Private Investment Fund Application (Form IB/PIF-1)

Summary

This is the standard application form (IB/PIF-1) used to register a fund as a Private Investment Fund under the BVI Securities and Investment Business Act. It collects identifying, structural, and compliance information about the applicant fund and its key service providers so the Financial Services Commission can assess eligibility for the private fund classification.

• Entity details: Name, registered agent, authorised representative, place of business, entity type (BVI business company, limited partnership or unit trust), jurisdiction and date of constitution, and registration number.
• Officers and appointed persons: Names and addresses of directors, general partners or trustees, and of the persons appointed to undertake management, valuation and safekeeping functions.
• Classification basis: Applicant must tick which private fund classification criterion it meets (fewer than 50 investors, private placement basis, or professional investors with a minimum initial investment of US100,000) and cite the relevant constitutional document clause.
• Offering document status: Whether an offering document or term sheet has been or will be issued, and if not, how investors will otherwise receive relevant fund information.
• Financial details: Proposed first accounting period, financial year end, and accounting standard to be used.
• Regulatory history disclosure: Yes or no declarations on prior refusals, suspensions, enforcement actions or insolvency proceedings involving the applicant, with mandatory full disclosure attached if any answer is yes.
• Contact and declaration: Contact person details and a signed declaration by a director, general partner or trustee confirming the accuracy of the information and documents submitted.

The form itself does not state a status of adoption, fee, or filing deadline; it is a procedural intake document to be completed and submitted as part of a private investment fund application, alongside the Private Investment Fund Regime Guidelines.

Key obligations

• Applicant must disclose full details of any prior regulatory refusal, suspension, enforcement action, or insolvency proceeding as an attachment if any question in section 11 is answered Yes.
• A director, general partner or trustee of the applicant must sign a declaration certifying that the information and submitted documents are true, accurate and authentic.
• If no offering document or term sheet is or will be issued, the applicant must explain how relevant fund information will be provided to investors and potential investors.

Applies to

private investment funds, BVI business companies, limited partnerships, unit trusts, registered agents, fund directors, general partners and trustees