产估值政策，并设有足以确保该估值政策得到有效实施的程序。

(c) 要求至少每年进行一次估值；(d) 包括编制基金财产估值报告的程序；以及 (e) 明确向投资者发布估值资料及报告的现行机制。

SourceBVI-IAFR
English original

Where, in relation to an incubator fund or approved fund, any information provided under regulation 3 changes, the fund shall, within 14 days of the change occurring, notify the Commission in writing of that fact.

Editorial Chinese translation

如孵化基金或获批准基金根据第3条提供的任何资料发生变更，该基金须在变更发生后14日内将该事实书面通知委员会。

SourceBVI-IAFR
English original

An incubator fund and approved fund shall at all times— (a) have an authorised representative in the Virgin Islands; (b) have no less than 2 directors, at least one of whom shall be an individual; and (c) have arrangements in place for the safekeeping of fund property, which include provisions for the appropriate segregation of fund property.

In addition to the requirements of subregulation (1), an approved fund shall at all times have an administrator.

Editorial Chinese translation

孵化基金及获批准基金须始终：(a) 在维尔京群岛设有获授权代表；(b) 设有不少于2名董事，其中至少1名须为自然人；以及 (c) 设有基金财产保管安排，其中包括适当隔离基金财产的规定。

除第(1)款的要求外，获批准基金还须始终设有行政管理人。

SourceBVI-IAFR
English original

Investment in an incubator fund is restricted to sophisticated private investors only and the fund shall not have investments that exceed $20,000,000 in net assets or its equivalence in any other currency.

The total number of investors in an incubator fund at any one time shall not exceed 20.

Editorial Chinese translation

孵化基金的投资仅限于成熟私人投资者，且该基金的净资产投资额不得超过20,000,000美元或其等值的其他货币金额。

孵化基金在任何时点的投资者总数不得超过20名。

SourceBVI-IAFR
English original

An approved fund shall not have investments that exceed $100,000,000 in net assets or its equivalence in any other currency.

The total number of investors in an approved fund at any one time shall not exceed 20.

Editorial Chinese translation

获批准基金的净资产投资额不得超过100,000,000美元或其等值的其他货币金额。

获批准基金在任何时点的投资者总数不得超过20名。

SourceBVI-IAFR
English original

Subject to regulations 7, 10(3)(b) and (c) and 12, the period of validity of an incubator fund is 2 years.

Subject to regulations 7, 11(3)(b) and (c) and 12, the validity period for an approved fund is unlimited.

An incubator fund may, at least 1 month prior to the end of its period of validity, (or such shorter period as the Commission may approve) submit a written application to the Commission requesting an extension for an additional period not exceeding 12 months.

Editorial Chinese translation

在不违反第7条、第10(3)(b)及(c)条和第12条的前提下，孵化基金的有效期为2年。

在不违反第7条、第11(3)(b)及(c)条和第12条的前提下，获批准基金的有效期不设期限。

孵化基金可在其有效期届满前至少1个月（或委员会批准的较短期限），向委员会提交书面申请，请求延长不超过12个月的额外期间。

SourceBVI-IAFR
English original

Subject to subregulation (2), an incubator fund and approved fund are required to prepare and submit financial statements in accordance with the Act and shall, for that purpose, be treated as if each were a relevant licensee under Part IV of the Act.

Sections 71, 75, 76, 77, 78, and 79(2) of the Act are disapplied with respect to an incubator fund and approved fund, and the Regulatory Code and paragraph 2(1)(e) of Schedule 5 of the Financial Services (Miscellaneous Exemptions) Regulations are modified accordingly.

The reference to “financial statements” in subregulation (1) means a statement of the financial position of the incubator fund or approved fund, as the case may be.

Editorial Chinese translation

在不违反第(2)款的前提下，孵化基金及获批准基金须依照该法编制并提交财务报表；为此目的，两类基金均视同该法第四部所指的相关持牌人。

该法第71、75、76、77、78及79(2)条不适用于孵化基金及获批准基金，《监管守则》及《金融服务（杂项豁免）规例》附表5第2(1)(e)段亦据此作相应修改。

第(1)款所称“财务报表”，指孵化基金或获批准基金（视情况而定）的财务状况表。

SourceBVI-IAFR
English original

An incubator fund shall— (a) no later than the 31st day of July and 31st day of January of each year, prepare and submit to the Commission a semi-annual report for the periods ending 30th June and 31st December respectively, detailing— (i) the number of investors in the fund; (ii) the total investments in the fund; (iii) the aggregate subscriptions to the fund; (iv) the aggregate redemptions paid to investors; (v) the net asset value of the fund; and (vi) any significant investor complaint received by the fund and how the complaint was dealt with;

Editorial Chinese translation

孵化基金须：(a) 每年最迟于7月31日及1月31日，就分别截至6月30日及12月31日的期间编制并向委员会提交半年度报告，详列：(i) 基金投资者人数；(ii) 基金投资总额；(iii) 基金认购总额；(iv) 已向投资者支付的赎回总额；(v) 基金资产净值；以及 (vi) 基金收到的任何重大投资者投诉及其处理方式；