Form BC(SPC)-1 SPC Director Statement

Summary

This is Form BC(SPC)-1, the SPC Director Statement required under the Segregated Portfolio Companies (BVI Business Company) Regulations, 2018 (Regulation 3(4)(b)). It is completed by the directors of a BVI Business Company when applying for registration as a segregated portfolio company (SPC), setting out the company's financial position and how assets and liabilities will be allocated between general assets and individual segregated portfolios.

• Assets and liabilities statement: Directors must provide a statement of the company's assets and liabilities as of a date no earlier than 6 months prior to the application date.
• Material events disclosure: Directors must detail any transactions, events or other matters not reflected in the statement that have materially affected, or are likely to materially affect, the company's assets and liabilities prior to SPC registration.
• Asset allocation: Directors must state the value of assets to be attributed to the company's general assets and the value of assets to be attributed to each initial segregated portfolio, identifying each portfolio by name or designation.
• Liabilities explanation: Directors must explain how the company's liabilities will be satisfied.
• Director certification: A director must sign and date the statement, providing their name.

Key obligations

• Directors must prepare a statement of the company's assets and liabilities dated no earlier than 6 months prior to the SPC registration application date
• Directors must disclose any transactions, events or other matters not reflected in the statement that have materially affected or are likely to materially affect the company's assets and liabilities
• Directors must specify the value of assets attributed to the company's general assets and to each initial segregated portfolio
• Directors must explain how the company's liabilities will be satisfied
• A director must sign and date the completed statement as part of the SPC registration application

Applies to

BVI Business Companies applying for segregated portfolio company registration, directors of segregated portfolio companies

Deadlines

• no earlier than 6 months prior to the application date: The statement of assets and liabilities must be dated no earlier than 6 months before the date of the SPC registration application.